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The potential for your rate to reduce unlike the fixed rate mortgage

In certain instances the valuation figure returned by the surveyor may not equal the purchase price

Note there is no guarantee that, when the endowment matures and ‘pays out’, the balance will be sufficient to repay the mortgage

Check to see if this applies with your lender or solicitor

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

For borrowers moving house regularly, this can result in little of the capital being paid off

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

You are not looking for a guarantee of repayment at the end of the mortgage term

Bridging Loan A bridging loan is a sum of money borrowed for a limited period of time to enable you to buy a new property before selling your old one. Interest rates charged tend to be higher than normal and a bridging loan shouldn’t be taken out lightly.

Existing endowments can be used to support a new mortgage with any ‘additional lending’ over the value of the projected maturity balance being covered on a repayment basis or with an alternative repayment vehicle

Individuals on a tight budget expecting wage increases over the first few years of the mortgage

Variable Rate Mortgages

It will cover problems such as collapse or serious distortion of floor joists or the roof

APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR

Some lenders will offer even larger cashbacks if you agree to pay a premium over the variable rate

(See Offers & Missives), so if you ANY doubts ask your solicitor for advice