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This acts as a ‘lock-in’ making an often heavy charge for borrowers paying off their mortgage early

This is usually linked to the amount of cashback provided

Some plans are tax-efficient

Some will allow for bonuses and some will only allow 50% of bonus

There are many reasons why a seller may want a quick sale

Read all the details on the specification sheet

There are two basic types of endowment policy – the with profits version and the unit linked version

Mortgage in principle A mortgage in principle is a conditional offer made by the mortgage lender to confirm that they will in principle give you the loan you have discussed, provided the information you have given is correct

Preparing for Settlement As the settlement date comes near your solicitor ensures that everything is drawn together, that the funds are ready, and that there are no outstanding issues

Watch out – the ERC can sometimes last longer than the fixed rate period e

Suitability: An endowment policy is the most suitable option in a number of circumstances the most common being those identified below: You are a higher rate taxpayer and have utilised all your annual ISA allowance

Possibly tied in to variable rate with same lender for various periods following the fixed rate term end

No buyer should rely solely on the information provided by a mortgage valuation especially when purchasing a large or old property

A system of feudal tenure exists in Scotland, under which the seller has the power to impose permanent restrictions on the future use and development of the property and land

For example; It may be that the property is located on the local pub route and returning merry singers (or worse) could end up becoming a nuisance

Not all buyers pull out as a result of the condition of property itself, but it is worth noting that further enquiries should be made as to the reasons for a previous buyer pulling out

There are several factors that we will look at in detail and discuss with you the main items being: What limitations apply to the end of any product we are considering? Is there a lock in and if so for how long? What is the lenders variable rate – how does this compare? Is there any mortgage indemnity to pay? (Mortgage Indemnity is a premium paid to a lender in order to purchase an insurance policy against future loss

Lockout agreements and contract races Preferable at the time of offer try to ensure that the agent and the seller agrees that higher offers will not be entertained (gazumping)

In this case all is not lost, other factors may come into play such as the sellers current position and reason for sale

If you have a flexible mortgage, you may be able to vary the amount of the monthly repayment and you may be able to pay in or draw out lump sums

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

Each month therefore you make two separate payments, one to the lender and one to the investment you have selected to repay the loan

Your local agent can give you a good idea here

The amount you repay the lender each month can be at a fixed interest rate for a certain period of time, regardless of the interest rate in the market place

These are normally paid by bank or building society draft to ensure that they will be cleared in plenty of time for the date of entry

The initial pay rate would therefore be 3

They are not secured against property or other assets

Only one Maxi individual savings account may be held in any one tax year

As soon as you have found a property that you wish to make an offer on, your solicitor will note interest for you

When viewing a property ask the question and try to establish a rapport with the seller

- Are school catchment areas, commuting or environment an issue? Contact a solicitor to access their quality of service

If you are not happy with the answer, investigate further or walk away

You never know, it could be a deciding factor involved in your decision to purchase or not