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Disadvantages: The amount of your debt does not decrease over time, unlike the repayment mortgage option

Advantages: Monthly payments can adapt to the level of monthly income you receive

Suitability: A cash back mortgage is the most suitable option in a number of circumstances the most common being those identified below:

First time buyers

This method is designed to give you the opportunity to generate a cash sum sufficient to repay the outstanding mortgage capital at the end of the agreed term

Personal Possessions (including cash) on an all risk basis, in and outside the home

At anytime of the day or night

A standard policy will typically include such cover as loss or damage to your possessions while in your home, alternative accommodation to the value of 15% of the value of the sum assured

Current Account Mortgage (CAM)

Whilst practically the entire range of mortgage schemes are available to you with the exception of rates designed specifically for first time buyers, moving house may provide an excellent opportunity to consider what your future plans may be

It may be that administration charges, mortgage indemnity insurance, or building and contents insurance costs have been added to the amount you originally borrowed

There will usually be a required period of payment before protection will become available and some people may be excluded from its cover

Stage 2 - Assessment of draft contracts This is the point at where both parties solicitors negotiate the deposit payable on exchange of contracts, the time between exchange and completion and any allowance by the seller to let the buyer have access to the property ahead of time

We also hold the details of loans designed specifically for applicants with a poor credit history, and we provide the facility to apply online for these through moneysupermarket

It is normal for lenders to check that any policy arranged is adequate and a fee will sometimes be levied to check the policy, if the borrowers take a policy other than the one sold or recommended by the lender

Examine these policies carefully

Overall these policies remain expensive and limited in the cover and peace of mind that they provide to borrowers

Ask about the sellers position

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