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Homeowners with older mortgages only have to wait eight weeks to get half of their interest paid, and after 16 weeks they get it all paid

Most mortgage schemes, in return for offering you a lower initial rate, will require you to stay with that scheme at least for the period of the Discount, Fix or Cap, and often longer

For example, setting the price range on your next home

See FAQs for more details

Borrowers will be required to remain on the lenders variable rate of interest for a pre-determined period of time

This rate is known as the Annual Percentage Rate (APR)

You have an offer on your property - The further into the processes of selling your home, the better

The increased flexibility inherent within the repayment vehicle can lead to shortfalls in relation to the amounts required owing to withdrawals having been made

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

Assuming that you have your financial preparations in place (a mortgage in principle)

There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

This can be an indication of overpricing, adverse surveys or valuations and point to future difficulties in selling

As a result the seller is in a stronger position and is likely to be less receptacle to any or significant price reduction

Popular in the late eighties and the nineties an endowment policy is a combination of two basic elements, namely a savings plan and a life assurance policy

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)

Each year the original capital sum will remain outstanding

These mortgages take the benefits of the flexible mortgage and use the funds held in the current account to offset the interest e

These may include 100% mortgages or a range of fixed or capped rate mortgages (see Mortgage Guide) unavailable to non-first time buyers

If so, ask how they were damaged or why replaced

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

Assuming your intentions to purchase are serious, it is vital to put in some preparation work to ensure you are taken seriously by an agent and seller

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

Gregory Pennington Bains & Ernst STEP 3 - HOW AM I PROTECTED? Personal loans are governed by the Consumer Credit Act 1974

Larger borrowings

You may not get a straight answer, but at least the owner and agent will be aware that you know the score

Endowment ISA Plan Pension Endowment The most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment

The offer will have numerous conditions which are designed to ensure that you encounter no problems when you move into the property

Are they in a chain? How quickly do they want to move? Ask if the agent has a sole agency agreement Having been satisfied with your initial enquiries, it is now time to book a viewing

The date and actual time of day of completion is quite specific and relies absolutely on the transfer of money

Nonetheless millions of borrowers have one or more endowment policy and as a rule of thumb these should not be cashed-in early and certainly not before seeking advice from a suitably qualified financial adviser

It should be noted that individual savings accounts are relatively new products and as with any piece of new legislation there is always some degree of uncertainty over its long term future

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