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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

Fixed Rate Mortgage

The endowment is a long-term investment product, which should be held to maturity to get the maximum benefits

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

A number of these flexible mortgages may also offer the ability to operate your mortgage account as a bank account with the option to make withdrawals in certain circumstances

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually

Read all the details on the specification sheet

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

For more information see: Vital questions to ask the seller or agent Making a deposit Express the seriousness of your offer by offering to put down a deposit as an act of good faith

Disadvantages: Holders of a Mini individual savings accounts cannot take out a Maxi, and vice versa

You believe that the investment market over the period of your mortgage is likely to generate a cash surplus over and above that required to repay the mortgage

UK Pensions Advice

Contrary to popular believe, lenders can be flexible

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

For more information please see:: Dealing with adverse valuations Recently built homes Most new houses have a National House Building Council (NHBC) Certificate

If asked, the seller will let you know how they would like to proceed

The Maxi individual savings accounts combine three basic elements in one plan, with a limit of £5,000 (£7,000 in the current tax year) being placed on the investment

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

With this type of mortgage, only the interest is paid off with each mortgage payment

This can be of great advantage in determining outline information before you go to the time and expense of having a survey and local searches made

Fixed rate mortgage The biggest advantage of a fixed rate mortgage is that, irrespective of fluctuations in interest rates, your monthly repayments remain the same throughout the period of the fixed rate

Cashing in the plans early may result in financial penalties

Providing all payments are made in full, at the end of the term, no capital will remain outstanding

If applicable, a redemption fee comes into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

Using an ISA as a repayment vehicle is growing in popularity but due to the ISAs complexity it is only for the financially sophisticated or borrowers taking advice from a suitably qualified financial adviser

Valuation Fee The amount charged to conduct a valuation of the property on behalf of the lender

Possibility for first time buyers to use to enable them to obtain a mortgage when they are unable to raise a deposit other than by short term finance arrangements

The first of these relates to the current market value of the property to which the mortgage relates

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

A valuation of the property is supplied based on the approximate market value of the property

There is no guarantee with this type of mortgage

Interest is far more likely to be calculated on a daily basis