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So make sure you get the facts

Most pension plans have the option at maturity to withdraw a percentage of the fund as tax-free cash

Advantages: The potential reduction in your level of borrowings means that over the entire term of your mortgage substantial savings can be made on your overall mortgage payments, or you may be able to pay the mortgage off early

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

If you want to continue, find out if the previous buyer had completed the searches or any survey

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

Pension Plan Life assurance cover is provided and monthly payments are made into a pension fund

Fixed Rate Mortgage

UK Pensions Advice

Please remember, a major consideration in any viewing or visits should be your safety- Always help ensure your own safety by taking a friend or partner

Cashback Mortgage Is a mortgage product, which provides a cash lump sum or a cash percentage of the mortgage amount to spend as you wish. The cashback amount is paid to the borrower shortly after completion.

CML - The The Council Of Mortgage Lenders is a trade association specifically for mortgage lenders in the UK and its members undertake around 98% of UK residential mortgage lending. It provides a service to mortgage lending institutions by helping to establish and maintain a favourable operating environment in the residential mortgage and related housing market.

Stage 3 - completion On the completion date, the buyer obtains all rights to the property in return for the actual transfer of the funds covering the purchase price (less any deposit already paid)

The savings can be considerable although you have no protection against increases in interest rates and may find that an increase takes you over your budget

Try also to avoid costly contract races where the seller accepts several offers and the first buyer to exchange contracts gets the property

Borrowers with new loans only get the interest paid after waiting for nine months

We recommend taking a look at homecheck

Just Mortgages UK will explain the many schemes available and will help you to find the most suitable option for your circumstances

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term

The mortgage like most others is portable should you move house, and providing you maintain the payments for the entire term of the mortgage you are guaranteed to repay the loan at the end of your selected period of borrowing

As a consequence lenders frequently ‘lock-in’ borrowers by applying Early Redemption Charges for those paying off the mortgage early

Mortgages offering a 5 or even 6% cashback can be found which would mean a borrower taking a £70,000 mortgage would receive £4,200 on completion (at 6%)

The way lenders quote interest rates varies

Each case should be taken on its own merits