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Location : Normally an agent will ask for a number of areas Do you need finance? If not how are you financing the purchase? Is it dependant on selling a property? If you have registered with an agent and your not getting any details

The most important fact about an interest only mortgage is that the monthly repayments do not repay any of the outstanding capital balance

Have there been any previous offers and what happened to the sale? Having had a previous buyer does not necessarily indicate that there is a problem with the property, but it does require investigation

The maximum limit is £1,000 (£3,000 in the current tax year) for stocks and shares and cash, with the insurance element being £1,000 immediately

Another form of insurance common in the mortgage industry is a Mortgage Payment Protection Plan

As a tip, note that in the UK you can only drive up to a 3 tonne vehicle before you need an HGV license

Sometimes capped mortgages have a level below which interest rates cannot fall

This is called a collar

Payment is either up front, or added to the overall loan

Protecting the property itself against disaster and you in relation to the legal liability to the public are essential aspects to property ownership

The plan holder can then draw a pension from the balance of the fund

Disadvantages: There are currently a relatively small number of lenders offering this type of mortgage at present

In such circumstances the borrower will be facing a significant increase in their monthly mortgage payment at the end of the discount benefit period

(Gazumping)

Generally these polices will be accepted as having the potential for greater and faster growth than the with profits but there is also the risk that they may not produce such a steady long-term return

Advantages: The only option with a 100% guarantee that the loan will be repaid in full at the end of the term

UK Pensions Advice

In the early years of a repayment mortgage the majority of the monthly repayment is interest rather than capital

This may reveal other factors that will not appear on any formal search

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

The opportunity to access the investment proportion of your mortgage in the event of financial difficulties

In England and Wales a survey is normally made after the offer has been accept subject to contract

A fixed rate mortgage is suitable if your mortgage repayments take up a large proportion of your income as it protects you from any sudden and unexpected rises in interest rates

Ensure that your solicitor is aware of the survey and any other information you have learned about the property

In either case the difference will need to be found before completion

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

a 3 year fixed rate with a 5 year ERC

Capped mortgages enable you to place a limit on your monthly mortgage commitment, plus they benefit from falls in interest rates

Some lenders do offer cashbacks in conjunction with other offers such as discounts or fixed rates