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Advantages: The tax advantages a pension policy has make this type of mortgage the most tax efficient available

Without going into detail to explain this feature the up-shot is that over-paying the mortgage on a monthly or regular basis, even by a relatively small amount, will reduce your mortgage term by years (hence saving payments)

Lenders are constantly providing new ways for borrowers to save money if they switch their mortgage from their existing lender to a new one

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

In this, the seller agrees to a period during which they promise not to enter an agreement with anybody else

Buildings survey Also known as a structural survey

5 to 3 times joint income

If you have a mortgage, the lender will insist that you take out this type of policy

Our Mortgage Calculator will allow you to see how much you can borrow and the cost of your monthly repayments

Financial charges relating to work undertaken by the local authority, such as road works or repairs to dangerous buildings

Often mistakenly called an endowment mortgage, interest only mortgages are loans where the lender agrees to charge purely interest throughout the term of the mortgage

Some of the newer entrants into this sector are also linking savings accounts, credit cards and personal loans into the mix

ADVANTAGES At the end of the term, you are safe in the knowledge that the total amount of the debt has been repaid

When and how to talk to agents When to start taking to an agent about buying is entirely up to you

SVR - Standard Variable Rate Standard Variable Rate (SVR) - All lenders have their own Standard Variable Rate, which is largely determined by the base interest rate set by the Bank of England. The Standard Variable Rate of interest may increase or decrease from time to time.

Each year the amount owed will decline

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

You stand to lose more than the property you had your heart set on as you may well have paid for surveys and searches, none of which will be refundable

Mini individual savings accounts are also divided into the same three areas although only one of the investment areas may be held in each policy

This can be attributed partly to the stress of the home buying procedure, but it can also be down to mortgage tie-ins where the lender insists on you taking out their insurance

Disadvantages: Associated redemption penalties are restrictive

Flexible mortgage Cashback Fixed Discounted Capped

In return you usually agree to pay the variable rate charged by the bank or building society, for a specified term

The purpose of the search is to discover if there are plans for nearby development that could potentially affect the property

Are you in a strong position? A professional estate agent will have gained information from you regarding your current position, status and seriousness of intent to buy

Information Required There are a number of common items that will be required in order to obtain a new mortgage and listed below are the most common: 3-6 months pay slips 3-6 months bank statements

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

Normally the cashback is offered as a package of benefits e