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

It is best to find out the sellers position during the viewing, having plied as much information from the agent beforehand

In addition lenders frequently apply an Early Redemption Charge (ERC) for fixed rate mortgages

It is important to bear in mind that many lenders charge a small premium on self-certificated business to reflect the extra risk involved

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

Whilst practically the entire range of mortgage schemes are available to you with the exception of rates designed specifically for first time buyers, moving house may provide an excellent opportunity to consider what your future plans may be

Buildings survey Also known as a structural survey

Before making an advance, your mortgage lender will require a valuation report as a minimum

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

Flexible mortgage A flexible mortgage may enable the borrower to pay off all or part of their mortgage without paying a penalty

Advantages: The tax advantages of individual savings accounts allow you to receive tax-free returns

lender agrees on completion of the mortgage to provide you with a set percentage of amount borrowed as a cash payment

This will result in situations where there is no method of paying off the mortgage and the lender will only become aware at the end of the mortgage term

5%

As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are