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The borrower also takes out at the same time, an alternative ‘repayment vehicle’ (method of paying off the mortgage) such as an ISA, pension plan or endowment policy

The earlier you contact them, the more sympathetic they are likely to be

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

The current options available to you in conjunction with interest only mortgages include endowment, pension or an Individual Savings Account (ISA) Advantages: There are a variety of investment vehicles available to use to repay interest only mortgages, some offering tax advantages

These bonuses termed either annual or reversionary cannot be taken away

However it is possible to speed up the process by arranging a personal search

Individuals on tight budgets expecting wage increases over the first few years of the mortgage

This is more likely to occur within the first 3-5 years of the mortgage term and more common with discounted, deferred or fixed mortgages

It may be possible to renegotiate the price of the property taking into account to costs of any work required

The money may only be drawn from a pension policy when the policyholder reaches retirement age

Requests your deposit

Loans secured against property that is already mortgaged are known as second charges, whereas loans secured against a property owned outright with no existing mortgage in place are known as first charges

In the past some lenders have made their insurance compulsory with some very competitive mortgage products although this is less common now

For a mortgage secured on a property, insurance may be required

You may not get a straight answer, but at least the owner and agent will be aware that you know the score

This is more likely to occur within the first 3-5 years of the mortgage term and with discounted, deferred or fixed mortgages

Owing to the fact that pension plans have certain built in tax advantages they generally have the potential to achieve greater overall returns than an endowment policy might be expected to achieve

insurance and finance

2% fees-free offset mortgage

It is the role of the solicitor or licensed conveyancer to note ownership of the property on the title deeds; note the lenders interest in the property; register with the Land Registry and conduct searches to identify if there may be factors which could affect the property e

The repayment term available may depend on the purpose for which you require the loan, and may be restricted accordingly (e

Possibility of losing out should interest rates fall below your agreed rate

There are a number of limitations to the standard types of mortgages available if your income is erratic, for example if you are self employed or perhaps working on short term contracts

All mortgage lenders require an official search to be carried out

Larger borrowings

It is probably more suited to you if you do not mind this uncertainty and your budget can absorb an increase in interest rates or if you think rates will go down during the discounted period

These are known as regulated loans

Base Rate Tracker Mortgages

Existing endowments can be used to support a new mortgage with any ‘additional lending’ over the value of the projected maturity balance being covered on a repayment basis or with an alternative repayment vehicle

These are often referred to as credit scoring facilities

If remedial work is required ask the owner if they have had any quotes

RICS The Royal Institution of Chartered Surveyors (RICS) is an independent, not-for-profit organisation, which is required to act in the public interest. Originally formed in 1868, RICS is a professional body that represents, regulates and promotes chartered surveyors and technical surveyors. RICS has over 110,000 members in 120 countries and is the leading professional body addressing all aspects of property, land, construction and their associated environmental issues. more info: http://www.rics.org.uk