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This method is designed to give you the opportunity to generate a cash sum sufficient to repay the outstanding mortgage capital at the end of the agreed term

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

Valuation Fee The amount charged to conduct a valuation of the property on behalf of the lender

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

If applicable, a redemption fee will come into effect when you repay/terminate the mortgage within the redemption term, as set out in your mortgage advance

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

As soon as you have found a property that you wish to make an offer on, your solicitor will note interest for you

It is common for lenders to offer rates fixed for a period of 2 to 5 years, but shorter and longer periods can be found in the market

You only get this if you qualify for income support

If you wish to repay the loan in this time, or you remortgage with another lender, you will have to pay an Early Redemption Charge which can cost £thousands (6 months interest is common) depending on the lender and scheme

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

Anywhere between 1% and 12% cashback has been available

UK Pensions Advice

However, in the greater scheme of things it may prove worth paying as a more competitive insurance may be had elsewhere