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Most insurance companies will have extended buildings cover options which are well worth considering

Interest only

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

As a result the seller is in a stronger position and is likely to be less receptacle to any or significant price reduction

However, try to include as much as possible in the negotiations

The experienced agent is likely to be skilled in the art of negotiation and know what buttons to press

In this case the lender agrees to release the amount withheld over a staged period of time after satisfactory completion and in most cases inspection of the remedial work

On this subject see ‘No Redemption’ and ‘No Overhang’ below

Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

The offer will have numerous conditions which are designed to ensure that you encounter no problems when you move into the property

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage

Each case should be taken on its own merits

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

Index Linked Buildings Insurance This type of insurance covers the main structure of your home (not the contents) and is required to protect you against the cost of rebuilding your home in the event of fire, flood or similar disaster

If a person has a County Court Judgement against them it will have to be satisfied before they can get a mortgage

The second influence on the amount you can borrow is your current level of income

The idea behind the pension mortgage option is to link the amount of this lump sum to the amount borrowed

Arrangement fees are common on fixed and capped rate mortgages

Are you tied into the variable mortgage rate and if so for how long? What redemption penalties will you incur if you were to pay off your mortgage early? Are any other fees involved? It is also generally worthwhile letting us talk to your existing lender to look at opportunities for obtaining better rates without moving the actual loan

If using a removal firm we suggest obtaining several quotes first

Disadvantages: The amount of your debt does not decrease over time, unlike the repayment mortgage option

Suitability: An ISA linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is suitable for individuals willing to take some degree of financial risk

Find out what else is included in the sale

Fixed Rate Mortgage

Cashback Mortgages

Your solicitor should be able to advise you on the current search time