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Endowment ISA Plan Pension Endowment The most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment

It is usually attributed to either the agent has been too pushy, the buyer has not put enough thought into what they really want or a professional timewaster is at work

It is likely that the first payment will be double the normal monthly payment due to the requirement to pay a month in arrears by most lenders

For borrowers moving house regularly, this can result in little of the capital being paid off

There is also the potential to receive a tax-free lump sum once the capital amount owing has been repaid, or to reduce the term of the mortgage if the target amount is achieved early

The most important fact about an interest only mortgage is that the monthly repayments do not repay any of the outstanding capital balance

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

Receives mortgage offer and deals with all the conditions on your behalf

In addition, borrowers will need a Contents Policy that provides cover for the contents, such as carpets, TV’s, furniture etc

carpets and curtains, wall lamps, etc

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

This may reveal other factors that will not appear on any formal search

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

This had much to do with the amount of properties being repossessed at the time

Suitability: A pension policy linked mortgage is the most suitable option in a number of circumstances the most common being those identified below: This option is only really suitable for a small minority of people

Customers cashing-in an endowment policy in the first few years after inception can receive less than the amount invested

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

This product, which tends to be used by the self employed, is only for those taking advice from a suitably qualified financial adviser