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There are strict limits on the amount that can be taken as a tax-free lump sum, which can lead to a shortfall in certain circumstances

There may need to be further formal letters before both parties are in full agreement and your offer is accepted

The costs will be greater for house purchase than for remortgage

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

This type of mortgage may be suitable for you if the nature of your income is such that satisfying a lenders requirements may prove difficult

Total monthly payments will remain constant unless interest rates change, but as each year passes the capital part of the payment will increase as the interest element decreases

Land Registry Fees Land Registry Fees are based on the purchase price of the property. The fee is effectively an administration charge for registering your ownership of the property and or land.

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

Neighbours - are you inheriting a problem? During the process of creating the draft contracts the seller completes a questionnaire from their solicitor

This could end up saving you time and money

It is also worth pointing out that historically the returns on endowment policies have been pretty good (provided they go full term)

If you are not happy with the answer, investigate further or walk away

Anywhere between 1% and 12% cashback has been available

Blind Bids This is only applicable to buyers in Scotland. If there is more than one party showing and interest in a property then each party will put in a sealed bid before a specified closing date. Often the bid is over the asking price and made only after thorough research and inspection into the value and condition of the property. (Consultation with a professional is always advised) By law the seller is under no obligation to accept any of the offers made, but usually accepts the highest bid. If for any reason the seller wishes to decline all of the offers made, perhaps due to low bid prices, then they can reject the offers and start anew.

County Court Judgements (CCJ) An adverse ruling by a County Court against a person who has not satisfied their debt payments with their creditors

For a borrower wanting one home for their finances this is an attractive option

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

When lenders quote their APRs they will state whether these are typical or whether they are set at one rate for all successful applicants, regardless of the risk they present

All lenders base their mortgage range around their variable rate of interest

Once the written negotiations (missives) have been completed, your solicitor will obtain the Title Deeds to ensure the seller is the genuine owner and check with the local authority on a range of matters (searches) to make sure you understand how or whether your property is affected by rights of way, restrictions of use and so on

Mortgage Indemnity Charge (sometimes referred to as a High Percentage Lending Fee) For high Loan to Value (LTV) mortgages i

This can save hours of waiting on the phone trying to get to speak to your conveyancer

It can be done, but much depends on the lender

Booking fees are often non-refundable, so if the mortgage applicant cancels the mortgage application before completion the fee will not be reimbursed

Although your repayments are unprotected from any sudden increases in interest rates you will benefit from any reductions

However, if the variable rate drops below your capped rate, you will benefit as your repayments will be calculated using the lower variable rate