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Ideally suited to the self-employed Individual Savings Accounts (ISA) Advice The Basics: Introduced in April 1999 individual savings accounts were designed to replace Personal Equity Plans

Demand for housing is higher than the property available

It is not permissible for holders of a Mini individual savings account to open a Maxi individual savings account and vice versa

4% off for 1 year

How long does your present fixed, discounted or capped rate last for

This protects the lender in case you do not repay the loan and your home has to be repossessed

Capped Mortgage Capped Mortgages guarantee that the interest rate charged will not rise above a certain level for a set period of time. However, if the Standard Variable Rate goes below the capped rate, the Standard Variable Rate will apply. Once the set period of the capped rate has ended, the Standard Variable Rate of interest will be charged.

arrears, late payment, removing the lenders name from the Title Deeds at the end of the mortgage

Possibly tied in to variable rate with same lender for various periods following the fixed rate term end

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

TYPES OF MORTGAGE There are essentially two different types of mortgage: Repayment only, (capital and interest mortgage) Interest only, (ISA, pension or endowment mortgage) Repayment only

As a general guide, it is advisable to compare the APRs of different products as this will help you to determine how competitive they are

Buildings survey Also known as a structural survey

a 5 year discount with a 7 year ERC

5% on a normal lending limit of 75% loan to value

With this type of mortgage, only the interest is paid off with each mortgage payment

A buildings policy covers against storm damage, fire, flooding etc and relates to the fabric of the house or flat etc

Check for built-in appliances

The cost of this is therefore to be taken into account when selecting a lender

Bankrupt A Corporation, Firm or individual who, via a court proceeding, is relieved from paying all debts once assets have been surrendered to an appointed third party designated by the court

Mortgage lenders are pretty strict on what kind of survey they require and who completes the survey

Advantages: With the built in life assurance and in most cases critical illness insurance the overall cost is usually lower

Much maligned in the press because of the poorer investment growth rates achieved in a low inflationary environment this form of investment is less popular these days

Structural surveys are more appropriate for older homes where there is a greater potential for difficulties to arise

The amounts can range from a flat fee e