Ensure that when you are looking for a mortgage you shop around to see what is available and compare. A useful link that can help with this is www.moneynet.co.uk/mortgages/index.shtml.

For most people, a mortgage is the biggest loan that you will take out so needs to be chosen with care.

 

Tips when looking for a mortgage

• Find out how much you would repay using the mortgage calculator on YourMortgage.co.uk >> Calculator
• Try to keep the term of the mortgage as short as possible - you will pay a lot less interest in the long term
• Don't get too carried away with lenders that offer 5 or 6 times your salary - his could lead to trouble if the rates go up even a small amount
• Beware of repayment penalties on fixed term mortgages
• During the course of your mortgage term, if you have an opportunity to pay off an amount, do it. This can have a dramatic impact on the overall repayment.
• Reduce the mortgage term. If you feel that you can aford to pay out extra each month, you can reduce the term of your mortgage, which will save you on interest