Mortgage guide

Whether you’re a first time buyer, been in the buying and selling game for years or just looking to finance a property to develop, making the right choices early on will help you save time, money and effort.

• • Remember the smaller the loan, the less interest you’ll pay, so aim to save as much money to put down as a deposit before asking for that mortgage.

• • Ensure you can afford the costs associated with the purchase as well as the ongoing maintenance of your home by budgeting accurately. Don’t overstretch yourself. How will you cope if rates rise and your monthly payments go up?

• • Get a mortgage offer before you find a home and make an offer.

• • If you have already have a mortgage and want to move home, find out whether your existing lender can help, then look around at other deals to see if a switch is worthwhile.

• • A capped, fixed or discounted mortgage will give you peace of mind by protecting the amount you have to pay every month (for a few years). Remember this rate will revert to the lender’s standard lending rate when this deal ends. The lender’s rate moves up and down with interest rates. You will have to pay a fee for this type of mortgage.

• • If you’re not sure how to compare between the deals on offer or are new to the mortgage market, ensure you get expert advice.