My top advice is to shop around look for the best deals don’t necessarily go through the mortgage broker in an estate agent.

If you go through a mortgage broker remember to ask where they take their fee from. Remember you should not have to pay any up front fee directly to a mortgage broker.

You can find the best deals online so spend some time looking around. Soon you’ll be able to use our directory which is totally unbiased and is simply our choice of where you can find the best deals.

When you decide to take a mortgage out don’t get locked into any long term deals. Ideally you should change your mortgage every couple of years this way you stay flexible and can possibly save yourself thousands. This is because economic climates change frequently and the mortgage market is very competitive.

Be careful if an interest rate sounds really low it probably means you are going to be tied into a long term agreement. If you want to leave the lender because their rate is no longer competitive you will probably be hit with a redemption penalty which is basically a charge just for leaving. Always ask your lender what the penalties are for leaving early and make sure they are clear exactly what you will paying.

Another penalty is the over-hanging lock in charge which is issued when for example a lender offers a special interest rate in a certain timescale and you want to leave once the offer ends.

Unless you are buying for investment purposes I think it is always better to go for a repayment mortgage this way you are chipping away at your debt and eventually clearing it. Where as if you go for an interest only you are only paying the interest on the mortgage. You can also get mortgages that are interest only for two years and convert to repayment later.