1. Tie in Periods:

This is when a product looks attractive because it has a very low rate to start with, but the redemption penalty period carries on when the rate goes up. This nearly always means the overall cost is higher than schemes without tie in periods.

2. Mortgage fees

These are very wide ranging: valuation fees, booking fees, arrangement fees, higher lending charges etc and can run into thousands of pounds, meaning that the cheap interest rate deals are no longer good value.

'There will be a fee for mortgage advice. Our usual fees are £99. For adverse mortgages our usual fees are 1% of the loan amount. Fees are only payable on completion of the mortgage'.

3. Stepped rate deals

Starting rate usually very attractive but when the increase steps kick in they become poorer value and usually cost more than schemes at one rate throughout.

4. Redemption penalties

These vary a lot between lenders and are usually several thousand pounds so you need to be sure the scheme fits your future circumstances.

5. Non-portable mortgages

A few lenders do not allow you to move your mortgage to another property so the hefty redemption penalties become payable.

6. Lending Criteria

The lender you approach may be fine for the loan you want now but will they help for additional finance or moving. If not you will need to go elsewhere and probably incur redemption penalties.

7. Compulsory Insurance

Some lenders offer better interest rates if you take their insurance products but as these are expensive you will most likely end up paying more in the long run.

8. Affordability

Just because a loan can be obtained doesn't mean it is the right thing to do an authorised broker has an obligation to the customer to be sure of affordability before they can proceed with the loan.

9. Credit problems

Just because you have had credit problems doesn't mean you necessarily need to pay the highest interest rates there are a range of schemes to suit the degree of past problems.

10. Daily/annual interest charging

If you have a repayment mortgage then daily interest is important and increasingly so the shorter term you have. Annual interest mortgages take no account of the capital you are paying back each month so you pay back more interest than you should and your monthly payments are higher even if the interest rates are the same. This makes no difference on an interest only mortgage as no capital is being repaid.

11. Fixed or Variable rate.

Clearly this decision will affect the amount of interest you pay and getting it right will save money.

12. Flexible mortgages

These are becoming increasingly popular but do you know what they are and more importantly whether they are right for you.

13. Repayment or interest only

Getting this decision can be the difference between affording the mortgage or not .It could also lead to a very unhappy retirement if interest only is chosen with no way of paying the mortgage off in the future.

14. Mortgage choices

Fixed, variable, tracker, capped, cap & collared, stepped.

Do you know what all the different schemes are and which suits you most?

'There will be a fee for mortgage advice. A fee of £99 payable upon submission and up to1% payable upon completion. A loan of £150,000 with a fee of 1% equates to £1,500'

Think carefully before securing other debts against your home. Your home
maybe repossessed if you do not keep up repayments on your mortgage.