All mortgages work in the same basic way: you borrow money to buy a property, pay interest on the loan and eventually pay it back.
There is a lot to consider before you decide which mortgage is best for you and your circumstances:
- Interest rates
- Different ways to repay
- Borrowing for different periods of time
- Particular mortgages for special situations
- Various charges to pay
You know you’ll want to pick the best mortgage rate but you should understand that this doesn’t necessarily mean going for the cheapest because other factors can affect your choice.