You can also choose a repayment or interest only mortgage. With a repayment mortgage, the monthly repayments cover the capital amount borrowed and the interest. Interest-only mortgages cover just the interest, leaving you to repay the capital borrowed at the end of the mortgage term.

Buy to Let mortgages are suitable where you’re buying a property you intend to rent out.

Before you take out a mortgage, you’ll need to think about how much you can afford to borrow, how long you want your mortgage to run for and the interest rate offered by the lender. You’ll also need to put down a deposit, and the bigger the deposit, the lower the interest rate. If you’re self-employed, you’ll need to jump through a few more hoops in terms of proof of income and affordability.

First time buyers might find it hard to get onto the property ladder but there is help available with the government rolling out new incentives to try and make things easier.

Your home is also likely to be your biggest financial asset (aside from your salary), so taking out the appropriate insurances is a must. After all, your home / property may be repossessed if you do not keep up the repayments on your mortgage.

There’s no reason to pay more interest than is necessary on a mortgage, so take professional advice.