Mortgages

When searching out a mortgage in an ever-growing housing market, it is important to shop around among the miriad of estate agents, building societies and banks which offer them. While it is up to the lender to set how much you borrow, generally somewhere in the region of three times your earnings, you will need to provide a deposit of around five percent of the property's worth at the outset. There is a range of mortgage deals available, including variable, fixed-rate and capped, but low rates now may mean you pay more later, so choose carefully or get a mortgage broker to help.

Essentially there are two types of mortgage: repayment and interest-only. Repayment mortgages require you to pay off the interest and part of the debt every month, whilst with interest-only mortgages you only need to pay the interest monthly with the debt being payed in full at the end - a more risky endeavor.