Look out for cashback offers which might make a more expensive rate work out to be more affordable than it looks.
If you want the flexibility to make occasional or regular overpayments when you are able, check that your preferred mortgage allows you to overpay and what the conditions are.
Do you want the security of knowing that you can pause your mortgage payments for a few months if something unexpected happens? Make sure you choose a mortgage with payment holiday options.
Some mortgages work in tandem with your savings to reduce your monthly payments or pay your mortgage off sooner. Tell your mortgage adviser if you want to look at offset mortgages.
If you have enough equity, you can increase the amount that you are borrowing to enable you to pay off an outstanding loan, as mortgage rates tend to be lower than standard loan interest rates.
You may also want to release the equity in your house for major expenses such as building an extension or remodelling your kitchen, by increasing your mortgage.
Before making a final decision think ahead and take into account any major life changes such as starting a family or retiring, which could affect your ability to manage your repayments.
