Mortgages come in many forms and are meant to be tailored to your lifestyle. Mortgages are loans that you can get from a bank or building society to pay for property.

There are lots of different kinds of mortgages, and it always pays to shop around and comparison shop. Get lots of advice about your mortgage – it’s a pretty major commitment and you want to be sure you’re getting the best one possible. If you have some savings it’ll improve your chances of getting the mortgage you need.

Mortgages for 100% of the value of the house are advertised, although in practice, you may find the maximum you can get is 90% or 95%. This will mean you have to find a deposit of 5% or 10% of what the house is worth – for example, 5% of £40,000 = £2000. You’ll have to have that in your own savings, or borrow it from someone.

Shop Around

When shopping around for a mortgage, ask banks and building societies to provide you with quotes for mortgages and insurance for different priced properties so you know what your monthly payments will be. You can also visit an Independent Financial Adviser (IFA) who can provide you with financial info which is relevant to what you can afford and your lifestyle.

Speaking to an IFA is free, and they should be able to tell you the best deal out there for you, being independent n’all. First off ask how much you can borrow, and whether or not you can get approval in principle for a mortgage, before you start looking at properties or make any offers. That way you won’t be disappointed.

You can find IFA's in your local area by going to the web link below or phone the Financial Services Authority on 0845 606 1234. Also check out what your local bank, or building society have to offer on the mortgage front.

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Adding up to a lifetime has lots of useful, easy to understand and interactive information about all the financial things you'll have to deal with in life. Take a look at their mortgages section to find out more about the different types of mortgages you can get.