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Checklist
for choosing a mortgage:
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Does it guarantee a fixed rate of interest for the first few years?
This can be a help during the early years, because it will guarantee
your monthly payment at a time when your finances may be stretched.
*
Are there any penalties for early redemption?
i.e. paying it all off or changing to another deal with another
company.
If there are, it can make it costly to change lender.
*
Will the loan let you take payment holidays?
For example, if your income fluctuates from one month to the next
or things are tight at certain times of the year, you can get what
is known as a flexible loan.
*
Does the mortgage offer you a cashback lump sum when you first take
it out?
When you first move it can be hard actually furnishing your new
home, so offers like this can really help.
*
Will you still be able to afford the repayments when any fixed-rate
or discounted period is over?
This is very important. Check what the lender's standard variable
rate is because it may be significantly higher that the special
offer rate.
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