Hi Zeb,

Thank you very much for your advice. I will definitely ask a friend or relative who has a mortgage for advice when I need it, but I'm not really at the stage where I would be actually arranging a mortgage yet. I'm still slightly confused about the terminology, especially surrounding the terms 'tracker', 'fixed term' and 'offset' mortgages, and don't really know the advantages and disadvantages of each. I think being familiar with these terms will help me a great deal when I go about applying for a mortgage.

Could anyone outline these for me?

Thanks

MR

Don't look at comparison sites for advice speak to professionals.

Go to a mortgage broker / adviser and have the professionals explain it all. They can explain everything in detail and answer any further question you may have or think of.

Take someone else along with you who has more experience in mortgages such as a parent of friend who has a mortgage. They may think of questions that you my not consider. The adviser will not be annoyed or upset on this. It will give him a chance to fully show how good he is and show you different types of mortgage and how they can be set up. He can give you an idea of what types of insurances are available and what may be suitable for your needs. He can show you examples of different mortgages products and types and how they can work for you.

Be aware that he may charge a fee to actually arrange a mortgage for you but this is all part and parcel of using a professional service. He should not charge a fee for you to get advice on mortgages. If he does, walk out nd find a new broker.

I'm really confused about the jargon attatched to mortgages. I'm looking to buy my first house within the next few years, but have no idea whether a tracker or fixed rate mortgage would be best for me. I realise that a tracker mortgage may mean that my monthly payments fluctuate, but how severe could this be? And if I get a fixed rate mortgage, what happens when the fixed rate term ends?

All of this jargon confuses me, if anyone has any advice on what type of mortgage I should be looking for it would be greatly appreciated.