Mortgages: 2) Steps to tailoring your first mortgage

Banks and Building Societies are constantly promoting their advanced and customer friendly way of banking. We continuously hear about how much your bank can do for you and applying for a mortgage is certainly the time to put this to the test.

Banks, building societies and indeed mortgage brokers are proud to tell us that they have the mortgage designed to suit our individual needs, but this is of no value to us if we don't know what's on offer. When entering into a mortgage it is important to ensure that your Lender will allow for the fact that your situation is going to change drastically and in many ways over the next 20-30 years. It is always a good idea to think seriously about your future and what it may hold and how this may affect your financial situation. Keep in mind that not all Lenders will offer the same flexibility with regards your mortgage as some do. Consider what you feel to be the most important aspects of your future and how that could affect your financial life.

It is quite a financial shock for the first time buyer during the first year of their mortgage. Not only do you now have a substantial monthly debit from your account, you also have to consider associated costs, furniture and, of course, bills. Some Lenders understand this and (where applicable) will advance the first time buyer's grant with your loan cheque. This can be either added to your capital sum or repaid when same is processed by the Department of Environment.