Overpay, overpay, overpay! We cannot stress how much better off you will be if you overpay your Mortgage payments. By maintaining your payments you could save tens of thousands on interest over the term of the mortgage. However, you MUST check that you won’t suffer any penalty as a result of overpaying.

Try and get together the biggest deposit you can afford. This has always been the case but never more so than now - the days of 100 per cent and 95 per cent mortgages are gone. It’s recommended you have at least 10 per cent, but get more if you can as it will open up more options in today’s mortgage market.

Shopping around

Start shopping around for your mortgage early. You can secure a deal as much as six months in advance. This should help sidestep any issues around your equity disappearing as house prices continue to fall.

Don’t be fooled by Low rates

Don’t be drawn in just by a low rate. These days mortgage products can come with fees that amount to thousands of pounds. People with smaller mortgages may want to consider going for a deal with a higher interest rate and a lower fee, as it could cost less overall.

• Check what your existing lender will offer you but always shop around.
• If your payments become too difficult get in touch with your mortgage lender at the earliest opportunity, it’s always good to communicate with your lender as they may be able to offer a solution.