It is tempting to take up the first offer of a mortgage that comes your way, as home loans are increasingly hard to come by. Whether it is for your first starter home in the UK, Spanish home loans or a mortgage for a pied a terre en France, chances are that there will be some form of borrowing involved.
However, not all mortgages are alike and you should compare what each has to offer very carefully, making sure that it is one which fits your lifestyle and your pocket. Most people just look at the term and the interest rate without thinking about other aspects of the deal which are also very important.
If you have regular bonuses then you might want to try and pay off your mortgage more quickly than the set term but some deals have penalties for early repayment or do not allow one off payments in addition to the regular mortgage payments, so check this if you feel you would like to pay off early.
Get out clauses are also very common which might hinder you if you want to switch mortgages at any time to take advantage of a better deal.
Above all make sure that you can still afford the repayments even if the interest rate does the inevitable and rises as many predict it will before the end of the year.