The first thing to understand will be type of mortgage to be taken. There are a number of mortgages designed for different purposes. First time buyer mortgage is for people who are buying home for first time. Those who aim to repay mortgage through house rent can take buy to let mortgage. Those aiming to provide for their old age take a pension mortgage. There are many more mortgages to choose from. Customers must be aware of uses that each mortgage can be put to, and their inherent advantages and disadvantages.

Choosing mode of repayment will be next to decide. One can pay outright principal and interest through a repayment mortgage, or can choose to pay only interest through an interest only mortgage. Few more terminologies like fixed rate, variable rate and capped rate creep in when decision regarding way interest is to be charged needs to be decided.

The correct Mortgages advice is one that is provided after studying requirements of customer and risk that they would desire to entail. A mortgage taken without keeping financial condition of borrower will make repayment difficult. The mortgagee or mortgage provider will have to face some difficulty in getting mortgage amount with interest. However, he gets balance on mortgage after liquidation of assets. The ultimate loser is borrower. Hence, onus of understanding mortgage process rests on borrower.

Andrew baker has done his masters in finance from CPIT. He is engaged in providing free, professional, and independent advice

to the residents of the UK.He works for the personal loan web site http://www.ukfinanceworld.co.uk for any type of uk secured

Review your account statements each month. Between statements, you can find out which payments have cleared and check your balance by calling your bank or by checking online or at a cash machine.

Sometimes mistakes happen. If you do overdraw your account, deposit money into account as soon as possible to cover overdraft amount plus any fees and daily charges from your bank. Depositing money into your account can help you avoid additional overdrafts and fees.

Banks may provide other ways of covering overdrafts that may be less expensive. Ask your bank about these options before making your choice. You may be able to:

Link your current account to a savings account you have with bank. If you overdraw your current account, bank can transfer funds from your savings account to your current account.

Set up an overdraft limit of credit with bank. You need to apply for a "line of credit" just as you would apply for a regular loan. If you overdraw your account, bank will lend you funds by using your line of credit to cover overdraft. You will pay interest on this loan, and there may be an annual fee.

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