This section provides information on the fees and costs of purchasing a home as well as obtaining a mortgage. Getting a mortgage loan can involve hidden costs; find out what they are and how you can budget for them.

A Mortgage is a loan secured against your home.  This means that if you do not keep up the payments, the lender can foreclose (sell) your home to get their money back.

There are different interest rates and mortgage features available that can be very confusing. In this section we will try to explain the difference between an 'interest only' and 'repayment' mortgage and run through the features of both.

You have two important decisions when choosing an interest rate deal; whether to choose a fixed or variable rate mortgage, and whether to choose a short or long term deal. What looks like a more expensive mortgage today may end up being more suitable for you. Make sure you know what happens after any special deal ends.

You can typically borrow up to three and-a-half times the main earner’s income before tax, plus one times any second earner’s income, or alternatively two-and-a-half times their joint incomes.

You'll get a key facts document when a lender or mortgage broker gives you information about a particular mortgage and that information is tailored to you. It summarises the important features of the mortgage and must be clear, fair and not misleading and will be presented in a standard way, so you can easily check the cost and terms of the mortgage and compare it with other similar mortgages.

The lender will assess your application by checking that you are whom you say you are, that you can afford the mortgage and value the property.

Once all this is done, you will get a mortgage offer document, which will include an updated version of the key facts illustration. This is your final chance to check you are happy with all the terms and conditions of the mortgage.

Make sure you read and understand it before signing up for a mortgage. Ask the lender to explain anything you don't understand.