“I want to get the best out of my mortgage, but there are so many to choose from!”

In some ways, buying a property can be an excellent investment: unlike a pension scheme or an ISA you can live in it, there's no tax on any profits you make (on your main residence, at least), and it will provide days of harmless fun mowing the garden.

The disadvantage, of course, is that most people need a mortgage to buy a property, and a mortgage is a debt - and usually a very substantial one. It typically lasts for 25 years, which can feel like forever, and the size of your monthly payments can go up (or down) quite dramatically depending on interest rates. The other problem with mortgages is that they involve making a major financial decision which isn't easily reversible later: whether to take out a repayment or interest-only mortgage.

Mortgage advisers are always asked "Which is better?", and there isn't a definitive answer. Repayment mortgages suit relatively cautious people who want to know that the mortgage will be paid off - the investment vehicle for an interest-only mortgage isn't guaranteed to contain enough to pay off the loan. On the other hand, interest-only mortgages are slightly more flexible in terms of moving house and changing your monthly payments, and there is always the possibility that the investment fund will contain not only enough to pay off the loan, but a surplus as well.

Repayments, interest only, capped, fixed, discount… The mortgage market is a minefield which every property owner, be it personal or business, has to cross. A major part of Hampshire Hill’s business was developed from mortgages, so we have a dedicated mortgage department who can give impartial advice.