I know it's boring, but please talk to me in a frank way about mortgages...

[FlorenceDaphne]

At the mo, I rent.

I have been saving for years, and have a sizeable ( I think) deposit saved up.

What is the best mortgage? What should I look for? Should I look now, or later? What can I afford? If I go for a tracker mortgage, what if the interest rates go silly?

Arrrgh! Help me, please. I don't understand any of it.

www.moneysavingexpert.com have a good guide on choosing a mortgage.

And moneysupermarket.com will compare current deals from various lenders for you.

I think now is a good time as they have dropped so low.

I'm no expert - but i think trackers are prob a bad idea when interest rates are low, as theres only one direction it can change in and thats up.

Fixed rates are the safest option - and thats what i do!

The things to look for are all the extra charges that i think companies are making their money from at the mo - lots more info on the websites above.

Thanks, Hattie. Are fixed rate mortages always fixed at the same rate? I feel so dense at times. I can't get my head round this. What's a reasonable percentage of monthly income to spend on a mortgage? Or is that silly?

Oh, that website's ace, thanks!

Not sure what you mean by the first question.

They can be fixed for a number of years (2-5 normally) and yes for that period the interest rate will stay the same.

If you google mortgage calculators, you can get an idea on the max you could spend a month, considering your earnings.

Good luck!

Interest rates will only go up in the medium and long term. I'd look for a fixed term. We've got a 10 year fixed one.

Thabks everyone! Off I go to peruse more mortgage websites!