Home loan musts

1 Shop around for the best deal.

2 Only use mortgage brokers who comply with the Mortgage Code.

3 See that all terms, conditions and charges on loans are clearly explained and reflected in the paperwork.

4 Think twice before choosing an interest-only loan over a repayment mortgage.

5 Look for fixed-rate deals if you need to know that your monthly payments won't change.

6 Consider variable rate deals if you think rates will go down.

7 Avoid deals which force you to buy home or life insurance through your mortgage lender.

8 Be wary of charge 'extended redemption penalties'.

9 Look for deals that don't charge a high loan-to-value fee or 'MIG'.

10 Don't pay over the odds for a flexible mortgage unless you'll use all the features.