How to get the best mortgage deal first time

Don't worry if you're feeling a little overwhelmed and confused by the huge choice of mortgages available.

It's a familiar dilemma shared by thousands of prospective home buyers every week which isn't helped by the miriad of repayment methods and interest rate options.

Whether you need a mortgage for a one bedroom flat or five bedroom country home, your initial choices are pretty much the same but can cost you thousands if you don't do your home work with both eyes open.

So to give you a head start, consider these simple tips to help you see through the haze and make a prudent decision you won't live to regret.

• Before you look at any mortgages, think seriously about affordability. With house prices at an all time high and interest rates increasing, you need to factor in the impact of any future hikes and make sure you won't be overstretched. Remember to include extras such as stamp duty and moving costs then set a budget and stick to it.
• Start your mortgage search from a position of strength and do your home work. A mortgage is a huge financial commitment so its vital to fully understand your options before you approach any lenders. Whether you use the inernet, read mortgage guides or speak to a mortgage adviser, be completely sure of your options and which is right for you. Only then should you begin comparing mortgages and lenders.
• Put your house in order before you buy one. Before you approach lenders you need to see what theywill see when doing a credit check on you. This is the record of your loans, credit cards and mortgages, together with information such as your repayment history. Your credit report is one of the factors a mortgage lender will use to assess if you're a good risk and what kind of deal to offer you. By checking your credit report first you can spot and correct any problems to avoid costly mistakes. If you're applying for a joint mortgage make sure to check both credit reports. Any defaults or late payments could affect your chances of getting the mortgage deal you want.
• Are you registered to vote? Lenders also use the electoral register to verify your identity and information you have declared on the application form. If your name is not listed you may have to wait for further checks or be declined.
• Lenders don't want to lend money to people who can't pay it back. So if you already have multiple credit cards and loans, consolidate them down to one or two to make them more affordable and reduce your access to debt. Lenders don't want to take on people they think are already over-indebted.
• Don't leave credit footprints. Your credit report also records any recent credit checks on you, so if you make multiple applications ensure that mortgage companies understand that you only need a quote. Multiple credit applications can raise the suspicions of lenders, make you look desperate for money and indicate that you have been rejected elsewhere.