When choosing a mortgage don’t get forced into a re-payment scheme just because the salesperson on the other end of the line told you so. Do your ‘competitive’ homework and find out the difference in rates between companies. It is also important that you factor in your short-term and longer-term costs so that you are in a secure position to pay back enough of the loan without putting yourself in a difficult position financially.
You don’t want to be in a position where you are unnecessarily paying more then you should do. According to the BBC ‘some 150,000 homeowners are said to have been overcharged for years, unable to switch to a cheaper deal after their mortgages were transferred’. Where mortgage borrowers become “unfairly trapped” on high interest rates and end up paying thousands more than they should do.