one are the days of chasing lenders to borrow money, now they're chasing you!  This turn around in attitude however, brings its own problems and the amount of choice is almost 'mind blowing'.  So it is more important than ever to find the right mortgage to suit your requirements - there will be the one for you.  Best independent advice is the answer unless, of course, you have endless time to research all the products yourself?  With over a thousand mortgage products on offer from over a hundred lenders probably you'll need expert help! Faced with so much choice its hardly surprising that many of us feel daunted by the subject and if you already have a mortgage constantly comparing it with the latest deal can be obsessive. 

Remember lenders don't give away money and if the scheme is attractive it's likely that you will be locked in to it with early redemption penalties.

The variable rate mortgage was the only option once, now it is one of many.  If you are confident about following the fall and rise of interest rates, gaining or losing with the economy's fortunes, then this familiar loan may still be for you.  In contrast a fixed rate mortgage does just that, fixing an interest rate over a given period almost any period of time.

Capped rate, like a fixed rate, stops the borrower's interest repayments increasing if interest rates rise beyond the rate quoted.  Unlike fixed rates however, a capped rate "keeps the lid on borrowing" stopping increases but allowing decreases - really providing an attractive win/win option. However the capped rate is likely to be a little higher than the fixed rate. A discounted rate provides a low repayment over the early years of the mortgage term, increasing as time goes on to compensate for early discounts.  

Flexible mortgages allow the borrower to vary payments according to circumstances and even to have mortgage holidays.  This mortgage package needs a particularly disciplined approach by the borrower, but may be an attractive deal to the self employed for instance.  One step more leads onto the option of pooling all your finances in one place - into one account in fact.  This simplified financial package may be appealing so that your income and borrowing goes into and out of the same account.     

Currency mortgages, endowment mortgages and pension mortgages are just a few extra subjects to consider and there are many more.  So find someone to trust who specialises in all this and good luck.  Watch out for any advice on mortgages coming from estate agents who are not independent advisers.