It's important to check the flexibility of the mortgage provider you choose - it can make a vital difference to financial comfort at the beginning or during the life of the mortgage, when your personal circumstances may change. There are a host of mortgage options which have been developed directly in response to the needs of first time buyers.

Among the many options available are:

• Deferred start mortgages, where you can postpone mortgage repayments for one, two or three months at the start of the mortgage
• Lowstart, that allows you to make reduced payments for up to three years.
• Interest only mortgages for up to 3 years for first time buyers.

Other choices available include:

1. Making no repayments during one or two calendar months, allowing freedom from monthly repayments at times of increased demand on cash like at Christmas time.
2. You can increase your repayments by a set amount each year thereby reducing the amount of interest paid, by paying off your mortgage sooner.
3. Arranging an agreed additional payment each month while on a variable rate mortgage reducing the term and total interest payments over your mortgage.
4. Paying off lump sums when additional cash is available.

Lenders policies in these areas vary, please speak to our consultant for further information.