Purchasing a property can be as daunting as it is exciting, on the one hand you eagerly anticipate the next stage of the purchase, while on the other you have a lot of learning to do in order to make the right choices and decisions. It is not just about deciding whether to have printed wall paper or clean smooth walls when it comes to buying your new property.

While the interior deserves a lot of consideration, it’s the interior of your wallet that requires a lot more attention. Of the different types of mortgages and numerous providers at some point you will have to decide what product is best suited to you and your pocket.

After looking at the portfolio of mortgages available one that may jump out and grab your attention may be the offset mortgage. This is where the value of your mortgage is attached to your current account, in most cases the mortgage provider will specify that your wages are paid into the same account.

In essence it is a massive overdraft, if your mortgage was say for £100,000 and after you have been paid your wage of £1,000 your balance will show you to be £99,000 overdrawn. The benefit of such a mortgage is that you can easily make extra payments as and when you get extra cash. Perfect if you have a low income but regular or large bonuses.