Another trick they have is charging higher interest rates where there is a high percentage of loan to value. The monthly mortgage payment is not the end of the story. Unless you have an endowment mortgage, you will probably have to buy life cover. Although some lenders no longer insist on this, it is necessary if you have dependants. Lenders will insist that the building is insured, but resist attempts to buy the lender's cover unless it's a good deal.
Contents insurance is optional, but it is a good idea.
Check our insurance center for help on buildings and contents insurance. If you have a leasehold property, typically a flat, buildings insurance is likely to be part of the service charge. This charge will pay for other costs too, such as external decoration and for a concierge, if there is one. Shopping around Think carefully about where you get your home loan. If you are confident about choosing a mortgage, go directly to the lender.