There are several factors that you need to know before you take out your first mortgage, such as:
Initial rate type - what type of rate will you take out once you get the mortgage:
Fixed rates - the lender will set an interest rate for a certain amount of time, such as two years. Fixed-rate deals are the most popular.
They give you peace of mind for the length that your mortgage payments have been fixed for, as you know your mortgage payments will not change for that period.
After your fixed period ends, you will be placed on the lender's Standard Variable Rate (SVR) that is usually a higher interest rate.