This quick guide gives you possible mortgage options for each type of borrower. Please note that this is a general guide and we should emphasize that you are always better off talking to a specialist mortgage adviser.

General

One thing that applies to many types of mortgages is the choice of a fixed rate mortgage or a variable rate mortgage.

The best choice depends upon your own circumstances and, to a degree, interest rate levels at the time, but thoughts to consider are

* Can you afford to have your payments increase each month? This could occur with a variable rate mortgage.

* Are rates generally low at the moment? It could be a time to get locked into a fixed rate mortgage.

* Do you want the security of a fixed monthly payment for several years? Fixed rate periods from 1 to 10 years are available.

* Are you having problems borrowing enough money? An interest only mortgage can mean lower monthly repayments, i.e., you can borrow more against your salary. But there are drawbacks.

To understand which choice will suit your circumstances, discuss your choices with a UK mortgage specialist, who will advise you on worthwhile choices.

Here are some specific tips depending on your particular mortgage needs:

First Time Buyers

As a first time buyer, you are most likely to have some specific needs. You will probably have a very small deposit to pay down or possibly no deposit at all. You may be having to push your budget to the limit just to be able to pay for a mortgage, but are determined to get a foot on the property ladder.

There are several suitable solutions:

• 100% mortgages to many lenders offer 100% mortgages directed at first time buyers. These are normally repayment mortgages and can be a good option to get you started.

• If you have a deposit, but can't afford large monthly payments, a possibility to consider might be an interest-only mortgage, where your monthly payments only involve payment of interest, and you don't make any payment towards the capital principal.

• Choose a mortgage term greater than 25 years. Though it may seem daunting, many lenders will offer mortgages with terms up to 40 years.

Any of these options can be a good way to get started in home ownership, with a goal to moving to a better deal in 2-5 years time when you have some equity in your property and are perhaps able to afford bigger monthly payments. Remember, very few people stick with the same mortgage for 25 years anymore. It is normal to change mortgages for a new deal every 2-5 years.

Self-Employed Mortgages

Getting a mortgage for self-employed people has always been a bit more of a challenge. Even if your business is well established, it can be hard to prove your income, and since mortgage lenders evaluate your ability to pay based on net income, you could find that they underestimate your ability to borrow.

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