To help avoid any future traps, here are four questions you need to ask before you get a mortgage:

1. Is my loan portable?

Check with your lender about the loan’s portability – this is especially important for young buyers who think there is a possibility they may have to move around the country due to work or other commitments.

Most mortgage deals now have a clause that states your loan is portable, but beware – this can be a very loose term. Double check with the lender to make sure that when they say the loan is portable it actually is.

Certain lenders may treat you like a new borrower if you request to move your loan – which could be difficult if you find that your income has dipped since the first mortgage, your credit rating is worse or if the value of your house has gone down since you bought it.

2. Can I overpay my mortgage?

Most people hope their income will rise over time. As you earn more, you are likely to want to pay off you debts sooner.

Ask your lender whether you can overpay on your mortgage and if so, what is the smallest overpayment accepted, and are both without penalty?

Certain lenders will not let you overpay unless it is over a certain amount – so clarify all the details, because the smallest overpayment amount can end up still being more than your income increase. Some lenders will also only let you over pay by a certain amount per year – so clarify this also.

3. Can I take a payment holiday?

What would happen if you took a career break or went on maternity leave? It is worth asking your lender whether or not you would be eligible for a payment holiday which means reducing or temporarily stopping your mortgage repayments.

Or perhaps you would like to switch temporarily from repayment to interest only?

In the majority of cases the lender will have to review your individual circumstances at the time, but generally you will have to be up to date with payments before you are allowed to take a holiday.

It is therefore crucial that you don’t miss any payments and look after you credit profile.

Remember – you will still have to pay back what you owe, so even if you are on a payment break, try to put money aside if possible to keep on top of your finances.

4. What happens after the initial rate is over?

Don’t get bamboozled by the headline rate. It is essential to always look at the total repayable amount. Most people do not factor charges in or the reversion rate, and if that rate is poor then you do not have a good deal. This might seem obvious but many borrowers have been caught out by good advertising.