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You will likely need to borrow a large amount of money over a long period of time to fund the purchase of your home, so it is important to take great care to choose the right lender, and negotiate the right loan terms.

Don't make the mistake of thinking you are powerless in this negotiation! There is fierce competition in the lending market, and lenders are keen to win your business.

If you are not a confident negotiator, engage a broker or agent to act for you to ensure you get the right deal for your needs.

Do some homework before you begin. Learn about the types of loan available, the advantages and drawbacks of each, and some of the terms lenders will use when negotiating and on loan documents.

Common loan types are explained here, but lenders can be creative both when designing and naming loan offers, so ask for detailed explanations if they use unfamiliar terms. Make sure you understand the offer clearly.