THE devil is in the detail when buying a mortgage, according to a Worcestershire solicitor.

Although interest rates are lower than they have been for years, homebuyers can still pay far too much for a mortgage, according to Lloyd Grandison, an independent financial adviser with Morton Fisher Solicitors.

He said although there appeared to be very little difference in rates with base rates so low, homeowners could end up paying a lot more on their mortgage in the long run.

"The devil, as always, is in the detail," said Mr Grandison.

"Even with what appears to be the most straightforward deal, for example a repayment mortgage, there are options to be considered that will greatly affect what you pay in the long term, as well as the short term.

"The type of product you choose, whether it is a capped, discounted or fixed rate mortgage, will affect your overall payments and you can't even bank on the one with the lowest interest rate being the cheapest.

"You need to establish, for example, how interest is calculated - daily, monthly or annually.

"This can have a huge effect on the total payment involved."

Other areas that need checking are whether there are charges such as arrangement fees or early repayment penalties and whether the mortgage offers the flexibility to overpay or take payment holidays.

Morton Fisher Solicitors has offices in Worcester, Bromsgrove, Kidderminster, Bewdley and Stourport-on-Severn.