How to get the best mortgage deal Best mortgage deals: how to find them
With thousands of mortgage deals available on the market, finding the right one can seem daunting. Our tips will help you find the best mortgage deal for you and boost your chances of being accepted when you apply for it.
Our short video (below) explains five actions that will get you in the best possible shape for your mortgage application.
Then, take a look at our downloadable step-by-step guide to finding the best deal for your circumstances.
Find out more: If you need some impartial advice on how to apply for a mortgage, you can contact an impartial mortgage broker such as Which? Mortgage Advisers on 0808 252 7987.
Video guide: five tips to prepare for your mortgage application
The five steps detailed in this two-minute video will ensure you're in great shape to apply for a mortgage.
Tips for getting the best mortgage deal
Work out what you can afford
Use the mortgage calculator on the right-hand side of our property-buying hub to find out what your repayments would be at different interest rates, so you have a good idea of which mortgages you can afford.
There are big differences between mortgage deals, so it always pays to compare costs. You can compare the best mortgage deals currently on the market by visiting Which? Mortgage Advisers.
Calculate your total costs
Don't just look at the headline interest rate – take into account all the fees you have to pay. Arrangement fees, mortgage valuation fees and insurance fees should be taken into consideration.
Be wary of extra interest
You may have the option to pay your mortgage fees upfront or to add them onto your loan, but be aware that adding fees onto your mortgage loan will result in you paying extra interest.
Avoid early repayment charges
Avoid mortgages with early repayment charges after the initial rate has ended so that you can switch to a better deal without charge at that point. Make sure your mortgage is portable so you can keep the same deal if you move house.
Get good, unbiased advice
If you decide to consult a mortgage broker, make sure you use an independent company or adviser. Bear in mind that some of the best deals are only available directly from the lender, so always do your own research in addition to speaking to an adviser and compare your findings with the recommendations your adviser gives you.
Checklist: finding the best mortgage dealOur easy-to-use, printable checklist will guide you through all the steps you need to take to find your perfect mortgage deal.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Which? Limited (registered in England and Wales number 00677665) is an Introducer Appointed Representative of Which? Financial Services Limited (registered in England and Wales number 07239342). Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited. Registered office: 2 Marylebone Road, London NW1 4DF.