How to get the best mortgage deal The best mortgage deal - 5 ways to find it
Follow our tips to find the best mortgage deal
Finding the right mortgage can be daunting at the best of times but it has got even harder since the credit crunch. 100% mortgages are no longer available and most lenders are demanding at least a 10% deposit before they will consider you. To get the very best deals you need a 40% deposit.
Our five top tips for getting the best mortgage will help you get started:
- Shop around: There are big differences between mortgage deals, so it always pays to compare costs. Use our mortgage comparison tool to find the best mortgage for your circumstances.
- Total costs: Don't just look at the headline interest rate – take into account all the fees you have to pay. Our mortgage comparison tool lets you compare deals by their total cost over the length of the deal.
- 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.
- Avoid extra interest: Be wary about adding extras like mortgage fees to your mortgage, as you will end up paying interest on them. If you can, pay these out of your savings upfront.
- Good advice: If you decide you need advice, make sure you consult an independent mortgage adviser or broker. However, some of the best deals are only available directly from the lender so always do your own research using our mortgage comparison tool before speaking to an adviser and compare these results with the recommendations your adviser gives you. If you are looking for advice, the Which? Group offers an independent mortgage advice service that looks at every mortgage from every available lender. You can also find an independent mortgage adviser using the Unbiased website.
Also visit our mortgage calculator tools to find out what your repayments would be at different interest rates, see how much you could borrow and work out how much you can afford to spend on a mortgage.
