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We will search 100 s of products to find you the best mortgage deal.

Here at Right-Advice Mortgage Consultancy Ltd we appreciate finding the right home is as important as finding the right mortgage.

We have established relationships with partner organisations such as MovingMe so their clients can also benefit from our professional mortgage advice service.

Whether you are an existing or new client we have qualified advisers ready to assist you.

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The ESTAS is the largest independent customer service awards scheme for estate agents, homebuilders, mortgage brokers and conveyancers in the UK property industry.

The ESTAS are unique because shortlisted and winning agents are selected purely on ratings from customers like you.

As an ESTA Agent we are committed to giving you, the customer, the best possible service we can. Whatever your experience with us, you’ll have the opportunity to complete a questionnaire which will help us to be recognised for our efforts and provide us with valuable feedback so we can develop our service for future customers.

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Different Types of Mortgage Loans Explained – 2017 Update, mortgage advice.#Mortgage #advice


The Different Types of Mortgage Loans in 2017, Explained

By Brandon Cornett | 2017, all rights reserved | Duplication prohibited

What are the different types of mortgage loans available to home buyers in 2017, and what are the pros and cons of each? This is one of the most common questions we receive here at the Home Buying Institute. This page offers some basic information about the types of loans available in 2017. Follow the hyperlinks provided for even more information. And be sure to send us your questions!

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Loan Reps Are Standing By

Did you know you can get free, no-obligation mortgage quotes online? It’s a great way to get the ball rolling.

If you already understand the basic types of home loans, and you’re ready to move forward with the process, use one of the links provided below. Otherwise, keep reading below to learn about the different financing options available in 2017. You can always come back to these links later on.

Types of Mortgages Available in 2017, Explained

There are many different types of mortgages available to home buyers. They are all thoroughly explained on this website. But here, for the sake of simplicity, we have boiled it all down to the following options and categories.

Option 1: Fixed vs. Adjustable Rate

As a borrower, one of your first choices is whether you want a fixed-rate or an adjustable-rate mortgage loan. All loans fit into one of these two categories, or a combination hybrid category. Here’s the primary difference between the two types:

  • Fixed-rate mortgage loans have the same interest rate for the entire repayment term. Because of this, the size of your monthly payment will stay the same, month after month, and year after year. It will never change. This is true even for long-term financing options, such as the 30-year fixed-rate loan. It has the same interest rate, and the same monthly payment, for the entire term.
  • Adjustable-rate mortgage loans (ARMs) have an interest rate that will change or adjust from time to time. Typically, the rate on an ARM will change every year after an initial period of remaining fixed. It is therefore referred to as a hybrid product. A hybrid ARM loan is one that starts off with a fixed or unchanging interest rate, before switching over to an adjustable rate. For instance, the 5/1 ARM loan carries a fixed rate of interest for the first five years, after which it begins to adjust every one year, or annually. That’s what the 5 and the 1 signify in the name.

As you might imagine, both of these types of mortgages have certain pros and cons associated with them. Use the link above for a side-by-side comparison of these pros and cons. Here they are in a nutshell: The ARM loan starts off with a lower rate than the fixed type of loan, but it has the uncertainty of adjustments later on. With an adjustable mortgage product, the rate and monthly payments can rise over time. The primary benefit of a fixed loan is that the rate and monthly payments never change. But you will pay for that stability through higher interest charges, when compared to the initial rate of an ARM.

Option 2: Government-Insured vs. Conventional Loans

So you’ll have to choose between a fixed and adjustable-rate type of mortgage, as explained in the previous section. But there are other choices as well. You’ll also have to decide whether you want to use a government-insured home loan (such as FHA or VA), or a conventional regular type of loan. The differences between these two mortgage types are covered below.

A conventional home loan is one that is not insured or guaranteed by the federal government in any way. This distinguishes it from the three government-backed mortgage types explained below (FHA, VA and USDA).

Government-insured home loans include the following:

The Federal Housing Administration (FHA) mortgage insurance program is managed by the Department of Housing and Urban Development (HUD), which is a department of the federal government. FHA loans are available to all types of borrowers, not just first-time buyers. The government insures the lender against losses that might result from borrower default. Advantage: This program allows you to make a down payment as low as 3.5% of the purchase price. Disadvantage: You’ll have to pay for mortgage insurance, which will increase the size of your monthly payments.

The U.S. Department of Veterans Affairs (VA) offers a loan program to military service members and their families. Similar to the FHA program, these types of mortgages are guaranteed by the federal government. This means the VA will reimburse the lender for any losses that may result from borrower default. The primary advantage of this program (and it’s a big one) is that borrowers can receive 100% financing for the purchase of a home. That means no down payment whatsoever.

USDA / RHS Loans

The United States Department of Agriculture (USDA) offers a loan program for rural borrowers who meet certain income requirements. The program is managed by the Rural Housing Service (RHS), which is part of the Department of Agriculture. This type of mortgage loan is offered to rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing. Income must be no higher than 115% of the adjusted area median income [AMI]. The AMI varies by county. See the link below for details.

Combining: It’s important to note that borrowers can combine the types of mortgage types explained above. For example, you might choose an FHA loan with a fixed interest rate, or a conventional home loan with an adjustable rate (ARM).

Option 3: Jumbo vs. Conforming Loan

There is another distinction that needs to be made, and it’s based on the size of the loan. Depending on the amount you are trying to borrow, you might fall into either the jumbo or conforming category. Here’s the difference between these two mortgage types.

  • A conforming loan is one that meets the underwriting guidelines of Fannie Mae or Freddie Mac, particularly where size is concerned. Fannie and Freddie are the two government-controlled corporations that purchase and sell mortgage-backed securities (MBS). Simply put, they buy loans from the lenders who generate them, and then sell them to investors via Wall Street. A conforming loan falls within their maximum size limits, and otherwise conforms to pre-established criteria.
  • A jumbo loan, on the other hand, exceeds the conforming loan limits established by Fannie Mae and Freddie Mac. This type of mortgage represents a higher risk for the lender, mainly due to its size. As a result, jumbo borrowers typically must have excellent credit and larger down payments, when compared to conforming loans. Interest rates are generally higher with the jumbo products, as well.

This page explains the different types of mortgage loans available in 2017. But it only provides a brief overview of each type. Follow the hyperlinks provided above to learn more about each option. We also encourage you to continue your research beyond this website. Education is the key to making smart decisions, as a home buyer or mortgage shopper.


Independent mortgage broker, Mortgage Advice, Enhanced Wealth Ltd Kent, mortgage advice.#Mortgage #advice


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Our Mortgage Brokers are all fully qualified and experienced, so you can be assured that your case will handled with skill, care and due diligence.

We provide expert mortgage advice to cater for most property finance requirements, including first time buyers, those moving home or refinancing, landlords and property investors.

As an Independent Mortgage Broker our advisers are not restricted to a limited number of lenders.

We are able to search far and wide including the Broker only deals, in order to secure you the best mortgage offer available for your circumstances.

We will always give you an honest opinion of what is possible which may sometimes involve doing absolutely nothing at all.

Our service extends to all mortgage types so please take a look through our website to see what we have to offer. When you are ready just call us on 0800 316 5756 and we’ll get to work.

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Spanish Mortgage advice from 24hr decision, mortgage advice.#Mortgage #advice


Spanish Mortgages for property purchase in Spain

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    For the best advice and lowest Spanish mortgage rates fill in our quick contact form above and one of our advisors will contact you to discuss your options.

    Spanish mortgages are available at up to 70% of the purchase price or valuation, whichever is the lower.

    Unfortunately the following types of mortgage applications in Spain will not be successful:

    • Self-cert clients with unprovable income
    • Clients with bad credit in their home country
    • Clients wishing to purchase more than 2 properties in Spain
    • Residents who show no income (paid in cash)
    • Clients over the age of 65

    Even during the economic crisis there are many banks which still offer mortgages to non residents purchasing property in Spain. But there are also lots of banks advertising mortgages in their windows who will not offer decent mortgages to non residents. Most of the headline rates you see will be for Spanish residents.

    Unfortunately there are no Best buy tables published in Spain that apply to non-resident buyers either which is why it pays to have a professional and experienced mortgage broker shop around for you. Int he current environment this is not just to find you the best interest rate but to just make sure that there is actually a mortgage out there that gives you what you need be it the length of term, the amount you need to borrow, a mortgage on a specific type of property etc.

    Once we can confirm that you are actually eligible for a Spanish mortgage then we can tell you what sort of documentation require. This varies depending on how you derive your income. Employed applicants have very different requirements to Self employed clients. Many of our clients are expatriates working offshore in places such as France, Switzerland, Dubai, Kazakhstan, Canada, the USA, Russia etc. Many Spanish banks will not know where to start with such an application and such will spend a bit of time trying to determine what documents to ask for before turning you down. Others can be worse, going through the entire application process, including collecting all of your documentation before deciding they can only lend you a very small amount or worse still nothing at all!

    So don´t waste weeks and months of your time (especially when you may have a completion deadline) trying to arrange your own Spanish mortgage in a country whose financial services market you are completely unfamiliar with when we can provide with all of the mortgage advice you require immediately and for a very low fee which is only payable if you obtain a mortgage.

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    Mortgage Advice and Information on Home Financing, mortgage advice.#Mortgage #advice


    Mortgage – Buying your first home?

    Mortgage advice

    Determine the monthly payments for any fixed-rate loan. Just enter the amount and terms, and our mortgage calculator does the rest.

    Mortgage Advice

    Borrowers applying for a mortgage now get a five-page form designed to make home loans easier to understand before the deal is finalized.

    November 15th 2017

    Would you like to buy a home but worry that you’d never qualify for a mortgage? It’s time to stop guessing and evaluate your chances to land a loan based on everything from how much you make to your credit score. Believe it or not, the odds are in your favor.

    November 14th 2017

    Lending money to your child is risky business. But if you can avoid the personal pitfalls and convince the federal government that this is really a loan, and not a gift, the Bank of Mom and Dad can be a financial boon for everyone in the family.

    November 13th 2017

    It’s not enough to find a good location at an affordable price. Condo buyers must consider lots of extra costs, from association fees and special assessments to how well the building is maintained and how strictly it enforces rules on everything from noise to pets.

    November 10th 2017

    You’ve scouted out the best mortgage rate and fought hard to get the best price on your new home. But your bargaining shouldn’t stop there. Here’s how you can save on everything from settlement fees to title insurance.

    November 8th 2017

    Borrowers are receiving a new form called a Loan Estimate after they apply for a mortgage. It explains the key terms, from interest rates to closing costs, and ensures you’re getting the home loan your lender promised.

    November 2nd 2017

    Paying points to get a lower interest rate is almost always a losing proposition because most homeowners don’t keep their loans long enough to recoup the up-front costs. Are you an exception to the rule?

    November 1st 2017

    A low estimate causes about 1 in every 10 home sales to fall through each month, agents report. Here’s what to do when an appraisal of your home’s value seems to miss the mark.

    October 25th 2017

    Can a reverse mortgage help you? Before utilizing it as a tool, take time to thoroughly understand reverse mortgage disadvantages and advantages.

    October 23rd 2017

    Deals on foreclosures are still out there. But they’re not as easy to find as they were a few years ago, and you still need to avoid all of the costly pitfalls that can turn any repossessed home into a burden, not a bargain.


    Independent Mortgage Advice Mortgage Broker Ipswich Woodbridge Suffolk, mortgage advice.#Mortgage #advice


    Independent Mortgage Advice

    Based in Woodbridge Ipswich, Suffolk, Keystone IMC Ltd are an independent whole of market mortgage broker. Whether you are buying a property, remortgaging, a first time buyer, buy to let investor or you are simply curious about how mortgages work, this is the site for you.

    This site is filled with lots of information designed to help anyone in the UK looking for independent mortgage advice.

    We know you probably think mortgages are not that exciting but our expert advisors love them, in fact we talk about them all day long so who better to talk to than us?

    Why Keystone IMC?

    • Independent Mortgage Advice
    • We do all the work for you from start to finish
    • Deals not available in the high street
    • We have offices in Woodbridge Ipswich
    • Experienced advisors
    • Free initial meetings without obligation
    • We explain things to you in clear English
    • We’ll review your mortgage for you forever

    What our customers have said..

    Mr Mrs Wiles – Ipswich

    With being first time buyers the whole process was handled from start to finish. We can’t thank Jason Mili.

    Mr Williams Miss Gillespie – Colchester

    Excellent service would highly recommend.

    Mr O’Gallagher – Birmingham

    You were very clear and courteous, I was very happy!

    Mr Brooks Miss Wilkinson – London

    We found all aspects of the service provided by Keystone IMC to have been excellent and would like to thank it for the.

    Mr Dewing – Rendlesham

    From initial consultation to completion I found the service I received from Keystone and especially Clare.

    Mr Mrs Daymond – Bala, Gwynedd

    At age 66 yrs the messages from our bank are not good and we nearly gave up. Then we found Keystone.

    Mr Mrs Dutfield – Woodbridge

    Very proffessional friendly and efficient service. Would definately use again.

    Mr Mrs Large – Ipswich

    We used Clare Smith as our adviser and can honestly say we could not.

    Mr Mrs Baker – Capel St Mary

    Exceptional service, we were kept informed of progress throughout our purchase.

    Mr Mrs Pearson – Felixstowe

    This firm are helpful, friendly and modern. Most important they have given us so.

    Miss Cotton Mr Self – Rendlesham

    Thank you for all your help along the way. We wish the whole team a merry christmas.

    Mr Mrs Paine – Ipswich

    Keystone and staff always very helpful. Clare has always dealt with our mortgages. She is always keen to find the best mortgage.

    Mr Strowger Miss Kinrade – Saxmundham

    Dear Jason, A big thank you for such a friendly and polite service. Now the hard work begins.

    Miss Groves – Southwold

    As a first-time buyer, buying a home can seem hugely daunting. Jason and team at Keystone made the whole process easy to.

    Mr Edwards Mrs Jarrad – Ipswich

    Fantastic. We would not hesitate to use your firm again and will certainly pass your details on. Service from our first.

    Mr Mrs Regan – Ipswich

    We recommended you to other people who are selling – JASON – A BIG THANKS!

    Mr Mrs Clodfelter – Hadleigh

    Without Clare, at Keystone, we would not be living in the house that has become our home.


    How to apply for a mortgage – Money Advice Service #mortgage #caclulator


    #apply for mortgage

    #

    How to apply for a mortgage

    When you apply for a mortgage, lenders have to make sure that you can afford your monthly repayments. Read on to learn everything you need to know about applying for a mortgage.

    How do lenders check I can afford a mortgage?

    Lenders will add up all your household income – including your basic salary and any additional income you receive from a second job, freelancing, benefits, commission or bonuses.

    Checking affordability is a much more detailed process. Lenders take all your regular household bills and outgoings into account, along with any debts such as loans and credit cards, to make sure you have enough left to cover the monthly mortgage repayments.

    They also have to ‘stress test’ whether you could still afford the mortgage if interest rates were to rise, or if you were to retire, go on maternity leave or end a fixed-term contract.

    In addition, they’ll run a credit report with a credit reference agency to take a look at your financial history and assess how much of a risk lending to you might be.

    Use our Affordability calculator to see how much you can borrow.

    How to prepare for your application

    Before applying for a mortgage, contact the three main credit reference agencies and order your credit reports. Make sure there is no incorrect information about you. You can do this online and it’s often free of charge for up to 30 days.

    Start collecting all the documents you will need for the mortgage application. This includes:

    • Your last three months’ payslips
    • P60 form from your employer
    • Bank statements of your current account for the last three to six months
    • Statements from your savings accounts
    • Proof of benefits received
    • Statement of two to three years’ accounts from an accountant if self-employed
    • Tax return form SA302 if you have earnings from more than one source or are self-employed
    • Self-employed people should look to provide information alongside their tax return, which supports what the SA302 says about their income, such as bank statements
    • Utility bills
    • Passport or driving licence (to prove your identity)

    Be accurate. Make sure the information on the application form matches the documents you supply. For example, don’t round up your salary if the amount on the payslips differ from this figure.

    Provide details of the address of the property, the estate agent and your solicitor.

    These are the basics – some lenders may ask for more paperwork. Bear in mind that lenders may have different criteria around income and outgoings. Ask your lender or independent mortgage adviser what else you may need.

    Please note, printouts of online statements of your current account and utility bills may not be acceptable. You will either need hard copies or to have copies certified by your solicitor, your bank or your utility provider.

    How you spend your money

    You might also need to show your outgoings, including how much you’re borrowing on credit cards and other loans, as well as your household bills, including council tax, utility bills, insurance policies, and general living costs such as travelling to work or school, clothing, childcare and entertainment.

    Are you remortgaging?

    If you want to increase the size of your mortgage you may also have to go through the affordability checks above, and you’ll be given advice around which mortgage products are suitable.

    If you have a mortgage and don’t want to borrow any additional money, there are more flexible arrangements. Read more about it in our guide to Remortgaging .

    Do you want an interest-only mortgage?

    Not all lenders offer interest-only mortgages. If you do apply for one, you will have to show that you have a credible repayment method in place, as well as meeting the necessary income criteria.

    Speak to a mortgage adviser

    It’s wise to speak to a range of people so you can choose the right mortgage for you. This could include lenders’ advisers or you can speak to an independent financial adviser (IFA) or mortgage broker.

    Calculate the total cost of your mortgage

    The lender or the broker will do this for you, but do make sure they fully explain all the charges and fees. including. any conditional charges and fees too, such as early repayment penalties.

    Some brokers will not charge fees for advice as they may receive a commission from the lender. In-house bank and building society advisers are also unlikely to charge a fee for their advice.

    Currently, you’re provided with an Annual Percentage Rate (APR), which shows the total yearly cost of a mortgage and is expressed as a percentage of the loan amount. From March 2016, new rules require lenders to use one or more Annual Percentage Rate of Charge (APRC) calculations instead.

    The APRC, although calculated in a very similar way, includes any fees such as valuation or redemption fees associated with your mortgage deal.

    This will give you a more thorough comparison between mortgages deals that take into account these additional associated fees.

    From March 2016, these fees and charges will be part of the calculation for the annual interest rate. This rate, which is known as the Annual Percentage Rate of Charge (APRC) should enable you to compare the total cost of one mortgage with another.

    Comparison websites are a good starting point for anyone trying to find a mortgage tailored to their needs.

    We recommend the following websites for comparing mortgages:

    • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
    • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.
    • Find out more in our guide to comparison sites

    Try our Affordability calculator to see how much you may be able to borrow.

    Your next step

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  • Avoid Mortgage Pitfalls, Get Expert Advice #home #loan #interest #rates


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    Y our mortgage is the vehicle for paying for your home. Choosing the wrong lender can waste thousands of dollars or worse, could even cost your home and wreck your credit. RefiAdvisor.com makes it fast and easy to find the optimal mortgage for your needs from today’s best lenders. To get started, enter your zip code and some basic information and click “Next.”

    This free mortgage rate tracker gives you an instant report card on your home loan choices, with specific recommendations on how to get better results than what you’re currently paying.

    We’re so confident you’ll find the best deal for your next home loan that we guarantee it. Find a cheaper home loan after comparing our offers and we’ll pay your closing costs.

    Remember that the amount you’re paying at closing, particularly for loan origination, makes or breaks the deal you get. You can learn more about getting the best deal on your next home loan by avoiding points and lender junk fees by checking out our free Underground Mortgage Videos.

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    Government schemes for first-time home buyers and existing homeowners – Money Advice Service #uk #mortgage


    #government mortgage help

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    Government schemes for first-time home buyers and existing homeowners

    There are a number of government schemes to help you buy a home such as Help to Buy, Right to Buy, Shared Ownership, and more. Find out more about these affordable housing schemes and how to apply.

    Help to Buy

    Help to Buy is a government scheme for those who have a small deposit, when buying a home. Have you at least a 5% deposit? If so, you could use the Help to Buy scheme through:

    • Equity loans – available to first-time buyers and existing homeowners who want to buy a ‘new build’ house. The purchase price must be no more than £600,000.
      Under this scheme, you can borrow 20% of the purchase price interest-free for the first five years as long as you have a 5% deposit.
      If you live in London, you can borrow up to 40% of the purchase price.
      The scheme is available until 2021.
    • Mortgage guarantees – available for new and old properties across the UK. The government undertakes to cover any of your mortgage lender’s losses as a result of any problems you might have in paying it back. However, you are still responsible for keeping up your mortgage repayments on a Help to Buy scheme in exactly the same way as any other mortgage.
      The scheme is open until 31 December 2016.

    With both schemes there are limits on the cost of the property you buy. These limits differ across the UK.

    Right to Buy/Right to Acquire

    Right to Buy is for tenants in England, Wales and Northern Ireland who rent their home from their local council. It allows tenants, who qualify, to buy their home at a discount. The size of the discount varies depending on where you live and the type of property you want to buy.

    Tenants who were living in council homes before it transferred to another landlord such as a housing association, may be eligible to buy their home under the ‘Preserved’ Right to Buy or Right to Acquire schemes.

    In most cases, tenants will need to have rented from the public sector (i.e. local council or housing association) for three years before they can buy under these schemes.

    The three years can be non-consecutive, so tenants who have rented from the private sector in the middle of a total of three years renting from the public sector, can still qualify.

    In 2016, the Right to Buy scheme is getting extended to include housing association tenants in England.

    This extension is starting out with a small number of housing associations in certain areas. It will then be rolled to the rest of England over the year. For more information, visit the Right to Buy website .

    In Scotland. the Scottish Government plans to end the scheme for all council and housing association tenants in Scotland, but there are other schemes available .

    Right to Acquire is a scheme offered in England and Wales for housing association tenants who don’t qualify for Right to Buy. The discounts are slightly smaller.

    In Northern Ireland this scheme is called the House sales scheme and is for tenants who rent from the Northern Ireland Housing Executive or a housing association. Find out more on the nidirect website .

    Shared ownership

    Shared ownership is where you buy a share of a home from the landlord, who is usually the council or a housing association, and rent the remaining share.

    You need a mortgage to pay for your share, which can be between a quarter and three-quarters of the home’s full value. You then pay a reduced rent on the share you don’t own and you have the option later on to buy a bigger share in the property up to 100% of its value.

    The eligibility restrictions on the shared ownership have lifted. So, from April 2016 anyone who has a household income of less than £80,000 (outside London) or £90,000 (inside London) can buy a home through shared ownership.

    Only military personnel will be given be priority over other groups. The scheme will apply across England.

    Co-Ownership in Northern Ireland

    This scheme is exclusive to Northern Ireland and is available for both newly built and older homes. You buy between 50% and 90% of the property (known as the ‘starter share’) and can increase that share at any time (known as ‘staircasing’). You pay rent on the portion you don’t own.

    First Steps London

    This scheme aims to help low and modest income earners buy or rent at a price that’s affordable. You part buy and part rent the property – mostly for newly-built homes but some resale properties are included. There are eligibility criteria around earnings and you can’t buy a home on the open market.

    If you’re looking in London, find out more on the First Steps website .

    Shared equity schemes

    The Help to Buy equity loan scheme is a government scheme currently set to run until 2020. It’s available to first-time buyers as well as homeowners looking to move – but only for newly built homes.

    Scotland

    Scotland has two shared equity schemes – New Supply Shared Equity and Open Market Shared Equity.

    Wales

    The Homebuy scheme offers help by providing an equity loan (30% increasing to 50% of the purchase price), and is designed for people who would otherwise need social housing. The loan can be repaid at any time before the property is sold, but if you sell the property then it must be repaid at that point.

    Find out more about Welsh home buying schemes at the Wales Government site .

    Northern Ireland

    There’s an Equity sharing scheme in Northern Ireland where you can buy a property, often at a discount, with a housing association or the Northern Ireland Housing Executive (NIHE).

    Starter Home scheme

    The Starter Home scheme is a new government plan where 200,000 new build homes are available to first-time buyers under 40 years old with a minimum of 20% off the market price.

    The discounted price for these homes should be priced no more than £250,000 outside London, and £450,000 in London.

    For more information about the homes available in this scheme, visit the New Homes website .

    Next steps

    Use the Mortgage payments calculator to estimate the monthly interest and repayment amount.

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  • Your mortgage comparison checklist – Money Advice Service #mortgage #calculato


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    Your mortgage comparison checklist

    Once you know how much you can borrow and the deposit required, you need to select a mortgage. Use this checklist to help you compare and decide which mortgage features are the most important to you.

    1. Do you want a repayment or interest-only mortgage?

    This means you choose between paying off the amount you’ve borrowed and the interest as you go along or only paying back the interest.

    Bear in mind that with an interest-only mortgage you’ll need to be able to show the lender that you have a strategy or investment plan that will pay off the mortgage when it is due. It’s much harder to get an interest-only mortgage now and lenders don’t always offer them. Find out more in our guides below.

    2. Do you want fixed monthly payments?

    You may want to have certainty about your future monthly payments. If you need that certainty and you can find a reasonable and affordable deal, consider a fixed-rate mortgage. Understand more about choosing between fixed or variable rate mortgages.

    3. Do you want to start with the lowest possible rate?

    It’s not always about the rate – there are other factors to consider when choosing a mortgage. Make sure you shop around for a deal which works for you and that you can afford.

    Comparison websites are a good starting point for anyone trying to find a mortgage tailored to their needs.

    We recommend the following websites for comparing mortgages:

    • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
    • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.
    • Find out more in our guide to comparison sites .

    4. Are you happy to pay a large fee in return for a lower rate?

    If you’re willing to pay a large upfront arrangement fee, you can often get a lower interest rate. If you go for a fee-free mortgage, you’ll probably have to pay a higher rate.

    5. Do you want to add some/all of your mortgage fees into your mortgage?

    If you can’t afford to pay these fees right now, you should find out if you can add them to your mortgage. Bear in mind that you’ll pay interest on that extra debt for many years to come.

    6. Do you want the flexibility to overpay, underpay or take payment breaks?

    Some mortgages allow you to overpay sometimes – in other words, pay more than your normal monthly payment. Some allow you to underpay or even take a short mortgage holiday where you don’t have to repay any money at all. Whether these features are available to you will depend on the mortgage terms and conditions as well as your financial circumstances.

    7. Do you want to be able to move lenders (remortgage) whenever you want?

    Remortgaging to a better product can save you hundreds and sometimes thousands of pounds. Most lenders charge exit fees. If you’re on a fixed-rate deal, early repayment fees can be substantial. Speak to the lender, or use a mortgage broker to help you find a mortgage where there are no exit fees, or where the exit fees are very low.

    8. If interest rates rise, do you want to make sure you won’t pay interest above a certain rate?

    Some mortgages come with a capped rate feature where the rate won’t rise above a certain level.

    9. Do you want to use your savings to help pay off your mortgage sooner?

    You could use your savings to help you reduce your outstanding mortgage and pay less interest. If you want to do this, an offset mortgage will give you the most flexibility.

    Your next step

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