How to find the best mortgage deal

How to find the best mortgage deal, updated 5/20/24, 12:36 PM

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Expert advice on getting the best mortgage deal and rate. Whether you are a first time buyer, have bad credit or are looking to remortgage to save money, how do you find the best deal?

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How to Find the Best Mortgage Deal
Getting the right mortgage deal can save your hundreds maybe even thousands of pounds, this is
more important than ever at the moment as interest rates are higher than they have been for years.
Mortgage rates rocketed in September 2022, if you are thinking of buying a home or need to
remortgage this is likely to affect you.
There are literally thousands of mortgages on the market, each with vastly differing rates and fees,
so it’s important you don’t settle for the first one you find and seek out professional mortgage
advice.
So, where should you start? The first step is to decide what type of mortgage is best for you, fixed,
variable, discount or specialist. Then you need to research what rates you can get. The rate usually
depends on the size of your deposit and the property value. If you have a larger deposit compared to
the value of the property you should be able to get a better rate.
Then research the deals available on the high street, online and through your bank or current lender.
There are lots of mortgage comparison sites online, but remember that none guarantee to show you
all the deals available and
Then approach a qualified mortgage broker (double check whether they are regulated by the FCA) to
see if they can find a better deal. Mortgage brokers have access deals that are not available on the
high street and will be able to advise on which lender may look favourably on your circumstances
based on their individual criteria. A mortgage broker will also be able to advise on an homebuying
schemes that you may be eligible for.
When looking for a broker you should check if they are qualified and independent or tied to a small
panel of lenders. Brokers may charge a fee and/or receive commission and you will need to weigh
this against the benefits and savings of the deal they find.
A good mortgage broker could potentially save you thousands over the life of your mortgage, will
know the market and make finding and applying for the mortgage a much smoother process. Using a
mortgage broker should help to reduce the risk of a rejected application which can prove costly in
terms of time and money and you may miss out on the property that you really want. They will also
liaise with your lender on your behalf and deal with any problems that may arise, they should also
be able to offer advice on other relevant products such as life or home insurance.