Compare Your Mortgage Options
Mortgage Comparison Results
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How to Compare Mortgages Effectively
Key Factors to Compare
- Interest rates and payment amounts
- Arrangement and booking fees
- Total cost over the mortgage term
- Early repayment charges
- Mortgage type (fixed, variable, tracker)
Beyond the Numbers
- Lender customer service ratings
- Flexibility for overpayments
- Portability if you move house
- Product transfer options
- Cashback or incentive offers
Comparison Tips
- Compare total cost, not just monthly payments
- Factor in all fees and charges
- Consider rate type and switching options
- Check eligibility criteria carefully
- Get quotes on the same day for accuracy
Timing Your Decision
- Compare deals 3-6 months before purchase
- Lock in rates when possible
- Monitor market changes regularly
- Act quickly on limited-time offers
- Consider professional mortgage advice
Frequently Asked Questions
Essential information about comparing mortgage deals in the UK
What's more important: the lowest rate or lowest fees?
Neither alone tells the full story. You should compare the total cost over your intended mortgage period. A slightly higher rate with no fees might be cheaper than a lower rate with high arrangement fees, especially for shorter fixed periods. Use the Annual Percentage Rate (APR) as a guide, but calculate the total cost including all fees for your specific situation.
Should I compare fixed or variable rate mortgages?
This depends on your risk tolerance and market conditions. Fixed rates offer payment certainty but may be higher initially. Variable rates can be lower but carry interest rate risk. Consider your financial stability, how long you plan to stay in the property, and current economic conditions. Many borrowers prefer the security of fixed rates, especially when rates are historically low.
How often should I compare mortgage deals?
You should compare deals when your current fixed rate is ending (typically 3-6 months before), when market rates change significantly, or when your circumstances change. For most borrowers, this means reviewing options every 2-5 years. Stay informed about market trends but avoid constantly switching unless there are substantial savings to be made.
What fees should I include in my mortgage comparison?
Include all upfront costs: arrangement/product fees, booking fees, valuation fees, legal fees, and broker fees if applicable. Also consider ongoing costs like early repayment charges if you might switch early. Some lenders offer fee-free deals or include fees in the loan. Don't forget to factor in the cost of mortgage insurance if required.
Is it worth using a mortgage broker for comparisons?
A good mortgage broker can save you time and potentially money by accessing exclusive deals and comparing options across multiple lenders. They're particularly valuable if you have complex circumstances or limited time. However, ensure they're whole-of-market brokers and understand their fee structure. You can still research and compare deals yourself to verify their recommendations.