Mortgages

This is the BIG one and it's worth getting right. On average we spend nearly a third of our income on our mortgage.

Whether you are remortgaging to get a better deal, buying to let, buying your first house or moving home, you NEED to spend time getting the right mortgage deal for you. It can save you THOUSANDS in the short and the long term.

A 15 minute FEE FREE phone call to a 'whole of market' broker will tell you how to get the BEST deal.

 

Need to know

  • Remember, when you come to the end of your current deal your existing mortgage lender might offer you a new deal to stay with them, but it is very important that you shop around for the best options for you before potentially tying yourself down again.
  • YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
 

Type of mortgage

Which is the best TYPE of mortgage for you?

Standard variable rate (SVR) mortgage

This is the standard interest rate that lenders lend money at. When your deal ends, this is always the rate that your mortgage reverts to

What we like:

  • usually, once you are on an SVR, there are no more redemption penalties to pay (learn more)

Watch out:

  • It is ALWAYS more expensive than current deals

Fixed rate mortgage

The interest rate (and monthly payments) remain the same for a specified period

What we like:

  • offers peace of mind
  • makes budgeting easier

Watch out:

  • if interest rates go down then you won't benefit

Tracker mortgage

This tracks the Bank of England Rate for a specified period of time

What we like:

  • if interest rates go down, so do your monthly payments

Watch out:

  • if interest rates go up, so do your monthly payments

Discount rate mortgage

A discount is given off the mortgage lender's Standard Variable Rate (SVR) for a specified period

What we like:

  • if your lender drops its SVR then your rate will fall

Watch out:

  • if your lender increases its SVR then your rate will rise. Lenders can do this WHENEVER they like to WHATEVER level they like

Flexible mortgage

A mortgage which enables you to do things that basic mortgage deals don't like taking payment holidays and making overpayments

What we like:

  • you can adapt it to your own needs

Watch out:

  • interest rates may not be as competitive

Offset mortgage

This allows you to use your savings to reduce your mortgage balance

What we like:

  • helps you save on interest and pay back your mortgage sooner

Watch out:

  • only works if you have a lot of savings, interest rates can be higher
 

Fee-free mortgage broker

You need a WHOLE OF MARKET broker and FEE FREE

London and Country

› More info

Why we like it:

  • FEE-FREE advice on 0800 953 0591
  • contactable 7 days a week
  • excellent iPhone App

Watch out:

  • whilst they are still able to call themselves ‘whole of market’ brokers, some lenders no longer allow their deals to be accessed by brokers

Call London and Country for FEE-FREE advice on 0800 9530591 to see how much you could save on your mortgage.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Go Direct

Remember, there are some mortgage providers who don't use or appear on comparison sites so make sure you check direct with a few to make sure that you are getting the very best rate outside of comparison providers

 

Local mortgage advisor

You could also try looking for an independent mortgage adviser in your area

Unbiased


Why we like it:

  • FREE to use
  • many local advisors offer great personal service
  • some advisors come to your house

Watch out:

  • some advisers may charge a large fee

The inside track

  • Look for value not the cheapest rate – some mortgage deals will offer very low rates but could come with high fees of as much as a couple of thousand pounds. It could be better value to opt for a deal with reduced fees including free valuation and free legal work for remortgages
  • You will need to complete a fact find so will need to have a clear idea of your income and the evidence of that income (Payslips, End of Year P60, self assessment forms, accounts for self-employed), the mortgage size, the property value, expenditure such as other credit commitments (loans, credit cards) and in some cases things like childcare costs

Did you know...

 

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