Best mortgage deal
With thousands of mortgages available there’s almost certainly one that’s exactly right for you. The problem is how to find the best mortgage deal. Do the words “needle” and “haystack” come to mind?
That’s where our speciaist brokers prove their worth. They’ve been especially chosen by Brokers Online for their proven track record in finding great mortgage deals and providing superb customer service for customers from all walks of life. Their extensive industry knowledge and access to low interest mortgage packages make them leaders in their field. Whether you’re a first time buyer, a re-mortgager, have a poor credit history, or looking for a best buy-to-let mortgage then get a quotation.You’ll be offered a great mortgage deal. 
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Information and Advice
In today’s market, shopping for a mortgage can be an exhausting affair. There’s simply so much information available on the internet that for the words “consumer choice” read “consumer confusion and information overload” ! That’s why it is so important to speak to an expert. We’ll get one of our specialist brokers to speak to you on the phone within 24 hours – no one will call at your home and you’re under NO OBLIGATION whatsoever. He will listen closely to what you want and then explain to you which mortgages will suit your circumstances and, just as importantly, why and how, the mortgages work. The sorts of mortgage that could possibly get talked about are shown below. If you want to read up on any one of them simply click on it:
With so much choice, how do you decide what is best? As we said, we suggest you leave the leg work to our specialists.
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Cheap Mortgages and
Best Mortgage RatesA really low APR is always at the heart of a cheap mortgage. But your mortgage interest rate will be influenced by the other choices you make. For example, the sort of cheap mortgage you want (see above), how much you want to borrow, for how long, how much deposit you can raise, and your credit history.That’s why you need to talk to an expert. The DIY approach is best delayed until after you’ve moved into your new home!
And there are other factors to consider when looking for a cheap mortgage. Look out for the other charges – such as survey costs, application or administration fees and solicitors costs. Some mortgage companies include these costs for free, some charge. It is important to consider all of these costs when looking for a cheap mortgage especially if you’re on a tight budget to start with.
Mortgage RatesThe APR is the rtae of intrest on a loan calculated as intrest paid per unit of the amount outstanding, and all mortgage rates in the UK are calculated in this way. However with the advent of flexible mortgages and early repayment opportunities, it has become difficult to compare mortgage rates in the UK. This is because the APR is based on a maturity term of 25-30 years - but now the average mortgage term is around four years, as most borrowers chose to take advantage of competitive mortgage rates in the UK and switch lenders . Amazingly, as many as one in three existing mortgages are remortgages. So when you're shopping around for the best mortgage rates in the UK you need to consider the cost of a mortgage over different time periods, taking into account alll payments, incentives and charges including early redemption penalties. You also need to be aware of the initial mortgage rates that lenders will offer you. The best mortgage rates in the UK will not necsessarily the ones that offer the lowest initial rate, because at the end of the initial period your payments will increase to a higher rate and balance it against the lower initial rate.
Hot Topics
- Where Can I Buy a Mortgage?
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Many, but not all financial services companies offer mortgages. If you are looking for a mortgage the traditional approach is to speak to you bank or a building society. However, you are most likely to find the cheapest deals by speaking to a Mortgage Broker.
- What If I Die Before My Mortgage Is Paid Off?
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If you die before your mortgage has been repaid, your estate will face the cost of paying back the outstanding balance. The mortgage will not be written off by the lender, it will have to be paid by the next of kin.
- How Do I Switch Mortgages?
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Switching mortgages (remortgaging) has been made very easy by the industry, in reaction to the fact that most people remortgage their homes on a regular basis i.e. every 5 years on average.
- What Are ISA Mortgages?
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If you take out an intrest only mortgage your lender will expect you to put in place a ‘financial vehicle’ capable of repaying your mortgage at the end of the mortgage term.
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What sort of mortgage do you need? One of the most difficult decisions facing homebuyers is whether to choose a fixed or variable rate mortgage. The UK mortgage market is currently very competitive and interest rates are historically very low. But interest rates can also rise and with a loan as big as a mortgage, a rate rise of just 0.25% can mean a big increase in your monthly repayments. If you want to know where you stand with your mortgage and don’t want to be at the mercy of fluctuating interest rates, you can choose the fixed rate mortgage option. Other options would be a discounted rate mortgage or a mortgage where the interest rate is capped. Discuss them with your mortgage adviser. With a standard variable rate mortgage your payments may well vary from month to month, but you could save yourself thousands if interest rates were to fall. Over the last year or so, interest rates have edged up and there are conflicting views as to what will happen to next to mortgage rates. Again, we suggest that you discuss the future for mortgage interest rates with your adviser – he’ll have all the up to date information.
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Borrowing limitsThe first thing to ask yourself when shopping for a mortgage in the UK is “what size of mortgage can I afford?”. The general rule of thumb for UK mortgages is 3-4 times your gross annual salary. However, this can be influenced by a number of factors: for example your credit history, be it good or bad, and whether you are self-employed. If you are applying for a joint mortgage, most mortgage lenders in the UK will offer either three times the income of the higher earner plus the total second income, or two and a half times the total joint income. From these guide lines you will be able to work out what size of mortgage you can probably get.
But remember, these are just guide lines. If you need more, then chat it through when the mortgage adviser when he phones you. He may still be able to get what you need. To work out what how much you can spend on a house you add the deposit you have available to the mortgage you can raise. In most cases the deposit will be at least 10% of the house price - although sometimes 100% mortgages can be arranged. Basically, the larger the deposit you have available the better placed you’ll be to get a really cheap APR and that would save you thousands of pounds over the years.
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Shop around for the cheapest mortgage dealTo find a really cheap mortgage deal someone is going to have to do a great deal of shopping around. That means a clear understanding of what suits your circumstances, what type of mortgage you want, what’s available – and which mortgage lenders offer it! The mortgage advisers we work with use advanced computerised techniques to sift through the thousands of mortgage variations to isloate the options that fit your personal requirements. What would take you days – or even weeks of searching - takes them minutes!
Exactly how cheap your mortgage can be will depend in part to your credit history and associated credit score, and the size of deposit you can raise. As a rule of thumb, the poorer your credit history or the lower the deposit you can raise, the higher your APR will tend to be. But don’t worry in the vast majority of cases the mortgage adviser will still be able to get you a great deal.
The sort of factors that will influence your credit score, and therefore affect the rate of mortgage interest that can be offered to you, include: Using Mortgage Calculators
A mortgage calculator will help you work out exactly what you can afford to pay for a property - and should always be your first port of call before embarking on house-hunting. There's no point looking at houses that you simply won't be able to afford. Mortgage calculator options vary, but in general they are an excellent tool to calculate you mortgage payments and repayment tables. You can also print out the results as a personal referance guide. You will need to indicate on the mortgage calculator the value of the mortgage loan, the term of the loan, the interest rate. Some mortgage calculators are more advanced than others, and will be able to incorporate the effects of a flexible mortgage. You may need to download some software for more complex versions of the mortgage calculator. However it is well worth doing - because with interest accounting for around half of the total amount you will be paying back, it really pays to get the cheapest mortgage deal.
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