Mortgage Best Buys UK

By Kristian Derrick

Last Reviewed: 23rd March 2023

Your mortgage will likely be one of the biggest investments of your life.

And because you’re spend many years repaying the mortgage about, the mortgage you get and the interest rate attached to it are of the ultimate importance.

Knowing where to find the best mortgage deals UK can make a big difference to your monthly instalments.

By making a wise mortgage deal choice, you can reduce the total amount you’ll have to pay over the span of your mortgage.

If you’re on the hunt for mortgage best buys UK, you’ve come to the right place.

We’ve pieced together some top tips to ensure that you get access to some of the best mortgage rates on the market.

With these pointers in mind, you can compare options and secure mortgage best buys UK for yourself.

Alternatively, working with a mortgage advisor can help you to improve on the options you may find while searching the market for yourself.

How to Get Mortgage Best Buy Rates in the UK

Everyone in the property market wants to ensure they get the best possible UK mortgage rates.

While some do manage to get low interest rates and low fees, it’s not always possible for those who don’t know where to look or what to look for.

Finding mortgage best buys UK can be a challenge for the average Brit, but by following a few simple steps, you can improve your chances of finding the best possible deal so that you can pay off your loan without it crippling your budget or putting you in financial hot water in the future.

Whether you’re using a financial advisor or not, it’s a good idea to educate yourself on mortgage best buys and what’s best to look for.

Below are a few steps you can take to ensure you cut back on mortgage costs without losing out on any perks.

1. Use a Mortgage Comparison Tool

Once you’ve got a property in mind and know how much you need to borrow, you need to look at the interest rates offered as this will determine how much you eventually pay back.

You could start with your bank, but you won’t be able to do much of a comparison as they will only provide their own deals and rates.

To shop around effectively, you should use an online mortgage rate comparison tool.

These platforms provide an overview of deals available, including what to expect for your monthly instalments.

Of course, you won’t be able to see every deal as some mortgages are only offered through certain brokers. But you’ll get a good idea of what’s available.

2. Increase Your Mortgage Deposit UK

Borrowers who are able to put up a higher deposit than the minimum are seen as low-risk and therefore eligible for a reduced APR.

Obviously, when you put down a bigger deposit, you need to borrow less money and your monthly instalments will also be lower.

Most of the mortgage best buys UK offer the lowest rates when there’s a deposit of 20% or 25% put down.

3. Improve Your Credit Score

Your credit history and score will determine what mortgage rate you’re offered in the UK.

If you have a poor credit score, mortgage lenders will view you as a high-risk client.

The better your credit score is, the greater chance you have of getting a good mortgage rate deal.

You can improve your credit score prior to applying for a mortgage by:

  • Checking your credit report and ensuring that the details are up to date.
  • Register on the voter’s roll as this provides the latest accurate personal information for you, and automatically increases your credit score.
  • Avoid applying for credit for some time as every credit check will appear on your credit history and reduce your credit score.
  • Ensure you pay all credit bills on time and in full every time.

4. Get Help from a Mortgage Broker When Searching for the Mortgage Best Buys UK

Using an online mortgage rate calculator will help you determine a good rate.

Then, consider if a mortgage broker can help you beat that rate.

The job of a mortgage advisor is to hunt for the best possible deal for you and to advise you on the various home buying schemes that you may qualify for.

During this process, you will find that some of the deals aren’t available through a broker but only through a direct lender.

Mortgage advisors may try to sell you additional products such as life cover, contents insurance, and mortgage payment protection insurance.

While some of these products may be useful to you, keep in mind that they’re not compulsory.

5. Check Your Mortgage Contract for Possible Hidden Costs

Most mortgage borrowers aren’t aware that there are additional feels included in a mortgage, not just the mortgage interest rate.

In some instances, you may acquire what you think are mortgage best buys UK with low interest only to find that there are additional fees that will be applied and increase the total cost of your loan.

One of the biggest additional fees to look out for is the arrangement fee (this can also be called an establishment fee or setup fee) which is often £2,000 or higher.

Of course, there are other fees that you might not expect that might catch you out.

For instance, settling your mortgage earlier than expected could be penalized and if you overpay each month in hopes of reducing your total loan payment time, you could incur up to 5% of the amount you’ve overpaid.

Not all lenders charge these fees, but some do, so it’s best to look for the added fees in your contract or discuss additional fees directly with your mortgage provider.

If you’re on the lookout for mortgage best buys UK, take the time to consider various options before making a final commitment.

You will find that the best mortgages are often provided by a mortgage advisor who can help you scour the market based on your individual requirements and your current financial situation.

To save time and money, follow the steps above or get in touch with your chosen mortgage advisor without delay.

Call us today on 01925 906 210 or contact us. One of our advisors can talk through all of your options with you.

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