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Best Mortgage Offers

The best mortgage offers on the market should be looked at in detail whenever you're planning to take out a new home loan. Whether you're a first-time buyer, a mover, or are looking to remortgage, you'll want to make sure you have a thorough overview of the market, use a loan affordability calculator and are fully aware of the best mortgage offers out there. You should never assume the best mortgage offers are available from the lender that was offering the best rates last time you checked the mortgage market. The home loan sector is incredibly competitive which can mean that the market-leading deals can often change.

Before you get into the specifics of finding a mortgage lender and considering offers, you'll need to think about what type of mortgage will be best for you to take out. This will depend on your personal circumstances and the general state of the housing market and the economy. If you feel that interest rates are going up and you want to be sure that you will know how much you'll have going out in mortgage repayments every month, you may want to consider fixed-rate mortgage offers. These best mortgage offers will ensure that the interest charged on your loan and the amount you pay each month will not go up. Neither will they go down if the Bank England base rate does.

If on the other hand that you think that rates will stay low or dip even further than they already are, a tracker mortgage will probably be the option for you. A tracker deal will track a set rate above the Bank of England's base rate, so any movements in it will be emulated in your payments. It can be tough to make a call, even for those who work in the industry. You can try to get a better idea of which direction rates are likely to go by keeping a close eye on the business pages of newspapers. If however you have no idea and are worried about what sort of loan to go for, you would be well advised seek the help of an independent financial advisor. A good advisor will be able to take a look at your situation and offer some guidance as to which would be the best mortgage offers for you.

Finding the Best Offers

Once you have an idea of the type of loan deal you think it would be best to go for, you'll need to find a lender that offers it an attractive rate. It's not just interest you'll want to look at when finding the best mortgage offers though. You'll also want to consider any fees charged to set up your loan and anything you would have to pay if you decided to pay extra off of your loan or settle it early. It can be difficult to get a full picture of the home loan market simply by looking at best mortgage offers tables. These will sometimes only include headline features of loans and no additional information.

If you're in the market for a home loan and want to be able to compare the best offers on the market, the best thing you can do is use an online home loan quote comparison service. These will put you in touch with home loan professionals who will be able to tell you what best mortgage offers are available to you. You'll be able to ask any questions you might have and find out exactly what each home loan product can offer you. Unlike straight comparison sites, these services allow you to really get to grips with the details of every single loan you discuss. At the end of the conversations you have, you should have all the information you'll need to make an informed decision about the loans you discuss. Get as many quotes as you can. You'll be contacted by multiple firms, so you should be able to get a good feel for the offers that are available.

Making you Application

Although the best mortgage offers you receive from a quote service will be as accurate as they possibly can be, you will not be guaranteed a home loan. Banks lending criteria has tightened considerably over the past few years, so it's possible that some of the most competitive loans on the market may not be open to you if your credit score is anything less than perfect. You'll also need a large deposit. The average down-payment required by banks in the UK is currently around 20% of property value. You can improve your chances of being given a home loan by paying down any existing debt and making sure that your credit file is order. You'll then be in a much better position and will be more likely to have your application approved.

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