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SET-UP FEES BREAKDOWN
- Arrangement Fee: £
- Valuation Fee: £
- Booking Fee: £
- Cashback: £
- Property Value: £
- Mortgage Amount: £
- LTV %: %
- Mortgage Term: Years
- Initial Monthly Payment: £
- Lender's Intro Rate: %
- Lender's Fee: £
Representative example: A mortgage of £ payable over years, initially on a rate for months at % and then on a following rate of % for the remaining months would require monthly payments of £ and monthly payments of £. The total amount payable would be £ made up of the loan amount plus interest (£) and a booking fee of (£) and arrangement fee of (£).
Compare mortgage rates
When looking for the best mortgage deals or remortgage deals available it is important to take into account several factors such as mortgage type, the interest rate, fees involved and the service. Here you can find a useful mortgage comparison tool to help you compare mortgages and to start narrowing down which mortgage might be right for you. Use it to compare mortgage rates in the UK and see what is available on the market right now.
But before you use the mortgage comparison tool to compare the market for a mortgage, you will need a basic understanding of the mortgage types available to you so you can decide which mortgage type might work best for you. Once you have decided which mortgage type you are going for, use our tool to review current offers available, but remember that the cheapest mortgage deals aren't necessarily those with the lowest interest rate. We advise that if you find a deal you are interested in, you speak with one our mortgage advisers who can review your particular situation and requirements and compare the options that you are eligible for.
Do you want a repayment or interest only mortgage?
Most commonly, mortgages are taken on a repayment basis (previously referred to as a capital and interest basis). These require a monthly repayment of the interest you owe, as well as a proportion of the capital amount you have borrowed. At the end of your mortgage term, you will have paid back the capital in full and you will own the property as long as you have not missed any repayments along the way. With an interest only mortgage, you pay only the interest each month and then repay the capital as a lump sum, usually at the end of the agreed mortgage term.
Buy to let mortgages
If you want to purchase a property and rent it out to tenants then you need a buy to let mortgage. As with residential mortgages, there are many types of mortgages available to you as a buy to let property investor such as interest only or repayment, fixed rate, variable rate and some flexible options. Mortgage providers will usually focus on the amount of rent you are likely to receive when determining how much they are willing to lend you. Use our mortgage comparison tool to explore some of the best buy to let mortgages.
Help to buy mortgages
Help to buy mortgages assist homebuyers with good credit records to purchase new properties with a deposit as low as 5%. They are designed to help first time buyers trying to get onto the property ladder and for those looking to move up the ladder to a bigger home. This mortgage type is a government initiative where they offer to fund part of the buyer's deposit. Click here for more information from our help to buy guide or you can read up about it on the government's help to buy website. You can also use our handy help buy calculator to help understand the sums better.
With this mortgage type, your interest rate is set to a particular margin above (or perhaps below) the Bank of England's base rate and moves in line with that rate as it fluctuates up and down. There will be no limit on how high it can go but some lenders set a minimum rate which your interest rate is unable to drop below. Tracker mortgages usually have a short life span of about 2 to 3 years although some lenders do offer longer term options. Use our mortgage comparison tool now to begin your search for the best tracker mortgage for you.
Discount rate mortgages
For discount mortgages, you pay the lender's standard variable rate with a set amount discounted. They can also be stepped whereby you get a certain discount for a certain amount of time (eg. 3 to 5 years), and then another rate for the remaining mortgage term time. Some lenders cap their discounted rate so that it can't go above a certain level and they may have a minimum rate, which it can't fall below. Because each lender has a different standard variable rate, it doesn't necessarily mean that the one with the biggest discount will work out the cheapest so be sure to do your research.
Capped rate mortgages
Capped rate mortgages move in line with the lender's standard variable rate but are capped at a certain level, meaning the rate can't rise above that level. You will benefit from a fall in the standard variable rate and have the reassurance that the rate won't rise beyond a certain point. But be aware that the lending rate is usually higher than other variable rate mortgages and are not frequently available.
Lenders sometimes offer a cashback incentive as a marketing technique. They will typically give you a percentage of the loan as money back. You may like this idea if you need a lump sum of money to help with your moving costs but be aware that these mortgages don't usually offer the best lending rates and are not always good value for money.
This type of mortgage links your current account and/or savings to your mortgage so that you only pay interest on the difference. Each time the interest due is calculated, your lender will take off your savings amount from the capital amount owed and use that figure to work out how much interest you pay. So your monthly payments are lower but the mortgage rate for offset mortgages are likely to be higher in the first place. You can see the power of an offset mortgage by using our offset calculator, it will help you compare between a standard mortgage that may have a lower interest rate or fees VS an offset which perhaps has higher costs but allows you to make use of your savings. Use our mortgage comparison tool to then see which could be the best offset mortgage for you.
With a fully flexible mortgage, you can overpay and underpay, you can take payment holidays and withdraw lump sums. So you could pay your mortgage off early and save on interest if you find yourself in a position to do so. Alternatively, if you are having financial difficulties in the short term, it could help you to not have to pay your mortgage for a few months. Before you opt for this type of mortgage, however, ensure you will actually use the flexible features because flexible deals can be more expensive than conventional mortgages. Use our mortgage comparison tool to compare mortgage rates of flexible mortgages.
You only need a small deposit of 5% to be eligible. These mortgage products have been limited in availability but it seems more lenders are starting to offer them again. Be aware that with a small deposit you are at more risk of falling into negative equity if house prices drop.
For a 100% mortgage, you borrow the entire purchase price of the property and pay no deposit. These mortgages are very rare these days however, due to the high level of risk involved for the lenders and borrowers alike.
Remember that every lender is different and you may not necessarily qualify for a mortgage that you see so it is important to get advice. Use our mortgage comparison tool to compare mortgage deals and then speak with an adviser