The following tips may be of some use while searching for the cheapest mortgages available:
- Gather together as much of a deposit as you possibly can
- Think about how much you could afford to pay each month on your repayments
- Use a mortgage calculator to help work out the potential cost of each mortgage
- Compare mortgage deals from several different lenders
- Ensure that you are an ideal lending candidate; check that you have a good credit record and make sure that you can prove that you have a regular income
- Contact your current account or savings account provider to see if they could offer you a special rate on a mortgage
Speak to an independent financial adviser (IFA) for help.
There are a number of different types of mortgages on the market, so it may be worth considering all of your potential options as you look for the cheapest mortgages. You may wish to think about the following:
- Which repayment option you would prefer on a mortgage, repayment or interest only
- Which interest rate would be best for you, fixed, tracker or capped
- Whether an offset mortgage could be more suited to your circumstances than a standard mortgage.
As you search for and compare mortgage deals, you may find our mortgage comparison tables particularly helpful. These contain information on a number of different mortgage deals that you may like to look into further: