As well as comparing mortgage lenders, you might like to consider the different types of mortgages that could be available to you. Below are some of the options that you may have as you choose mortgage deals.
This type of mortgage will require you to make monthly payments of capital plus interest until the end of the mortgage term.
These mortgages require you to make monthly interest payments; at the same time you would be expected to pay into a savings plan which would have to be able to pay off your mortgage loan at maturity.
A fixed rate mortgage would have an interest rate that is set at a certain amount for a designated period.
Tracker mortgages have interest rates that change in accordance with the Bank of England base interest rate, meaning that they could move up or down.
An offset mortgage is linked to your savings account; by offsetting your savings against your mortgage, you could reduce the amount of interest you would have to pay on your mortgage.
In order to find the most suitable interest rate agreement, it is always advisable to research and compare mortgage lenders before committing to any one policy.
One of the most important pieces of advice given to mortgage hunters is to shop around and compare mortgage lenders. In what is a fairly competitive mortgage market, comparing mortgage deals could save you a significant amount of money both initially and in the long term.