How to Find the Cheapest Mortgage


When we are looking for a mortgage, we might be on the hunt for the one that is the cheapest. We may wonder whether to start looking.

Establish What you Mean by Cheapest

You need to start by establishing what you mean by cheapest as different people could mean different things. You may mean that you want low repayments and this may not actually give you a cheap mortgage with regards to the costs charged on it over the time that you have it, as it could mean that you will have to make more repayments, the mortgage will last longer and you will have more interest charged on it. You may mean that you want a low interest rate, but you need to be aware that you may also need to pay fees which you will also need to allow for. If you mean the total cost of the loan, then you may need to check with the lender to find out exactly how much this will be although a mortgage calculator may help. You may mean the one that gives you the best value for money and therefore the one that is not necessarily the cheapest but that you feel will give you the most in return for what you are paying oy.

Compare Mortgages

Once you have established what you are actually looking for you will be in a position to compare the different mortgages on offer. Some people will head straight to a comparison website and these are useful but in a limited way. This is because they may only compare mortgages on their interest rates and so will not allow for other costs. If you are interested in value for money, then the cost is only one part of it. You will also find that these sites only have a small selection of lenders included and so you may find that there are others that are better suited to your needs. Lastly, these sites tend to make money from commission paid by the mortgage companies that they recommend and so they may recommend those that pay them the most.

If you want to find out about more mortgages then you may have to go to a search engine and just search for mortgage companies and then compare them.  This can take a lot of time and you will need to be very clear in your mind as to what you want from a mortgage so that you can find one that will suit you really well. It will take time to do this and you could find that you will run out of motivation part the way through.

There are other websites that you might be able to look at that might help. Ones the review mortgages or lenders can be quite useful to get some extra information to help you. It is a good idea to remember that these sites might be biased and they may also make commission on recommendations too. They can provide you with some useful information as well.

It can be a good idea to ask an independent financial advisor for help. You will have to pay them but it could be worth it as if they match you to a mortgage that suits you really well, you could end up very quickly saving enough money to easily cover what you paid for them. This will save you doing all of the research yourself and so will save a lot of time and even after working hard you may find that you do not come across the very best mortgage to suit your needs anyway.

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