Compare mortgages


The dream of owning your home is closer than you think

The dream of owning your home is closer than you think

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Mortgages are not a qualifying product; however, compare mortgage deals now and find the right deal for you.

Let's compare mortgages

Getting a mortgage can seem scary. It’s one of those milestones that says ‘I’m a grown up’ but it can be hard to figure out what mortgage is right for you.

So when you compare mortgages it’s really important you understand what’s available – and we can help you, from explaining how to save for one in the first place to getting a second mortgage. We’ve even got some top tips on how to maximise your chances of getting your mortgage approved. 

When you compare with us, we’ll show you the types of mortgage available, the monthly repayments, and tell you about the fees you can expect to pay. You can also compare mortgage rates for buy to let and first time buyer mortgages right here too. And if you’re looking to find a better interest rate or your current contract’s come to an end – why not look at remortgaging?

Frequently thought questions

We do appreciate that questions about comparing mortgage deals are a little too boring to be asked, but they can be thought.


So we’ve compiled the following simple answers to questions frequently thought, about finding the best mortgages when comparing.

Why compare mortgages with comparethemarket.com

We help you compare mortgages from financial providers, helping you find great rates in the mortgage market.

 

Everything is arranged in order of monthly payment. Our easy-to-understand categories will also help you check rate types, arrangement fees and introductory rates.

 

You can even arrange for a call-back from our trusted partner MoneyQuest who can guide you through the mortgage application process and establish whether you are likely to be accepted. They have over 20 years’ experience in helping customers secure the perfect mortgage.

What do you need to compare mortgages?

You’ll only need to enter basic details including the type of mortgage, payment options, the property’s value, how much you want to borrow and over how long.

Mortgage rates are largely dependent on whether the Bank of England Base Rate goes up or down. Of course, even if they move during the next 12 months, if you have a ‘fixed’ mortgage, you won’t be affected until the term ends. We have based our calculations on commentary from The Bank of England and Monetary Policy Committee.

Rents are affected by demand and supply and, we have consulted rental agents and the charity Shelter to forecast which direction these are likely to go in.

Question 1 / 9

Do you have a mortgage or rent?

Please choose an option above

Mortgage rates are largely dependent on whether the Bank of England Base Rate goes up or down. Of course, even if they move during the next 12 months, if you have a ‘fixed’ mortgage, you won’t be affected until the term ends. We have based our calculations on commentary from The Bank of England and Monetary Policy Committee.

Question 2A / 9

How much do you spend monthly on your mortgage?

Mortgage rates are largely dependent on whether the Bank of England Base Rate goes up or down. Of course, even if they move during the next 12 months, if you have a ‘fixed’ mortgage, you won’t be affected until the term ends. We have based our calculations on commentary from The Bank of England and Monetary Policy Committee.

Question 2B / 9
Please choose a mortgage type

Rents are predicted to go up faster than house prices over the next five years according to rental agents. Tax changes for landlords have made it less attractive to go into the buy-to-let market, which could reduce the number of homes available to rent.

Question 2 / 9

How much do you spend monthly on your rent?

As we import a lot of our food, much of the cost is affected by the exchange rate for Sterling. Currently Sterling is down against many other currencies and is expected to fall further. We have used projections from the ONS, British Retail Consortium and Food and Drink Federation to inform our calculations.

Question 3 / 9

How much do you spend monthly on food for your household in total?

The price of clothing, has remained reasonably static since the Referendum. In fact, adult clothing and footwear has even gone down in price slightly. As food prices and the cost of other essentials rise, consumers are cutting back on clothes, which will likely to force retailers to cut prices.

Question 4 / 9

How much do you spend monthly on clothes for your household in total?

Oil prices are primarily affected by the strength of the Dollar against Sterling and by decisions made by OPEC (Organisation of Petroleum Exporting Countries). We have used information from Global Petrol Prices and the World Bank to calculate the future output.

Question 5 / 9

How much do you spend monthly on petrol for your household in total?

Government forecasters expect price of raw gas (to the energy companies) to keep going up over the next couple of years, although not by very much. Reports show that bills could jump as much as 40% if consumers don’t switch provider and find a good fixed tariff deal when their current contract ends.

Question 6 / 9

How much do you spend monthly on your household gas bills?

Electricity prices are looking to increase again. This is partly due to the fact that many of the UK’s electricity generation plants have closed down. Coal fire power stations are targeted by the EU's Large Combustion Plant Directive which is looking to reduce emissions in energy generation.

Question 7 / 9

How much do you spend monthly on your household electricity bills?

Car insurance has already gone up, partly because of rises in the Insurance Premium Tax (IPT). And we think that it is likely to continue to rise.

Question 8 / 9

How much do you spend monthly on car insurance?

Like other insurance products, premiums are on the up… 

Question 9 / 9

How much do you spend monthly on home insurance?

Here's how your personal finances could look for the next 12 months

No one has a crystal ball and, in these uncertain times, all sorts of events could happen over the next year that nobody would predict, and that could give us all a surprise financially. So, we have tried to cover off all bases by showing you how you could potentially be better or worse off in the coming year. This can hopefully help you prepare in advance when it comes to budgeting.

  • Best Case

  • Worst Case

  • Expected Case

  • Best Case Worst Case Expected
  • Best case scenario -

    This figure shows how much better off you could potentially be annually. When interest rates go down, Sterling rallies a bit and the price of oil will also decrease.

  • Worst case scenario -

    This figure shows how much worse off you could potentially be annually. This happens if Sterling drops dramatically, as interest rates will then go up and the price of oil will go through the roof.

  • The most likely scenario -

    This figure shows your most likely financial situation annually, which is somewhere in the middle of the two extremes. For most of us, it could mean a higher cost of living, particularly when it comes to filling up the car with petrol, insuring it and then doing the weekly grocery shop.

What else can I compare by?

We’ll let you compare mortgages by rate type, which include:


Fixed rate: With this type of mortgage, the interest rate stays the same throughout the period of the mortgage. A period normally lasts between one and five years, but you can get ten year fixed rates. This type of mortgage could be good if you need to stick to a budget, as it’s predictable. However, it may not be so great if mortgage base rates go down, leaving you paying over-the-average.

 

Tracker: This type of mortgage has an interest rate that is tied to the Bank of England base rate. The mortgage changes with the base rate. Most trackers have terms of two or five years, but you can get lifetime (aka term) tracker mortgages. Trackers could be an attractive option as their rates tend to be lower than those on fixed rate mortgages. However, you need to be prepared for shifting repayment amounts.

 

Discount: Another type of variable mortgage, discount mortgages differ from trackers in that they are not tied to the Bank of England base rate. Instead, they are linked to the lender’s standard variable rate (SVR), normally over one to five years. Discount mortgages could be great as monthly repayments could fall as well as rise, but are a little more complex and unpredictable compared to trackers.

 

Offset: Probably the most complicated option, offset mortgages link your savings to your mortgage debt. With this type of mortgage, you don’t earn interest on your savings - instead, your money is set against your mortgage so that you pay less interest on the debt. Available with fixed or variable rates, offsets are great for paying your mortgage off quickly. They also offer a bonus benefit for those in the higher or top tax brackets, as you don’t pay tax on your savings.

What are the common fees when applying for a mortgage?

Advice fee: If you seek help from a mortgage advisor, you may have to pay for their services.

Booking fee: Tends to be around £99 (although some lenders don’t charge at all). This ‘reserves’ your loan as the application goes through. It’s worth noting that this won’t be refunded if you decide not to take out the mortgage.

Arrangement fee: This is what you pay your lender for setting up the mortgage. While a typical price will be around £1,000, it could be as much as £2,000. You can pay upfront, or roll it into your mortgage - but remember you’ll then be paying interest.

Valuation fee: There’s no set price for a valuation, and some lenders offer them free. They cover the lender surveying the property you want to buy, to ensure everything is in order and that the property is adequate security for the mortgage.

Legal fees: Usually charged as a proportion of the purchase price, these cover a solicitor to do all of the legal paperwork. They include costs of Stamp Duty and search fees.

First time buyers

Buying a home - It’s a dream that many share, but one that unfortunately more and more believe is out of reach. Our research has shown that over 5.5 million of you who aren’t yet on the property ladder believe that you will never be able to purchase your own home, and even if you think you could get on the property ladder, many are put off by the complexity and fear of hidden costs. But that’s where we’re here to help. 

So if you’re considering taking that big step, we’re here to help make everything ‘simples’ and stress-free. Whether it’s mortgages and stamp duty which have got your head in a spin, why or how you buy life insurance, or even something as simple as sorting out your broadband and energy providers, we’ve got you covered.

A simples guide to mortgages

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