A guide to getting the right mortgage

For most of us, buying a property is often one of the biggest financial ventures of our lives. Getting a mortgage is furthermore a crucial element of this process and so it’s important to get the right mortgage advice. But with many options to consider, it can be difficult to know which is best. Here’s a quick guide to getting the right mortgage advice, with who and where you can receive help from.

Choosing a mortgage

The first step is choosing the mortgage that’s right for you. One great tool at your disposal to help with this is the Mortgage Affordability Calculator. This calculator enables you to input your income and outgoings, and effectively work out how much you might be able to borrow.

It’s important to bear in mind throughout the whole mortgage process competitive nature of the industry. Although there are many different providers, products and rates available, it can often be hard to decipher what exactly is on offer. This is where getting first-rate, unbiased mortgage advice is essential. It’s often regarded as good practice to get a spread of advice, by talking to your bank and a number of different independent mortgage advisors in addition before making up your mind on which is right for you.

Your bank or building society is often your best first point of contact. Their advice is typically free, and furthermore, they will know you and your financial situation. They will explain their own mortgages, as well as alternative competition so that you can see how the different products stack up against each other.

After this, speak to a few different mortgage advisers, who have a specialist, in-depth knowledge of the market. They’re able to look at a range of mortgage products for you to review, in line with the suggestions from your bank, which suit your needs.

What to look for in a mortgage

When choosing a mortgage, it’s important to not just look for the lowest interest rate option, as there are several other factors which affect the total amount that you will repay over time which you should consider.

APRC: (Annual Percentage Rate of Change) takes some mortgage fees into account as well as the interest rate and expresses it as a percentage.

Deposit size: the higher your deposit, the lower your interest rate.

The standard rate: which your mortgage will switch to once your fixed rate deal ends.

How often is interest charged?: will it be paid daily, monthly or annually? Daily interest works out cheaper.

Flexibility: can you overpay your mortgage without being charged and can you take a break from making payments?

Length of fixed or variable rate deal: do you want to be locked in for a long period. or have more flexibility? There are usually charges if you switch out of a deal before it ends.

Getting the right advice

Lenders and mortgage brokers are required to offer advice when they recommend a particular mortgage for you. By looking at your income and outgoings, they’ll asses the right level of mortgage repayments that you are able to afford so that you end up with a mortgage that suits your needs. However, don’t avoid doing some of your own planning, since you might be to find your own mortgage deal based on your own research.

However, bear in mind that getting advice, rather than solely doing research on your own, if often a tactile approach. If the mortgage turns out to be unsuitable for you later, you’ll have more rights when you make a complaint due to evidence that you can provide of being advised in a certain way.

Furthermore, by not seeking advice you run the risk of ending up with the wrong mortgage for your situation or being rejected by your chosen lender if you haven’t understood the full restrictions or circumstances required.

Look around

Comparison websites are a good starting point if you’re trying to see what sort of deals are available on the market. Here are some of the best websites to compare deals and find mortgage advisors:


*Information sourced from – The Money Advice Service – 2019