How to get the best mortgage deal in the UK
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A Bloke

How To Get The Best Mortgage Deal In The UK

I’ve been in the fortunate position of not having a mortgage for a number of years. However, when I got divorced, I needed to take out a new mortgage (urgh). I started looking online and found that there were loads and loads of different types of mortgages with different rates, costs, terms and conditions…..nightmare!

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How To Get The Best Mortgage Deal In The UK

The short answer is to get yourself a good mortgage broker.

Mortgage Comparison Websites

I spent a lot of time online looking at deals from the big UK lenders using comparison sites, like GoCompare, CompareTheMarket and MoneySupermarket.

The problem with the comparison sites is that the results are very generic and mainly focus on the interest rate.

Once you apply for a mortgage found on a comparison site, it may turn out that your circumstances don’t meet the loan requirements. Or, as I found, the interest rate advertised on the comparison site is lower than the interest rate you actually can get when you apply for a mortgage.

At the end of the day, the comparison sites are not really interested in finding you the best mortgage. They’re interested in selling you a mortgage to earn a commission.

I found it useful to use comparison websites to understand the types of mortgages available and an idea of interest rates. But I wouldn’t recommend using them to apply for a mortgage.

Mortgage Brokers


What is a mortgage broker?

Basically, a mortgage broker acts as a personalised, human counterpart to an online mortgage comparison tool. In the UK, mortgage brokers are regulated (by the FCA) professionals who work closely with you to understand your financial situation and needs to identify the most suitable mortgage options.

How To Find The Best Mortgage Broker

Much like mortgages, there are loads of different mortgage brokers out there, all claiming to be independent and having access to more mortgage deals than anyone else.

I didn’t fancy going with one of the large online mortgage broker services. I felt I would be a number and not get a personalised service. I think speaking to someone who genuinely cares about your best interests is pretty important when discussing financial stuff.

I started to look around at local mortgage brokers, using Google Reviews to get some idea of how they rated. I selected the two best-rated mortgage brokers near me and gave them a call to get details on the cost and the service they provided.  

The first mortgage broker I called sounded like he was in a call centre and came across as a classic salesman who would say anything to get a sale. 

The second mortgage broker I called went on and on about various options that might be available to me. At the end of our unnecessarily long call, he said that there would be a £500 charge if he arranged to mortgage for me. This was a bit strange, as the first broker I spoke to said there was no charge, he would get paid by a commission from the lender.

Not happy with the two mortgage brokers I spoke with, I asked my financial advisor if he had any recommendations (I am not sure why I didn’t speak to him in the first place). He put me in contact with Hampshire & Country Mortgages, who were brilliant. Faye, who arranged my mortgage, was super efficient and knew everything there was to know about mortgages.

If you’re looking for a good mortgage broker, I can recommend Hampshire & Country Mortgages

Benefits Of Using A Mortage Broker 

  • Access to Many Lenders: Mortgage brokers have access to a wide range of mortgage products and rates that you won’t find on comparison websites.

  • Expert Advice and Customisation: They can offer expert advice on the best mortgage products for your specific financial situation and goals. Brokers can tailor loan options to fit your needs, considering factors like your credit score, income, and deposit.

  • Expert Advice \ Experience: They can offer expert advice on the best mortgage products for your specific financial situation. Brokers can tailor loan options to fit your needs, considering factors like your credit score, income, and deposit.

  • Time Savings: Shopping around for a mortgage is very time-consuming. A broker can save you the effort of contacting multiple lenders and comparing offers.

  • Potential Cost Savings: Because brokers have access to so many lenders they can get the best rates possible, saving money over the life of the loan. They can also help you understand and possibly minimise other mortgage-related fees.

  • Assistance with Paperwork: My mortgage broker did all the paperwork for me, which was really helpful.

  • Handling Unique Situations: If you have a unique financial situation, such as being self-employed or having a bad credit history, a broker might be more adept at finding lenders willing to provide financing.

  • Stress Reduction: The home buying process can be stressful. Having a professional who understands the ins and outs of mortgages can reduce this stress and make the process smoother.

  • Mortgage Advisor Fees: Many mortgage advisors don’t charge you a fee. Instead, they take a commission from the lender as payment.

Conclusion: How To Get The Best Mortgage Deal In The UK

With so many lenders offering a wide range of mortgage products, finding the best mortgage deal isn’t easy. I spent hours looking at numerous mortgages, often finding that what was advertised didn’t match what I got when applying. 

Get yourself a good mortgage broker; they’ll find the best mortgage deal for you and save you a lot of time and hassle.

 

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