Current Mortgage Rates UK – 5 Ways to Unearth the Killer Deal

First Time Buyer, Moving Home or Remortgaging  – whatever your situation there’s one thing you all share in common – wanting to get the best current mortgage rates UK.

So what do you need to do to find that killer deal amongst all the current mortgage rates UK?

Here are 5 different approaches you can take.

Visit Your Bank or Building Society

You have a relationship; they value you as customer and they’re keen to keep you on board.  They going to look after you and give you the best deal aren’t they?? We’ve all been affected in some way by the collapse of the big banks back at the start of this recession and with it our confidence and trust in the banks have been some what knocked.  Do you want to put all your eggs in one basket and have your mortgage with them?  But most importantly, your bank can only offer you their set deals and it may not be the best out there.  Once you’ve arranged that mortgage interview with them, how difficult is it to say no.  It’s not uncommon to for people to feel obliged to place their mortgage with their bank. Be aware of being pushed into something you will regret down the road.

Go to your Current Lender

Unless you are a first time buyer, you’ve already got or had a mortgage in place.  If it’s up for renewal or you are moving, isn’t the easiest thing to do is to just stay put?  All that hassle of finding a deal, filling in all the paper work and sorting out the legalities.  What’s more, they’ll most likely to waive their arrangement fee as an existing borrower. But for the same reason that you should look beyond your bank, don’t feel forced into a corner with your current lender.  It’s so much smoother than you think to change your mortgage over and don’t be fooled by a short term saving in the arrangement fees.  A better rate over two or five years can more than offset the initial fees.  Keep your options open.

Look Online or in the Paper for the Current Mortgage Rates UK

Pick up any personal finance section of a paper or carry out a quick internet search on best current mortgage rates UK and you’ll soon be swamped with the 100s of deals on offer.  So where do you start, we’ve even done some of the work for you here.  Here’s an RSS feed of the current best buys around. But…this does this make things any clearer?  It still leaves you will a lot of hard work.  Which deal is right for your circumstances?  Should you go fixed, tracker, discount?  What term, what can you borrow?  It would be nigh on impossible to analysis each and every one to unearth the perfect deal for you.  Unless you are a mortgage expert yourself, you need to get some advice or you’ll be buried under all the information out there.

See an IFA or broker

An independent financial advisor or a dedicated broker mortgage broker offers choice and expertise.  They do the hard work for you and find the best deal out there.  But beware of costs they may charge in addition to your arrangement fees.  It may well be worth paying these in the long run, but make sure you read the small print.  Be aware as well of how independent they are.  Mortgage brokers may be tied into certain lenders or they may have preferred lenders who give them better commissions.  (They always have to declare commissions earnt). And like any face to face consultation, don’t feel obliged to buy just because they have taken the time to give you a personal service.  Don’t be bullied into something that feels wrong.

Use an online Mortgage Comparison Tool

This looks at your unique requirements and analyses the market for you.  After just answering a few simple questions, very quickly you’ll get to see the best deals tailored for you. The beauty of an online mortgage comparison tool is the hard work of trawling the market is already done for you.  You only put the effort into researching and deciding from the final few deals on offer.  There’s no commitment to buy and no railroading into the wrong deal.  The online tools are usually provided by a broker or financial institution of some sort so once you are ready and comfortable to talk to someone, then they are easily contacted.  And you are in a strong position to negotiate the best mortgage deal for you.

Want to find out more.  Unearth the best current mortgage rates UK for you at Parkgate Mortgages.  Click the link below….

Parkgate Mortgages

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