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How to compare UK mortgages

Unlike most other forms of borrowing, a mortgage is likely to be the biggest financial commitment you will ever make so it's vital to get it right first time if you are to avoid paying thousands in unecessary interest charges.

Like any financial product or service the biggest guarantee of a good mortgage deal is to know what you want and shop around for the best product. Don't just go to your bank or building society and neglect a proper search of the market because it's the path of least resistance. Choosing the wrong mortgage or missing out on a better deal could cost you a small fortune and can easily be avoided with the minimum of fuss.

Know What You Want

Mortgages can be complicated so if you are in any doubt consult a professional mortgage adviser. Even with expert help it's important to at least understand the basics so you can get the most from your broker's service. If you're more confident about your finances then there are a plethora of guides and mortgage websites that can help you to decifer the options and focus on one specific type of mortgage.

For a truly independent view consider advice from websites run by the Council of Mortgage Lenders (http://wwwcml.org.uk), Financial Services Authority (http://www.fsa.gov.uk) and Which? (http://www.which.co.uk).

Shop Around to Reveal the Bargains

Having already filtered the vast array of mortgage options down to one or two product types with expert advice or your own research, you've already made it far easier to compare UK mortgages.

The next step is to find the most powerful mortgage comparison service and the internet has made this far easier than it used to be. If you're using a broker he or she has access to software that will do all of this for you but otherwise one of the price comparison websites can make an important decision much easier.

Remember, it's vital to choose the right mortgage so if you have any doubts take expert advice.

Review the Market

Once you've chosen a mortgage don't think you're finished. Go back and review your mortgage deal every few years and particularly prior to any introductory interest rate finishing. The last thing you want is to start paying the lenders Standard Variable Rate (SVR) when there are so many competitive deals out there that could save you money.

Remember, you're likely to have a mortgage for twenty to thirty years so even paying just half of one percent over the odds could be wasting thousands of pounds. You'd no doubt haggle over the cost of a car if you could save a few hundred pounds so why sit back and watch thousands go down the drain on your mortgage.

Simply go through the same exercise again, match the right mortgage type to your needs and compare UK mortgages either by using an expert or an internet comparison service.

Top Tips

TIP #1:
Always check the terms of any credit or loan agreement before completion to ensure you are fully aware of any charges or penalties.

TIP #2:
Choose a credit card that suits your spending habits. For example, if you settle the full balance each month consider a cashback or rewards card to make the most of your money.

TIP #3:
Don't apply for more than one loan or credit card at once as you will accumulate multiple credit reference checks on your record.