If you want to get the best deal on your mortgage, there are basically three ways to go about your search. You can visitall the high street banks, and get their rates. This is not the most efficient way to go about it, however, for a number of reasons. The high street banks are actually only a very small fraction of possible lenders and spending your valuable time going from one to another is a waste. Also, banks only give out a very narrow range of mortgage products which are usually only available through local businesses.
The next method is to use an online comparison website. This is probably the best way to access the market from the comfort of your own home. Usually there is no charge for using these services which saves you the time you would use travelling from bank to bank and the money they spend on a mortgage broker. Comparing online services in this way allows you to compare each transaction, payment schedules and interest rates.
There are a huge number of mortgage comparison sites on the Internet today and the trend seems to be increasing. These websites then spend a lot of money on television advertising marketing and search engine marketing to get thousands of hits a week on their sites. Banks and building societies benefit by getting their financial products in front of many more people than they can reach through their own advertising and financial advisers.
Here is a selction of comparison sites:
The third way to find a good mortgage offer is to consult a mortgage broker. Brokers are professionals and can compare the full range of mortgage products to all potential lenders and use their contacts to make sure they are able to get you the best deal. This method is especially good for people who are first time applicants or have a poor credit history as the broker can often use his influence to get a deal through.
Whichever method you choose, do be sure to use a mortgage calculator to work out what you can affod to repay.