"The Easy Way to Get Your Best UK Mortgage" |
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Welcome to Mortgage Sorter
We’ve
helped many thousands of people, just like you, to find their best possible
mortgage deal by giving you easy to understand information
that you can digest quickly and take action on.
(In case you’re wondering, we are one of the most well established
UK Mortgage websites – online for over nine years – and are totally independent of any bank, mortgage lender or mortgage
broker).
You
get everything you need to know from basic stuff like
What
exactly is a mortgage?
to more detailed action points like How
to find the best mortgage for your needs
… and much more
The three most important things when seeking a UK mortgage
1) Do some basic research
When looking for a UK mortgage it is essential that you do some research.
(Independent mortgage information websites, like this one, are a good
place to start).
2) Shop around for the best quote
Under
no circumstances should you just take the first deal you are offered.
Regardless of what you may think – or be told – if one mortgage
lender has made you an offer this means others will. And their rate may
be better. So always shop around
3) Get Three Quotes
You
should aim to get at least three quotes or you could be overpaying by
thousands of pounds.
And definitely don’t allow your “trusted” bank
to fool you into accepting their mortgage – or your existing
mortgage lender if you are remortgaging.
Unfortunately the days of loyalty to long-standing customers are long
gone. Even if you are offered a “special loyalty rate” always
get a comparison with other products.
The easiest way to get several quotes is by asking an independent mortgage
adviser to help you. But make sure they truly are independent (see the
different types of UK mortgage advisers).
OK To get started
Browse the navigation links or just jump straight in by checking out your
UK Mortgage
Basics
Or if you are looking to remortgage the Remortgaging
Guide
Thank you for your visit and good luck with finding your best possible
mortgage.
Ed Parry
Former Mortgage Idiot – who decided to get wise
****
LATEST UK HOUSE PRICE FORECASTS
LATEST UK INTEREST RATE FORECASTS
Latest Info and Articles on UK Mortgages
UK Mortgage Quick Reference
Useful Mortgage Tools
Browse over 200 UK Mortgage Tips
UK Interest Rates Latest Update
Interest Rate Update 23/01/2012
Current UK Interest Rate: 0.5%
UK Interest Rates Forecast: No rate rise on the horizon
Mortgage Lending Up For Last Five Months
Mortgage lending has risen year-on-year for the last five months, according to the latest figures from the Council for Mortgage Lenders.
Total lending in December 2011 was £11.7bn; 12% higher than in December 2010, making five consecutive months of higher year-on-year lending. Mortgage lending was up 3% from 2010 over the whole of 2011, with £140bn in new mortgage lending advanced over the year.
Commenting on the figures, Bob Pannell, CML Chief Economist said: "The closing months of 2011 saw stronger mortgage lending activity and housing transactions, despite the fact that short term economic prospects are challenging."
Pannell also commented that: "continuing Eurozone problems mean that mortgage funding prospects are uncertain, so overall UK mortgage market conditions for the year ahead remain difficult to call."
Rate Competition Strong As Buyers Choose To Fix
Competition between mortgage lenders continues to be strong as an increasing number of borrowers choose fixed rate deals. Almost two-thirds of mortgage deals taken out in November were fixed rate, according to one trade organisation – up from 62% in October.
A number of mortgage lenders have trimmed their fixed rates over the last month, including some of the biggest names on the high street.
Mortgage lenders may also experience a surge in demand from first-time buyers who are seeking to complete on house purchases before the stamp duty holiday ends in March.
First-time buyers are currently exempt from the 1% stamp duty which would normally apply to properties costing up to £250,000.
PREVIOUS UK MORTGAGE INTEREST RATE FORECASTS
UK House Price Forecasts and Predictions Latest Update
House Price Update 23/01/2012
Current UK House Prices Situation: Govt figures show regions continue to pay price of boom
UK House Prices Forecast: A shortage of stock means prices won't collapse
Average House Prices Down 0.3%
Average house prices fell by 0.3% over the year to November 2011, according to the latest house price figures from the Department for Communities and Local Government (DCLG).
This minimal figure hides the true picture, which is one of annual falls all UK regions except for London and the East Midlands.
First-Time Pay More, Owner Occupiers Pay Less
The average house price paid by first-time buyers rose by 0.7% over the year to November 2011, according to DCLG figures.
Conversely, prices paid by former owner occupiers fell by 0.7%, a change which the DCLG says reflects the change in average property prices over the year to the end of October 2011.
The DCLG November figures showed that the prices paid by first-time buyers increased by an average of 0.3% in November alone, compared to a monthly fall of 0.1% for former owner occupiers.
New vs. Pre-Owned House Price Divide Expands
The average price paid for a new house increased by 7.7% over the year to November 2011, according to the latest DCLG figures. This provides a sharp contrast to the average price paid for a pre-owned house, which fell by 0.9% over the same period.
New dwelling prices normally follow approximately the same path as pre-owned house prices, but since autumn 2010, new house prices have steadily risen while pre-owned house prices have fallen or stagnated.
This suggests that house builders are finding a way to make money on far lower sales volumes than they enjoyed before the credit crisis.
PREVIOUS UK HOUSE PRICE FORECASTS
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