"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 30/01/2012
Current UK Interest Rate: 0.5%
UK Interest Rates Forecast: Low mortgage rates likely through 2012
Buying Now 16% Cheaper Than Renting
A combination of falling house prices and low mortgage rates has made buying a three bedroom house an average of £100 per month cheaper than renting the same house, according to the Halifax.
The Halifax Buying vs. Renting Review tracks the costs of buying and renting a three bedroom house, including additional costs such as maintenance and insurance. The latest review found that in December 2011, buying a three bedroom property was an average of £116 per month cheaper than renting the same property, based on a typical monthly mortgage of £600 and a monthly rental payment of £716.
This is a complete reversal of the situation three years ago, when buying cost an average of 29% more than renting. Since then, the average mortgage rate for a new borrower has dropped from 5.75% to just 3.63%, resulting in a corresponding average reduction in mortgage payments of £242 per month, based on the same three bedroom property.
Halifax says that over the last year, buying costs have fallen by 5%, while renting costs have risen by 5%.
The Return of the 95% Mortgage
In a possible sign that lenders believe that house prices are nearing the end of their downwards journey, the last fortnight has seen three mortgage lenders announce the reintroduction of 95% mortgages for lenders with small deposits. In total, at least five lenders now offer some kind of 95% deal.
PREVIOUS UK MORTGAGE INTEREST RATE FORECASTS
UK House Price Forecasts and Predictions Latest Update
House Price Update 30/01/2012
Current UK House Prices Situation: Overall picture is flat - regional variations
UK House Prices Forecast: Little direction to house prices in 2012
Prices Stay Flat In January
Average house prices did not change in December or January, according to two leading house price indices published this week.
The Land Registry house price index reported 0% change to average house prices in December, leaving the annual rate of change at -1.3%.
The Hometrack house price index, which is based on a monthly survey of estate agents in all postcode districts of England and Wales, reported 0% change in average prices for January, leaving its annual rate of change at -1.6%.
Market Conditions Weakening
Hometrack reported that the percentage of the asking price achieved has started to "slip back" and currently stands at an average of 92.5%. The more this falls, the more house prices will fall.
Similarly, the average time on the market has increased to 10.2 weeks, although this average conceals major regional differences. Sellers in Guildford, for example, can expect to sell in an average of 5.9 weeks, whereas sellers in Carlisle might have to wait more than 3 months.
The Hometrack figures showed that January also saw falls in a number of other key statistics. There was a 5.4% fall in the number of new properties listed, a 14.3% fall in the number of sales agreed and a 10.5% fall in the number of new buyers registering with estate agents.
PREVIOUS UK HOUSE PRICE FORECASTS
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