UK Mortgage Guide Information to Compare Instant Mortgage Quote UK and UK Buying info

Like supermarkets they'll use techniques like offering "loss leaders" to lure more customers (Their pay off is that later on you're not likely to go elsewhere because of "consumer inertia" - which we've all got black belts in when it comes to financial products).

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General UK Mortgages Guide Contents

Look for a mortgage lender who is offering a "loss leader"

Provided there's no overhanging lock in you could shop around for another good deal at the end of it and save thousands.

In other words buy with a view to get a new mortgage deal every 2 years or so.

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Don't be taken in by a low sounding initial interest rate

This is known as the headline rate. Very low rates usually come with cunning long term "tie ins".

What will happen at the end of the low interest rate term? Do you have to stay with the same mortgage lender who is suddenly only offering you a very uncompetitive rate unless you pay a big penalty (see below) to leave?

A much better guide to how much a loan will cost is the APR

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Beware Redemption Penalties

When you take out a mortgage you have an agreement with the lender. This covers the amount you repay and is set for a particular period.

For example you may have a mortgage for a three year fixed interest rate of 5%.

If you want to get out of this deal before the three years is up you'd probably have to pay a redemption penalty. This is a charge which supposedly compensates the mortgage lender for the time and expense of your leaving.

Some lenders may try to hide the redemption penalties in the small print.

Simply ask your prospective lender what the exit / redemption penalties are. If you're not sure what they mean ask them to spell it out. If you still don't understand you can take it that there's something they might be trying to hide so walk away.

... and "Overhanging lock-ins"

This is a penalty for leaving a lender AFTER a special deal interest rate has come to an end (ie not DURING the agreed timescale of the deal).

So, using the same example as above, if you got a mortgage with a three year fixed interest rate of 5% the mortgage lender could charge you a penalty if you left after the three years was up, say in year four.

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General UK Mortgages Guide Contents

To read more on this subject please see the list below or your mortgage guide or your home buying guide

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		(eg 92500)

Your Mortgage Type

First time buyer?		Yes No
Have you found property?		Yes No
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Read On about How to Find your Mortgage

Going direct

Going through a Mortgage Broker

Going through an IFA

Going through an Estate Agent

Going through other websites

The Mortgage Code

Read On / Mortgage Guide

How to Get a Mortgage in the UK

Types of Mortgages

Remortgages

How to Find A Mortgage

About Mortgages in Principle

Costings of a UK Mortgage

Mortgages TIPS

Calculators for UK Mortgages

A - Z all UK Mortgage Types

Read On

Guide to Buying Home in the UK

Guide to UK Home and Mortgage Insurance

Life Insurance Guide

Glossary of UK Mortgage Terms

Mortgage News

When you are looking for a UK mortgage it is important to have all the information you need at hand. That's where our UK Mortgage Guide comes in. The Mortgage Guide contains all the information you need to be able to compare all your mortgage quotes.

By going online you might be able to get an instant UK mortgage quote – this is great news and will help you speed up your home buying decisions. It is important to have enough information when buying a UK property and mortgage quotes are an essential part of that information.

When looking for a mortgage in the UK, make sure you read our free Mortgage Guide – it is full of information about UK mortgages, advice on how to compare UK mortgages and tips on how to get the best instant mortgage quote possible. It also has information on buying UK homes – it is packed full of useful home buying information and it is free.

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