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How to compare mortgage deals

With 90 lenders offering more than 12,000 mortgage deals, deciding which one's right for you might sound a little daunting.

But there are a few ways to go about it, depending how involved you want to be in the process.

Using a mortgage broker

Mortgage brokers consider deals from a number of lenders to find the most suitable deal for your specific circumstances.

They act as a middle-man, finding you the right deal and submitting the application for you.

Note:

  • While Trussle doesn't charge a fee, many brokers do. Always check the costs involved.
  • While Trussle compares 90 lenders, many brokers compare fewer which could limit your options.
  • Brokers aren't able to submit an application to direct-only lenders such as First Direct, so you may miss out on a more competitive deal.

Using a comparison site

Comparison sites can show you a range of deals from different lenders that meet a limited set of requirements.

They're free and often simple to use.

Note:

  • Comparison sites don't take your personal circumstances into account (such as a credit score or future plans) so could show deals you're unable to get.
  • Often comparison sites will default to sorting deals by lowest rate, which could be misleading. Always consider the True Cost when comparing deals.

Going directly to lenders

Most lenders will allow you to apply for a mortgage directly with them. This will typically involve visiting one of their branches and speaking with an adviser, who'll help identify which of their deals might be suitable for you and help you apply.

Note:

  • A lender will only offer you their mortgage deals, meaning you'll need to compare other lenders yourself to get an idea of whether it's competitive or not.
  • You'll normally need to visit the lender at a branch, which could be time consuming.

How to compare mortgage rates

Comparing the interest rate between like-for-like mortgage deals is really easy; the lower the rate, the lower the interest.

But mortgage deals are multifaceted. It's difficult to make like-for-like comparisons.

Instead, we need to take a few things into account:

  • Interest rate. This is the amount of interest that will be applied to the loan.
  • Capital repayments. This is the amount of the borrowed capital you'll be paying back.
  • Upfront fees. Some lenders will charge an upfront fee on some of their deals.
  • Incentives. Some lenders will offer an incentive such as cashback on some of their deals.

True cost

The true cost is the total amount you'll pay pay back over the initial period, taking into account interest, capital repayments, fees, and incentives.

This is a good way of comparing mortgage deals because you're less likely to choose a low-rate deal that actually costs more over that initial period.

We explain this in more detail in our article Comparing Mortgage Deals By True Cost.

Find the right mortgage deal for you

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  • We compare 12,000 deals from 90 lenders
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Bear in mind
Your home could be repossessed if you don't keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Any savings will vary depending on personal circumstances.