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Compare mortgages from across space and time

Finding the right mortgage is essential if you’re looking to buy a property. If you’re having trouble imagining what it might look like, fear not! We’ve got a range of mortgage offers to choose from, making your search a whole lot easier.

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Which mortgage is right for me?

Remortgage

When you remortgage a property you are swapping your current mortgage deal for another one. This can help you reduce your payments or get a better deal with a new lender.

Equity Release

If you’re looking to borrow money during your retirement, you may want to consider an equity release plan such as a lifetime mortgage or home reversion plan.

Purchase

If you’re thinking of moving house and already have a property in mind, you will usually require a purchase mortgage to help you spread the cost of your new home.

First time buyer

Moving into your first home can be daunting, but there are plenty of resources to help you understand what to look for in a first time buyer mortgage.

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  • What is a mortgage?

    A mortgage is a loan that is usually taken out to allow a buyer to spread the cost of buying a property. Technically it is secured against the value of the property and is paid off over a long period, ranging from as little as six months to a maximum of 40 years.

    How does a mortgage work?

    When completing the purchase of a new home, you will pay a deposit that is usually around 10% of the total value of the property. The mortgage then covers the remaining value, giving you a Loan-to-value ratio (LTV). For example, if you put a £20k deposit on a £200k property, your mortgage would be £180k which would be a 90% LTV.

    The more deposit you pay, the lower the LTV will be, which will generally result in a cheaper product.

    LTV below 80% is considered low, 85-90% and upwards is considered high. The higher the LTV, the higher the risk to the mortgage provider, which means a more costly product.

    Paying the mortgage occurs like any other personal loan, in that you would make a monthly repayment to your lender, which would carry on for the lifetime of the agreed mortgage. Your monthly payments will include interest. Interest is what the lender charges you for allowing you to borrow the money from them. The amount of interest you pay is dependent on the mortgage product you are offered.

    Late payments or failure to pay your mortgage would result in penalties or fees added on top of the amount you owe. If you’re unable to pay your mortgage completely, your lender may seek foreclosure, which is where they will take legal possession of the property.

    What types of mortgage are available?

    • A repayment mortgage allows you to repay both the loan amount and the added interest at the same time every month.
    • On the other hand, an interest-only mortgage is much cheaper every month as you are only repaying interest. You’re advised to set up an alternative savings plan as you will need to pay the entire loan amount once you have finished paying off the interest.

    Once you have decided between the two options above, you can then start thinking about how you would like to go about paying interest:

    • Fixed rate mortgage – this indicates that your interest payments will stay the same throughout the lifetime of the mortgage
    • Variable rate mortgage – this indicates that your interest rates can change depending on fluctuations in the economy. There are a further three sub-types of variable rate mortgage:
      • Tracker – the variable rate mortgage follows the Bank of England base rate, but sometimes only for a limited time
      • Standard Variable Rate – a lender will set an SVR themselves, which will follow the fluctuations in the BoE base rate, but can be a few percentage points above
      • Discount Variable Rate – a lender can offer an SVR but with a discounted rate for a limited period before returning to a standard rate

    Our mortgage providers

    We work with a number of mortgage providers who are able to cater to your exact requirements as a potential homeowner.

    Each mortgage provider is screened to make sure they meet our high standards before we agree to work with them. This ensures that you can trust them as much as we do, allowing you to find the best product from a reputable source.

    You can browse through our mortgage portal or find individual mortgage providers by browsing through our provider page. Our range includes interest and repayment mortgages, catering for first time buyers and those looking to move home again.

    Have a browse through our provider pages to find the right mortgage provider for you.

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How to use Money Guru

Money Guru is an unbiased comparer of loans, credit cards, mortgages, current accounts, business accounts and credit reports. With our moneymatcher tool you can narrow down your search and find the best option for you.

  • Use moneymatcher to check your eligibility
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  • A huge panel of lenders and providers to choose from
  • Wisdom articles and insights to help you make an informed decision