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Compare Mortgages

What is a mortgage?

To buy a home or property, you need a loan in the form of a mortgage, and should always carry out a mortgages comparison to find the best option. The amount of the loan will have interest added to it by the entity you borrow from. Your monthly payments will cover the total amount, and will need to continue to be paid until you have paid the loan off.

In the past it has been possible to get 100% mortgages, but these are now in short supply. Most lenders will want to see that you are capable of saving for a deposit, as this is viewed as one indicator of your suitability for a loan. Now, most lenders will require at least a 10% deposit, although it is still possible to find some deals requiring only a 5% deposit, especially those targeted at first time buyers. It is always better to have as large a deposit as possible, as it makes your repayments cheaper and will result in much less interest being paid on the loan over the long term.

What type of mortgages comparison do I need?

When you start to compare mortgages, the first thing you need to know is the type of mortgage that you’re looking for.

First time buyer mortgages are fairly self-explanatory. To qualify for one, you need to be buying your first property in the UK. When you are carrying out a mortgages comparison for this type of mortgage, you should be able to adjust the amounts to see how the size of your deposit and other factors affect the amount that you are able to borrow and repayment amounts. The lowest deposit amount that you will be able to find is 5%, which is a 95% loan to value mortgage.

Compare Remortgages

Remortgage loans are used when you want to move on from your existing mortgage but are staying in the same property. If you end your current mortgage agreement before the end of the initial term, you will usually have to pay a lump sum to your former lender. So, in general, you should wait until the end of the initial term before looking for a new deal. Sometimes you’ll be staying with the same lender, but transferring to a better deal, perhaps because your initial terms have expired and the repayment amounts have increased.

Second mortgages are usually taken out against equity in your existing property, to provide you with some extra cash. This will result in your needing to pay back two mortgages at the same time. The second mortgage is secured against your home in the same way as your first mortgage.

Buy-to-let mortgages are for people who are purchasing a property for investment purposes, and who intend to rent it out.

What type of mortgage rate should you choose?

There are several types of mortgage, the main two being fixed-rate mortgages and variable-rate mortgages.

Fixed Rate

Fixed-rate mortgages, as the name implies, fix your repayment amount for the initial period, which is usually between 2 and 5 years, but can be between 1 and 10 years. Before the initial period expires, you will be informed of the ongoing rate for your mortgage deal, which will almost always be higher, and you can then decide if you want to stick with this deal or look for a new one.

Variable Rate

Variable-rate mortgages are decided by your lender, a decision which is affected by the current interest rate and other factors impacting the financial markets at a given time. A variable-rate tracker mortgage’s interest rate is linked to the base rate at the Bank of England, and so is easier to predict and less volatile. Usually, these deals will last between 2 and 5 years but it is possible to get lifetime tracker mortgages.

Variable Rate

A discount variable-rate mortgage is not linked to the base rate of the Bank of England, but the standard variable rate set by the lender. If you opt for this type of mortgage, your monthly repayments could rise or fall. However, it will mean that you are living with a level of uncertainty with regards to your outgoings, and the factors affecting these changes are more complex.


Offset mortgages work by taking into account your savings amount when calculating your monthly repayments. So, if you choose this type of mortgage, you won’t be earning interest on your savings, as this amount is being used to effectively guarantee a proportion of your mortgage in order to allow you to pay less interest on the mortgage debt. This type of mortgage is available with both fixed and variable rates. Many higher earners like this type of mortgage as you are not then paying tax on your savings.


How to compare mortgages

When you set out to do a mortgages comparison, look for a site that features some of the high street brands you’ve heard of, plus some that you haven’t. Some of the best deals can be found from smaller lenders, these aren’t solely offered by recognisable names.

If you have any concerns around eligibility, it should be easy to find information online relating to acceptance criteria and the types of deals and lenders you are likely to be accepted by, before you input any information. Remember that once you have made a formal application, this may be recorded on your credit file, even if you are rejected.

The best idea is to spend as much time as possible researching the lenders that fit you best, and then using a comparison site to compare mortgages from these lenders.

When you’re looking at possible deals, remember that deposit amounts and repayments are not the only criteria you need to be using in order to narrow down your shortlist. Some lenders won’t charge any fees, but most will have some, and in some cases, these can be quite hefty. Many will allow you to add them to the cost of your mortgage, which can be very useful if your deposit and upfront cash are small, but remember that by adding them to your loan you will pay interest on this additional amount over the course of many years.

Frequently Asked Questions

Yes. Comparing mortgages is more important than ever if you’re a first time buyer. A comparison will help you onto the property ladder by sorting through lenders in search of the best rate. Bright Compare can help you find the perfect mortgage.

Comparing mortgages online can help you find a better rate. With just a few simple details you’ll be able to see which lenders offer the best rates and get a personalised quote. Bright Compare has access to the best deals and makes comparison simple.

Yes. Comparing mortgages is even more important when you have bad credit. A comparison will show you the best deals and compare rates from different providers based on your circumstances and credit score. Bright Compare makes the process quick and simple.

Yes, you can compare mortgages regardless of your age, and a comparison is the best way to find the right deal for you. Quotes are tailored to your circumstances, and Bright Compare will help you find the best deal by comparing multiple different lenders.

Comparing mortgages online is the best way to find a great deal. With just a few simple details you can compare mortgages across a range of lenders and find a rate that’s perfect for you. Bright Compare makes the process straightforward and quick.