2015 UK mortgage guide.

If you are looking for a deal in 2015 to purchase a home, invest in property or remortgage you need to do your research if you are to get the best rate at the best terms. By choosing the right mortgage for next year you can ensure that your finances are working as effectively as possible.

With a mortgage being the largest single financial commitment most of us our ever going to make, it vital not to make a mistake. A mistake when searching for a mortgage can be very costly over the longer term, and to reduce the likelihood of making a mistake there are a few simple steps you can follow.

Getting the best deal in 2015.

1. Save as much as you can prior to looking for a mortgage. The higher your deposit the better the deal you will be offered.
2. Work out how much can you afford to borrow. You need to review your finances to see exactly what you can afford to borrow and what you can afford to repay each month.
3. Decide the loan to value you wish to take on. Loan to value (LTV) is the amount the lender will loan you, the higher the LTV you agree the higher the rate you will pay.
4. Decide what kind of mortgage best suits your circumstances. For the majority it will be a repayment mortgage as interest-only deals now tend only to be available to those with a large deposit of around 50%.
5. Work out your mortgage term. You will need to decide how long you want you mortgage for. The longer the term the more you will pay interest. However the longer the term the lower your monthly repayments will be. You may wish to consider a mortgage that allows penalty free over payments which would shorten your mortgage term.
6. Choose a mortgage type.  Seek advice as to the mortgage which best suits your needs.
7. Compare mortgage rates and fees. It is important to consider more than just the headline rate when comparing lenders deals. Mortgage fees are equally important when assessing mortgage affordability. Compare as many offers as possible for the best deal. It may be best to do this with expert impartial help. Our experts at Deal Direct can help you work out if you are better off with a lower rate with higher fee or vice versa.
8. Look into mortgage flexibility. A flexible mortgage will allow both over and underpayments. When you have extra cash you can pay a little more, and if you experience financial difficulty you can pay a little less. You may pay premium for this option and therefore it is important to work out if mortgage flexibility is work paying for.
9. Early repayment or moving your mortgage to a new home. If you agree a mortgage for a fixed period it is important to check if there are any early repayment charges should you want to pay it off in full or remortgage. If there is an early redemption charge check to see if you can 'port' your deal if you move home.
10. Seek independent and impartial advice from one of our experts.  There are so many mortgage products on offer with varying terms, rates, fees and criteria that searching the market without help could mean missing out on the very best deal.

To ensure you achieve the most affordable mortgage for your circumstances seek professional advice and guidance from Deal Direct.

For a review of the best mortgage products for 2015 call us on 0800 048 8828.