Which is the best mortgage deal for me?

Choosing the best mortgage deal can be a difficult decision for some would-be buyers, but help from independent mortgage expert Deal Direct can make the decision far more straightforward.

Impartial mortgage advice can make the process of choosing the best mortgage deal easy. After a review of your financial circumstances and your mortgage needs, we can help you work out which type of product would be best suited to you.

The first thing to consider is whether you want a repayment or interest only mortgage.

On this point the decision has in many respects already been made for you. Mortgage criteria has significantly tightened and so unless you have a 50% deposit and an adequate repayment vehicle to repay the capital owed, it is unlikely you would be accepted for an interest only mortgage.

Should you fit interest only lending criteria and be approved for a deal, then it is essential to keep on top of your investments to ensure that they are performing.

For the majority a repayment mortgage will be the way to go, and the next decision will be fixed rate deal or variable.

With a fixed rate, monthly mortgage repayments remain at the same level for a fixed period of time regardless of BoE base rate, Libor or swap rate movements. This type of mortgage offers risk averse home-owners a level of security and peace of mind.

Fixed rates are slightly higher than variable rates which come with a higher risk. However if you are willing to gamble the base rate will remain low you could opt for a tracker and end up with a far more attractive offer.

For advice as to which is the best mortgage deal for your circumstances contact Deal Direct.