Deal Direct source the best mortgage deals whether fixed, tracker or discounted.
The best mortgage deals are not just those with the lowest rates.
Whether you choose a variable or fixed rate your deal will be influenced by your personal circumstances. The product you choose within that mortgage category will be further influenced by details such as loan to value, lending criteria, fees and early repayment penalties.
Fixed rate mortgages offer an agreed rate for a specific period which can give home-owners peace of mind. Rates generally tend to be higher than comparable trackers because you are protected from any interest rate rises during the fixed rate period. However the extremely low base rate has brought these rates closer together for some products.
Tracker mortgages follow the Bank of England base rate and are usually set at a percentage above, for a fixed period or the lifetime of the mortgage. They tend to offer lower rates and may appear to be the best mortgage deals but there is no guarantee that rates won't rise over the term of deal.
Discount mortgages are linked to lenders standard variable rates and as the name suggests, they are offered at a discounted rate set below the lender's SVR. Unlike trackers these rates are not linked to the base rate, and as we have seen can increase at any time.
At Deal Direct we can give you impartial advice. We can help you decide which type of mortgage best suits your circumstances and source the best mortgage rates in the market.
