To get the cheapest mortgage rates you need to move fast and look carefully.

The cheapest mortgage rates are not always obvious, you need to make sure you look all the factors affecting the total overall cost of a loan, to ensure you are getting comparable costs. At Deal Direct we can guide you through the many variations that different products and lenders have to get the best deal on a loan that suits you.

A good example is a range of products for buy-to-let mortgages, recently brought into the market by the Coventry Building Society. In this case, if you need a small loan, the better option may be to choose the mortgage that has a higher interest rate because it has a lower arrangement fee and this changes the balance of the overall cost.

For first time buyers we are seeing a more competitive market emerging with the NewBuy scheme, with some of the major lenders already preparing to lend 95% loan to value. It is anticipated that we will see more lenders join the scheme and therefore greater competition in the coming months.

For those on standard variable rates we have seen many rate rises announced in the past month, if you are affected it is a good time to look for a better rate. Some of the cheapest mortgage rates we are seeing are tracker rates that are linked to the low Bank of England base rate.

The lowest rates we are seeing for re-mortgages start at 2.39% just 1.89% above the base rate for a two year tracker. Deals like this are limited by their lending criteria and often available for a very short time as we are seeing new products introduced and others withdrawn on a daily basis.

If you want the cheapest mortgage rates on offer, don't delay, call us now at Deal Direct.