When you compare mortgage rates make sure you consider all the factors.

When you compare mortgage rates you will need to factor in whether you want the certainty of a fixed rate mortgage or a tracker product where rates could rise in the future. Relative rates for these mortgage types are likely to be slightly higher for fixed rate products compared to tracker rates for a similar period.

It is suggested that the average interest rate for a fixed rate mortgage can be up to 0.80% higher than for a tracker mortgage for the same term. However the security of knowing what your payments are going to be can be preferable to the risk of rates rising.

When you compare mortgage rates it is also important to compare the rates to which a mortgage reverts after the fixed or tracker period ends. Lenders standard variable rates can vary widely and can be changed at any time unless you have a specific deal that prevents this.

Recently published research has suggested that over the past five years the number of fixed rate mortgage products has increased from just under half to 68% of mortgages. It is suggested that there has been a fall in tracker mortgages over a similar period and lifetime trackers have fallen by 10% to just 2% of the Market.

The most competitive area of the market, with the most mortgages available, is for two year fixed rate products making up 30% of the market. Fixed rate mortgages for between two and five years account for 75% of all mortgage products available.

To help you decide which is the best mortgage for you call Deal Direct for advice. We compare mortgage rates throughout the market and can advise you of the advantages of different products.