Compare Mortgages Comparison Sites

compare mortgages

Introduction

Buying a property is the most expensive item that people will probably purchase in their lives. It is an exciting time when couples or singletons decide to look for a home that they can make their own. Not many people have the funds to pay outright for a property so borrow the money to buy their chosen house in the form of a mortgage. Once borrowers have saved the deposit required it is time to find a property and search out the best mortgage deal they can find. Comparison sites are a great place to start when it comes to comparing interest rates charged or when deciding which type of mortgage suits the borrower best.

If your not completely clued up on mortgages, how they work, the different types available etc then we recommend you read our easy to understand guide first before comparing mortgages and comparison sites.

Comparison Site Mortgages Available Types of Mortgages Other Services Savings Claimed Offers
Beatthatquote.comBeat That Quote 50 plus Re-Mortgages, Tracker, Fixed/Capped, Buy to Let, First time buyer, Flexible Offset

Loans, Credit cards, Current Accounts, Savings, Investments, Pensions, Annuities

Comparisons only, no recommendations made as per mortgage regulations Best rates
Tescocompare.comTesco Compare logo 150 plus Fixed, Re-Mortgages, Tracker, Variable, Buy to Let, Offset Insurance, Utilities, Savings, Loans, Credit cards, Current accounts Comparisons only, no recommendations made as per mortgage regulations 1000 Club Card Points if application completed, No fees charged for advice given via companies,
Uswitch.comuSwitch logo 20 plus Fixed, Variable, Re-Mortgages, Offset, Buy to let, Tracker

Utilities, Broadband, Phone, Insurance, Credit cards, Loans, Savings, Current accounts

Comparisons only, no recommendations made as per mortgage regulations Save 1,000 when switching a number of services
Money.co.ukmoney uk logo 3682 Tracker, Fixed rate, Buy to let, Re-Mortgage, First time buyer Insurance, Investments, Utilities, Credit cards, Loans, Savings, Current accounts Comparisons only, no recommendations made as per mortgage regulations None Specific
Moneysupermarket.commoney supermarket 75 Fixed Tracker Discount, Fees free FTB/Low deposit Offset Money, Insurance, Travel, Energy, Mobiles, Broadband, Vouchers Comparisons only, no recommendations made as per mortgage regulations Free online property valuation
Confused.comconfused 100 plus Fixed, Variable, Tracker, First time buyer, Re-mortgages Insurance, Money, Utilities, Travel, Business, News and blogs Comparisons only, no recommendations made as per mortgage regulations Free expert advice, free mortgage calculator
Comparethemarket.comcompare the market 800 Re-mortgages, Fixed, First time buyer, Buy to Let Insurance, Energy, Broadband, Money, Business, Travel Comparisons only, no recommendations made as per mortgage regulations Free Meerkat Toy
Gocompare.comgo compare 45 plus Fixed, Variable, Buy to Let, Self build, 100% mortgages

Insurance, Money, Motoring, Travel, Energy Phone, Internet

Comparisons only, no recommendations made as per mortgage regulations Free advice, seven days a week service
Totallymoney.comtotally money 20 plus Tracker, Discount, Fixed, No fee, High LTV, Buy to let Credit cards, Loans, Savings, Insurance, Energy, Current accounts Comparisons only, no recommendations made as per mortgage regulations Find out in less than 5 minutes if you qualify

Beatthatquote.com

beat that quote

Beatthatquote.com is one of the UK’s fastest growing comparison websites and will continue to expand due to its amalgamation with Google. The site has a vast array of mortgages to check out, meaning you will most likely find something to suit your individual requirements.

Offering a free initial quote that will not affect your credit score as there is no check at this stage, Beat that Quote.Com use a very easy to understand table to compare their mortgages. The online calculator makes working out what the cost will be simple plus customers will speak to qualified mortgage advisors when proceeding with an application in line with mortgage regulations.

This great comparison site offers a range of services comparing Current accounts and Savings through to Pensions and Annuities. The site also has a comprehensive information section that explains to customers what the different types of mortgages are; making it easier for users to decide which type of mortgage will best suit their needs.

Compare mortgages at Beat That Quote

Tescocompare.com

tesco compare logo

Tescocompare.com is a price comparison website that offers a great service not only for mortgage comparisons but for a whole range of products from Insurance and Utilities to Holidays and Credit cards. The supermarket giant is fast acquiring a reliable reputation in this field, while customers only have to browse the site to see why.

The service is entirely free with free advice from qualified mortgage advisors that will set you on the right path. Customers who would rather speak to an advisor straight away can do so by calling London & Country who are Tesco’s preferred provider. Such is Tesco’s expertise and service that they were awarded Best Mortgage Comparison Site 2012 by What Mortgage.

Other great products that Tesco Compare.Com covers mean that the site is one of the best in its field. Customers who receive a mortgage recommendation and complete the application will be awarded 1000 club card points, just a small incentive but useful all the same.

Compare mortgages at Tesco Compare

Uswitch.com

uswitch logo

Uswitch.Com offers to help you find the right mortgage by comparing the best deals available on the market at the moment. Giving all the information a would be buyer needs to make that all important decision Uswitch.Com explain just what each type of mortgage is, along with its attributes, so customers can decide which one suits them best.

The site is really easy to navigate meaning even the customers who are not familiar with the internet will find their way around easily. Users just need to fill in what type of mortgage they need, over how many years, how much they want to borrow and whether fixed or variable. The mortgage finder will then search for the mortgage that suits the customer best.

Uswitch.Com offers a good range of services including Utilities, Broadband, Mobiles, Insurance and Money stating that up to £1000 can be saved when switching a number of services together. There is also free phone number to call should you prefer to speak to a trained advisor regarding a mortgage.

Compare mortgages at U Switch

Money.co.uk

money uk logo

Money.co.uk has searched literally thousands of mortgages so that customers will be able to compare the best deals that are out there with ease. There is a good range to select from offering something for everyone whatever their situation. The mortgages they compare are from some of the top providers on the high street, while the comparison grid is neatly set out with all the detail customers require in order to make an informed decision. If there are any unique requirements such as a current account with the provider to qualify, the site informs the customer before they get to the applying stage thus saving time.

Customers who choose to register with Money.Co.Uk can ask a question by typing in the box on the top right of the page. The site will then answer your query ASAP via email to your account. The site also has lots of useful information regarding mortgages that is very informative and useful.

As with most comparison sites Money.Co.Uk do cover a range of products from Insurance and Utilities to Investments and Savings. Customers can also write a review on any product compared and subsequently bought, giving other customers an insight into the views held by others, while viewing the questions and answers section can benefit in terms of frequently asked queries.

Compare mortgages at Money UK

Moneysupermarket.com

money super market mortgages

Moneysupermarket.com is a great place to start when you want to compare mortgages plus what’s on offer with the best rates going. The site has a wealth of advice available that will help you choose the right mortgage for you. From re-mortgaging to first time buyers Money Supermarket has plenty of information along with a good selection of mortgages tailored for specific needs.

Customers can even get a free valuation, indicating how much their property is worth, while customers who prefer to speak to a qualified mortgage advisor also have that option too. The site is simple to navigate and by entering the purpose of your mortgage in the space provided will bring up a comprehensive display of current mortgages available.

Moneysupermarket.com also compares a whole range of products from Insurance and Travel to Energy and Money meaning customers can find the right deal for them on just about anything, so saving money in the long term. The site even compares companies who offer conveyance services making buying and moving an all round easier process.

Compare mortgages at Money Supermarket

Confused.com

confused mortgages

Confused.com offers free advice so customers can get the best deal that suits their needs. The efficient mortgage calculator gives some indication of your borrowing limit meaning that customers can tailor their requirements to fit in with what they can afford. They have fixed rate to variable mortgages on offer meaning there is something to suit most people.

Confused.Com use Lovemoney.Com as their chosen provider, while all the latest news about what’s on the market ensures that customers have the most recent information at their fingertips. Customers can also speak to a qualified mortgage advisor on the phone if preferred or even request a call back to keep the costs down.

The site has a whole range of other comparisons for customers to peruse from Insurance to Utilities and Travel meaning they can compare all the services in one convenient visit to the site. Confused.Com has made navigating their site easy ensuring that by a few clicks of the mouse information will be displayed in seconds.

Compare mortgages at Confused

Comparethemarket.com

compare the market mortgages

Comparethemarket.com is one of the most popular comparison sites out there at the moment. A sleek advertising campaign has ensured this fact, while the efficiency of their website makes it easy to compare a whole range of products and services. As far as mortgages are concerned the site compares over eight hundred giving the customer a lot to think about.

The site is set out in such as way to make it easy for the user to navigate their way around to find out the facts. The first thing the mortgage page asks is why are you looking to compare? There are four answers to choose from, listed below, so that customers just need to decide which one suits them and click. It’s all very straight forward.

The site also has a calculator where you can enter your salary to find out just how much money you will be able to borrow based on your earnings. Expert advice can also be obtained via the telephone if this mode is preferred. Compare The Market.Com offer a whole range of comparison services from Insurance to Energy, Money and Travel making it one of the best comparison sites on the web, while the cute Meerkat toy is a free gift most people would love to collect.

Compare mortgages at Compare The Market

Gocompare.com

go compare mortgages

Gocompare.com may have one of the most annoying advertising campaigns on TV at the moment but their comparison site is certainly second to none. Mortgage advice can be obtained seven days a week, while it is also free of charge taking the sting out of the tail when it comes to your finances. Getting the latest rates is simple by just clicking the button and the information is at your fingertips.

The site has useful calculators meaning customers can work out how much they can borrow plus how much it will cost them, two of the main facts we all want to know when choosing a mortgage. Customers can talk in person to a qualified mortgage advisor or ask for a call back. The site covers a range of products and services such as Insurance, Money, Travel, Energy and Business, while the informative site magazine gives the customer up to the minute news and figures at the click of a button. 

Compare mortgages at Go Compare

Totallymoney.com

totally money mortgages

Totallymoney.com compares a whole range of products and services from Insurance through to Savings, Energy and Mortgages. The site has searched some three thousand mortgages to find the best deals on offer to customers. This saves would be buyers’ hours of trawling through facts and statistics making the site a worthy competitor when it comes to comparing mortgages.

The fully interactive table is simple to navigate providing the user with an answer as to whether they qualify for a mortgage within minutes. All the interest rates are supplied along with up to the minute information regarding mortgages, while further information can be obtained by calling the free phone number provided, to speak to an advisor.

Totally Money may not be one of the best known comparison websites but it is certainly one of the most comprehensive in terms of the selection and the service. Whatever it is you wish to compare Totally Money will cover the product in an informative way so saving customers time, energy and most importantly money.

Compare mortgages at Totally Money

Mortgages Explained

mortgaes guide

What is a Mortgage?

A mortgage is a loan that is specifically designed to enable a person to buy a property. The mortgage is granted with the house or property used as collateral or security to insure the loan. This means that if the borrower does not pay his or her instalments regularly or on time then the property can be repossessed by the lender.

Usually the borrower will have to put down a deposit. This can be anything from 5% to 20% of the property valuation depending on the financial climate at the time of borrowing, while borrowers can put any amount over the 20% down as deposit if available. So, say you want to buy a house that has an asking price of £100,000. You would need £20,000 as deposit if it is set at 20%. This means you would then borrow £80,000 that you would have to repay to the lender along with the interest in monthly instalments over an agreed term up to a maximum of around thirty years.

Traditionally banks or building societies loan money for mortgages. You can apply to your own bank or look around for the best deal from other banks. Using comparison websites is also a very useful way of sifting through what is available out there as they do the donkey work for you providing information on the best deals available at the time.

What are the Components of My Monthly Payment?

Your monthly payment is worked out by taking into account how much you have borrowed from your lender plus the interest that is being charged on the loan. The interest is a percentage of the total loan amount you are borrowing. Monthly payments can go up or down depending on what type of mortgage you took out and the financial climate.

What are the Types of Mortgage Available?

Fixed Rate Mortgages

Standard Variable Rate Mortgages

Discount Mortgage

Tracker Mortgage

Fixed Rate - This means that for a set time your payments will remain the same even if interest rates go up. This type of mortgage is beneficial for those of us who like to feel secure and plan our finances accordingly. Rates can be fixed from two to five years and in some instances longer.

Once the fixed rate term expires borrowers are generally transferred onto the standard variable rate of interest. Some fixed rate mortgages can be more expensive than other types, while if interest rates fall during your fixed rate period you will not see the benefit as your rate is fixed so you may miss out. Early repayment charges can sometimes apply too if you withdraw from a fixed rate scheme early.

Variable Rate - This means a Standard Variable Rate mortgage or SVR as it is known. Customers are usually transferred to this type of mortgage when their fixed rate term expires. Lenders can raise or lower their SVR as and when they please. The Bank of England base rate generally influences the interest rate of an SVR mortgage. It is usually set around 2% above the Bank of England rate. It can be a plus at the moment having an SVR mortgage as base rates have changed very little recently but some lenders are putting up their rates on SVR’s as is their right so consider carefully before changing anything.

Discount Mortgage - A Discount Mortgage has its rate set below the lenders SVR therefore giving the borrower a “discount” for a set time at least. Once the term of the deal ends, borrowers will revert to SVR of interest. So for example if the SVR is 4% you will be given a discount rate set at 3% which is 1% under the going rate. If the SVR rises by 1% then so will the discount rate and so on.

As the discount rate depends on the particular lenders SVR, even if the Bank of England rate falls your interest rate may not, meaning you will be worse off, as the interest rate tracks your lenders SVR. It can also come as a shock to the system when the term of the discount expires and the interest rate suddenly goes up in line with a SVR.

Tracker Mortgage - A Tracker Mortgage tracks the Bank of England interest base rate either 1% below or above. Tracker mortgages can be set for as little as one year or as long as the whole mortgage term. As with the other types of mortgage, when the deal ends you will revert to SVR.

Interest rates are very low just now meaning that tracker rates are very low also making your repayments low. Borrowers can capitalise on this by paying more per month than required, thus lowering the number of years left to pay on their mortgage. The main drawback to a Tracker is the fact that, if interest rates suddenly begin to escalate so will your mortgage repayments so customers are advised to take qualified advice before taking on any type of mortgage.

How Much Can I Borrow?

The amount of money you will be able to borrow is based upon how much you earn. Most lenders will lend you up to 3 1/2 times your salary based on one person. If you are a joint borrower both your earnings will be taken into account with some lenders offering four times joint salaries.

What is Re-mortgaging?

When you re-mortgage you take out a new type of mortgage with your current lender or you move to a different lender but don’t move house. Most types of mortgages are available except those aimed at first time buyers. The market is so changeable and competitive that many people opt to re-mortgage to get a better deal or to pay for home improvements. Re-mortgaging does incur costs such as arrangement fees, valuation fees, legal fees and solicitors fees so borrowers need to budget for these costs when thinking of re-mortgaging.

Will it Cost me to take Out a Mortgage?

The answer is most definitely yes, it will cost you. The costs differ according to which lender you go with. Some of the charges are;

  1. Application Fee - This is charged at the point of application and is intended to deter applicants who are not serious about going ahead with an application. Some lenders do not charge this fee.
  2. Arrangement Fee - This covers the cost of the mortgage set up. The borrower pays when the mortgage application is completed. Also known as administration fee.
  3. Valuation Fee - This fee is charged, as a valuation is carried out on the property by the lender.
  4. Early Redemption - This fee is charged if you switch your mortgage to another lender within a preset time. Some lenders may charge six times the monthly payment as a penalty. Borrowers need to make sure whether an early redemption fee is applicable to the type of mortgage they take out.
  5. Mortgage Indemnity - This is payable by borrowers who are taking on a mortgage that is typically 90 or 95% of the property value. It is to cover the lender not the borrower in case the sale amount of a property does not cover what is owed on it. Many suggest this fee is a money making scheme rather than a safe guard.

Mortgage Worries? I Can’t Pay!

If you find that you cannot keep up your mortgage repayments there are steps that you must follow. Never bury your head in the sand hoping it will all go away as this is certainly not the case. The first thing you have to do is contact your lender to discuss what must be done. Your lender will endeavour to work out a plan of action to get you paying again. Paying however little you can afford will place you in a better negotiating position than not paying anything at all. Never ignore letters or phone calls from your lender regarding your mortgage as they will try to help you. Your lender may

  1. Lengthen the loan term so your payments will reduce
  2. Change you from a repayment to interest only mortgage
  3. Take reduced payments if your financial problem is temporary
  4. Add any arrears to the mortgage owed
  5. Alter the payment dates to make them more convenient for you

Always Seek Advice

There is plenty of good advice out there if you look for it. There are debt counsellors and agencies that will try to help you through your difficulties. One such agency is The Citizens Advice Bureau who has trained staff who can help you with your debt.

Repossession

The worst case scenario if you do not keep up your payments will be having your property repossessed by the lender. If this happens the lender will sell the property for the best price they can get and you will have to give up your home. When the lender sells the property if there is any money left over once everything is settled the remaining sum will be returned to the borrower. If however the money obtained does not cover what you owed you will still owe the lender the shortfall amount. The lender has twelve years to pursue you for the shortfall or they may just write it off depending on the amount. 

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