Mortgage comparison is a vital part of the home ownership journey. It helps make sure you consider all options and get the best deal for you.
At Mojo, we can help you compare mortgages for free, plus provide expert advice along the way. Click to see how we can help
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The value of mortgage comparison shouldn’t be overlooked. A mortgage is the biggest financial responsibility most people will ever have, so it’s an important thing to get right. Of course, everybody wants the cheapest rate possible, but it’s also important to ensure the mortgage terms and conditions suit your lifestyle in the long term.
Whether you’re buying your first ever home, remortgaging for the fifth time, or looking for a new investment property, getting an expert opinion when you compare mortgages can be priceless. And with Mojo, it is - we won’t charge you a penny. So what have you got to lose? Let our mortgage comparison gurus help you today
How do changing mortgage rates impact me?
It’s important to understand the different rate types, to be clear on how rate changes will impact you in the future.
Fixed-rate mortgages - you get a rate that's usually cheaper than the lender's standard rate (SVR) which remains the same for an initial period. Often this is 2-5 years, but it can be much longer. Fixed rates are typically a bit higher than variable rates, but you benefit from the security of no unexpected changes for a set length of time
Variable-rate mortgages - also have an initial period with a cheaper rate, however, they can change at any time. While you’ll usually both variable deal types (tracker and discount rate) are cheaper than fixed rates, this is because they could potentially rise immediately. Of course, they could also fall, but the risk lies in a rise in interest
Standard variable rate mortgage (SVR) - while strictly another variable, its not really a deal type. This type of rate has no initial period and tends to be lenders’ default rate of interest. If you take either a fixed or variable rate deal as described in the earlier points, you end up on the SVR when your initial period ends
Changing mortgage rates can impact what you pay each month. Most rate changes are influenced by changes to the Bank of England base rate, either directly or indirectly. However, SVR and discount rates can also change at the lender's discretion, whether the base rate moves or not.
Fixed rates only change when the deal period ends, so the way to avoid changes here is to remortgage onto a preferable rate. This can be done up to six months in advance in most cases.
Mortgage rate comparison
When you compare mortgages, it’s a good idea to factor in how important stability is to you. If you’re simply looking to find the cheapest mortgage available to you, there’s a high chance that could be a variable rate option.
However, if it’s equally important that you stick to a certain budget, it may be worth comparing the best fixed-rate options and accepting that they are slightly higher.
How to compare different mortgage deals
There are a few things to consider when comparing mortgages:
Rate - the rate is the most obvious one, but be sure to chose the right type for you, rather than just the lowest available
Fees - high fees can impact the overall deal cost, so always keep this in mind when a rate seems particularly low. The APRC can help you compare the overall cost of a deal with fees included, but keep in mind that most people remortgage after the initial deal ends
Terms - As well as finding the right length of term (remember the longer the term the more interest you’ll pay), ensure other conditions suit you. Does your deal allow overpayments, for example, or the ability to port your mortgage if you needed to?
Compare mortgage deals - No matter what type of mortgage you’re looking for, there are many lenders and options available. There are thousands available across the market - so having an experienced broker, like us, compare them quickly, with your preferences and circumstances in mind, can save you both time and money
Why use Mojo for your mortgage comparison needs?
95% of Mojo applicants have a successful application. Let our whole-of-market mortgage experts help you find your mortgage joy with:
A quick and clear recommendation of the best deal based on your circumstances
A personal service with clear communication from your broker or case manager - including evenings & weekends
Free valuation for your property - the same tool the lenders use
If remortgaging, we can compare your current lender's new deal against the rest of the market for you
Plus, we aim to speak to you ASAP & submit as soon as you're ready
Going above & beyond to save you time ⏳ & money 💰 on your mortgage
Paperwork help ✅ Mortgage broker exclusives ✅ Works alongside nearly every lender ✅
1. Add your details online
No 2-hr phone calls or branch visits. It takes a few minutes to tell us what you need from your next mortgage online
2. Choose how & when to speak to your broker
ASAP? Or choose the perfect time - 6 days a week and evenings
3. Get your mortgage with Mojo
We’ll check and chase to help avoid delays. Get regular updates from your broker and case manager
Other questions you can answer through mortgage comparison
Mortgage comparison can help you to see the bigger picture when you're looking for a mortgage. Here are some of the things you can discover when you compare mortgage deals: