Compare mortgage rates
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Last reviewed by John Fraser-Tucker on 1 January 2024
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.
- 1.
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
- 2.
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
- 3.
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:
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Rate - the rate is the most obvious one, but be sure to chose the right type for you, rather than just the lowest available
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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
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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?
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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 online mortgage 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. Use a whole-of-market mortgage broker help you find your mortgage joy with:
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A quick and clear recommendation of the best deal based on your circumstances
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A personal service with clear communication from your broker or case manager - including evenings & weekends
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Free valuation for your property - the same tool the lenders use
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If remortgaging, we can compare your current lender's new deal against the rest of the market for you
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We're fee-free
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Plus, we aim to speak to you ASAP & submit as soon as you're ready
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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:
This is something that can become clearer through mortgage comparison, as different lenders will lend you different amounts.
Although all lenders tend to look at the same qualities when assessing your suitability for a mortgage, such as credit score, income and outgoings, among others, they each score this information differently.
This means that your circumstances could be declined by one lender and accepted by a range of others - each with different interest rates and loan size offers.
There’s a very simple answer to this one. A bank will only offer you their own range of products. A whole-of-market broker, like ourselves, has access to a vast number of deals from across the high street and specialist mortgage markets.
So, with a broker, you reduce the chance you’ll miss out on a more suitable deal. Whether that’s one that’s cheaper, has more flexible criteria, offers better terms, or all three.
You could. However, the reason this is not always the clearest way forward is that there is only so much a calculator can do. It won’t know, for example, if you have certain credit issues in your history, or are looking to buy a self-build property.
The reason a broker can often find you the most suitable deal compared to searching yourself online, is a combination of human consideration, knowledge and experience.
You can read more about LTV (loan to value) here, but in simple terms, it’s the percentage of your home's value you borrow.
So, for example, if you have a 10% deposit, you’re borrowing 90% of the cost of your home. This is called 90% LTV.
Usually higher LTV mortgages have higher interest rates, so the greater the deposit you can afford, the better interest rates that are typically available to you.
Aside from comparing deals, making yourself a lower risk option for all lenders will generally give you access to better deals. There are a number of ways to do this. Including:
- 1.
Using a larger deposit - this lowers the LTV of your lending, making you more attractive to lenders
- 2.
Improving your credit score, there are multiple ways to do this, some are a fairly quick fix
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Get a joint mortgage with someone else to balance the financial risk. This can also allow you to borrow more
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Stick to standard property - the more unusual the property type, the more reluctant most lenders are to invest
The whole process was seamless, advice clear with a great understanding of our needs and what we were looking for. Would highly recommend to anyone looking to review their mortgage!
Jill Macrae
4 Oct 2024