When you look around for a mortgage deal you’re probably looking for the best deal you can find. The problem is finding the best mortgage deal to suit you.
News on mortgages has recently suggested that there has been a reduction in the number of mortgages available on the market, but with over 8,000 to choose from you’d be hard-pressed to notice the difference. How can you choose the best mortgage deal to suit you?
Your circumstances will be particular to you. You may have a healthy income; you may have a low income; you may have income earned from different sources; you may have an impaired credit rating; you may be a first-time buyer; you may be newly divorced; you may have low income but have inherited some money. There are probably more than 8,000 different scenarios! Finding the best mortgage deal is difficult.
What is interesting to note is the results of a survey showed that Building Societies offer 70% of the top 250 best mortgage deals on the market today. It suggests that you would be better off going to a building society for a mortgage than to a high street bank. It is interesting to see that the top mortgage lenders didn’t come out very well in the survey. Top lender HBOS did not have any products in the top 250. The Royal Bank of Scotland fared best of the top names, with six products from its group in the top 250.
If the top lender has no products in the top 250 mortgages, how is it still the top lender? There is a huge amount of information available to the public – especially with the internet at most people’s finger tips – and financial and mortgage advisors abound, yet still well-known high street brands are getting most mortgage customers to sign up with them.
The best know providers may be able to often the best solution to some people, but according to the survey, by Moneyfacts, the majority of borrowers would be better off looking at smaller lenders and building societies for the best mortgage deals.
For most people getting a mortgage will be the biggest financial transaction they will ever make. It is not really wise to base a decision like that on a brand name or the fact that you walk through the doors on your local high street. Getting a mortgage should be about getting the best mortgage deal to suit your own personal circumstances.
There are so many facilities around now to help you find the best mortgage deals, such as the internet, and mortgage advisors and mortgage brokers, who have access to the whole of the market, and are not tied in tow a single brand. Make use of the internet to do some groundwork, and understand more about the mortgage market. Then use a mortgage broker, who will almost certainly be able to find a mortgage that suits your individual needs, and is the best mortgage for you – not for the bank!
Article Source: http://www.articlesbase.com/mortgage-articles/the-best-mortgage-deal-is-not-necessarily-the-best-known-brand-286732.html
About the Author
An author on a variety of property related subjects, which include mortgage rate reviews and detailed analysis of the role mortgage brokers provide in the current climate.