best mortgage deals

Where can you find the best mortgage deals? The market is an open market and while not as competitive as it was two or three years ago there are still some great mortgage deals in today’s market conditions. Economic conditions are improving all the time and lending is beginning to slowly take the steps to recovery so hopefully better mortgage deals are around the corner.   For now if you have a mortgage and are looking to remortgage in the near future then don’t just stick with your current mortgage provider, search the market to find the best mortgage deals. If you are fixed into a mortgage at the moment the best time to start looking for the next mortgage deal is around three months. This will give you time to search the market and for your application to be processed which I believe generally takes around six weeks. Even a bit before just so you aren’t stuck on your current mortgage provider’s standard rate which is often much higher that variable or fixed rate term deals. Many lenders will allow you to book a deal from them with no obligation to go ahead when the your current deal ends so if you have found a mortgage deal you can book it and then if a better one emerges then you can go with that. Giving you a bit of a safety net and allowing you to not miss out on the best mortgage deals for you.   The big issue at the moment is the size of deposits needed to obtain mortgages at a decent rate as well as the size of the borrowing required in relation to your equity holding. Many mortgage providers will allow you to overpay on your mortgage which with interest rates so low then is something you should certainly do if possible. Why not pay the same amount to your mortgage that you were paying when rates were 6 and 7%. Usually you can overpay by up to 10% of the outstanding loan each year so why not take advantage and get your loan repaid earlier. When you come to change in the future you will be in a much better position and the best mortgage deals on the market will be opened up to you.   Remember on the surface the best mortgage deals can look great but do check all the charges involved that can quickly mount up and can seem like not the best mortgage deal after all.