How to Compare Mortgage Deals in UK

The first step to comparing mortgage quotes is by getting information from lenders. These lenders should have proper accreditation and good track record. Take your time in learning more about each one. The more personal approach is by calling them or visiting them if their office is accessible so they can answer any question you might have immediately. A faster approach would be browsing through quote comparison websites that you can find in Google.

The interest rate is the main factor that should be considered when choosing a provider because this will determine how much you need to pay each month. Mortgage providers in UK offer fixed interest rates or adjustable-rate mortgage (ARM); the latter’s base interest follow the rate of the Bank of England. Choose whichever is best suited to your financial capacity.

The next thing you should look at is the origination or activation fee. It is usually a percentage of the total loan amount that usually ranges from 0.5% (half point) to 2% (two points). Alongside it are other fees such as appraisal fees, inspection and legal fees. Choose the provider that gives the most reasonable rate and mode of payment.

Among the most notable mortgage providers in the UK include Halifax and Nationwide Building Society. Originally called the Halifax Building Society, it has now merged with the Bank of Scotland. Known for its slogan “A Little Extra Help”, Halifax is the largest mortgage provider in the UK. The Nationwide Building Society is now UK’s third largest mortgage lender and the largest in the world. Founded in the 1980s, it is the largest remaining society that has not converted into a bank.

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