Cheap Mortgages

No Fee UK Mortgage Broker

No Fee UK Mortgage Broker Welcome to Cheap Mortgages for the most comprehensive mortgage deals in the UK. We have built up an impressive working relationship with all our brokers who assist in finding the best possible mortgage deals, whatever your circumstances.

They will help you find the the most suitable mortgage at the best rate available, whether on a fixed, variable, discounted or capped rate, if you are looking for a remortgage or need specialist help with a bad credit record there is a mortgage solution for you!

The mortgage market in the UK is massive with banks, building society's and financial institutions all vying for some of the business.

There are a number of different mortgage categories including normal house purchase (home mover), remortgage, first time buyer, buy to let, bad credit, self certification and self build to name a few. Amongst these different mortgage categories there are different specialist lenders. We at Cheap Mortgages work with a variety of the UK's leading mortgage brokers and as such can direct your enquiry to a specialist mortgage consultant in the type of mortgage you are looking for.

What factors are there in deciding on the type of mortgage?

How do you want to repay your mortgage?

Repayment — This is the traditional method to repay a mortgage. Each month when you repay your lender, the payment consists of part interest on the loan and a part payment on your outstanding capital debt. As long as you continue to make your repayments you are guaranteed to repay your mortgage at the end of its term.

Interest Only — Each month your repayments to your lender will be for the interest only element of your loan. During the term of the mortgage you do not pay back any of the outstanding debt until the end of the term. At the end of the term you will be required to pay your lender back the initial outstanding loan. This may be by way of an investment vehicle that you would have made additional payments too during the mortgage term. There is however no guarantee that whichever investment vehicle you choose which may be perhaps an ISA, savings plan, endowment policy or pension plan, that it will be adequate to repay your initial capital loan.

For a more in depth look at click here for how to repay your loans and the various options.

Which method of paying the interest do you choose?

There are a number of options available which include Variable, Fixed, Capped, Discounted, Flexible, Offset, Current Account mortgages and cashback mortgages. For more information on any of these see our Interest Rate options. Find mortgage rates here.

How to choose your lender?

There are three main types of lender and these are Banks, Building Socities and Specialist Lenders. Below we list some of their differences but the professional advise of a qualified mortgage advisor is invaluable in making your final decision.

Banks — All the high street banks have been providing mortgage loans for a number of years now and they now have a sizable share of this market. Many building socities in recent years have now converted to become banks and the opportunity to just pop into one of their branchres is far higher than with many of the building societies, many who are very locally based. One good reason to choose your bank has been that they do have a knowledge of your financial history, but if you choose a broker to find you a mortgage you can ask them to compare the mortgage products with your own banks.

Building Societies — Building Societies have been the traditional source of mortgages for over 100 years and in the UK there are now approx. 60 different societies. They vary in size considerably from the single local building society or those with a handful of branches in a small locality to those with 100's of branches nationwide. Building societies are noted for offering the best variable rates because of their mutual status. This means that there are no shareholders and so profits generated by the building society can be put back into the business and therefore offer lower rates to their members. One drawback with some smaller building societies is that you may find that they will only lend within a certain geographical area.

Specialist Lenders — Specialist lenders operate from centralised offices and as such don't have branches. Generally these lenders only offer their specialist mortgage products through mortgage brokers and intermediaries. The niche markets that these lenders offer their products in are for the Self Employed, those with a poor credit history and buy to lets. Most specialist lenders although not household names are in fact part of a large bank or building socirty but trade under a different brand name.

So with over 100 different mortgage lenders in the UK and over 8,000 different mortgage products to choose from it is wise to use the advise of a mortgage expert. Most of the brokers that we work with do not charge any fees for finding you a mortgage and they have access to all the best deals avaialble since they are not tied in any way to one specific lender.

You may be attracted to the high street names for your mortgage but you may be surprised to know that many of the best deals available are from the smaller building societies.

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