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A good interest rate shouldnt be the only thing to keep an eye on to get the best deal. Other things to look out for to help you keep payments down are:Length of the mortgage termOverall fees of any mortgage dealInitial period costsYour credit historyYour depositThe length of mortgage term is something to consider. Despite longer mortgage terms having lower repayments over a longer period, you may be paying a lot more overall. Take time to compare different deals and make sure to look at short and long-term benefits.Consider the overall fees of any mortgage deal. Good interest rates shouldnt completely sway your decision when it comes to choosing a mortgage. Steep fees could mean that a higher interest rate works out cheaper overall if it has lower or no fees at all. Its worth working out the total cost over the whole mortgage term on a few potential deals to see whats best for your financial situation.Initial period total cost is a calculation that helps you better compare the trade-off between products with higher rates and lower fees against products with lower rates and higher fees. It shows you the total amount youll pay in the initial period, including all your repayments, all of your fees, and subtracting any incentives like cashback.Your credit history and credit score are taken into account when getting a mortgage, and a good credit history can help increase the amount of mortgage deals available to you. This shows youve paid back loans, credit cards or any card payments on time, and that youre reliable to lend to. You can help improve your score by:Paying your bills on timeChecking your details are up to date on the electoral rollClosing any card accounts you dont useRemember, if youre making a joint application, the lender looks at both your credit histories.Saving for a deposit is helpful, and the more you save, the less you need to borrow for a mortgage. Having a bigger deposit also means you may have access to a wider variety of lenders and more competitive mortgage rates.Theres no reason why you shouldnt compare mortgages like you would car or home insurance, and with the recent interest rate rises, exploring your options has never been more important. A mortgage is a big financial investment so finding the best deal for you could help massively in the long run. We show rates, fees and incentives to give you the best idea possible of what to expect from each lenders mortgage deals.Louise ThomasPersonal finance expertYou should think carefully before securing debt against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.Confused.com is not a mortgage intermediary and makes introductions to Koodoo to provide an information-only mortgage online comparison service. Confused.coms mortgage solution is provided by Koodoo. Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number ), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ.Confused.com will receive a share of the commission that Koodoo earns from the provider. Download our app to help manage your car dates, running costs and insurance© Copyright 2008 - 2022 Confused.com. All rights reserved. Confused.com, 3rd Floor, Greyfriars House, Greyfriars Road, Cardiff, CF10 3AL, United KingdomConfused.com is a trading name of Inspop.com Limited and is authorised and regulated by the Financial Conduct AuthorityBack to top With a fixed rate mortgage, your repayments are guaranteed to stay the same for a set term, usually two or five years.The advantage of a fixed interest rate is this security – knowing that your mortgage payments will stay the same for a certain length of time.Fixed rates are sometimes higher than variable rates, but thats not always the case. The main disadvantage of them is that you wont benefit from a reduction in costs if interest rates fall. If youre on a variable rate mortgage, your monthly payments can change, because your lender can change the rate of interest it charge you. That can make it more difficult to budget for.Variable rate mortgages will generally change when the Bank of England changes its base rate.Interest rates and fees for variable mortgage deals can sometimes be lower than for fixed rates.There are a few different types of variable rate mortgages:Standard variable rate (SVR) mortgage – your lenders standard interest rate for mortgages. Youll be moved onto this at the end of a time-limited mortgage rate if you dont switch and its likely to be much higher than the rate offered on a new deal.Discount mortgages – your interest rate tracks your lenders standard variable rate minus a set percentage. If your lenders SVR goes up by 1%, the rate you pay will go up by 1% as well.Tracker mortgage – your interest rate tracks the Bank of England base rate plus a set percentage. So if it reduced by 1%, your mortgage interest rate will also reduce by 1%. An offset mortgage links your savings to your mortgage and offsets their value against the loan balance.In practice, this means youll pay less interest on your mortgage. For example, if you had a mortgage of £100,000 and savings of £20,000, youd only pay interest on £80,000 of your mortgage.But it also means your actual savings wont earn any interest and you might not have unrestricted access to your money.An offset mortgage can make sense when mortgage rates are high or savings rates are very low.
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