Best website to compare mortgages

poppysocks1

If anyone has any recommendations I would be grateful. I am not sure whether to go for fixed or offset, but we would want to do large overpayments (of about £500) each month or lump sums per year - do most mortgages allow this or is it restricted. Also is it best to fix mortgage for as long as possible? Am new to all this, so any help appreciated!

anselld

https://www.moneysupermarket.com

Didn't you start by reading Martin's mortgages pages ?

HelpWhereIcan

poppysocks1 wrote: »

If anyone has any recommendations I would be grateful. I am not sure whether to go for fixed or offset

The two are not mutually exclusive. There are offset mortgages that offer a fixed rate but you will normally pay a little more on the interest rate for having the option to offset.

poppysocks1 wrote: »

but we would want to do large overpayments (of about £500) each month or lump sums per year - do most mortgages allow this or is it restricted

Most fixed rate deals will allow overpayments - normally expressed as a % of the balance (eg 10% overpayments allowed per year) although some set a maximum amount per month like £500 or double the contractual payment.

From what you have posted you need to read up more on the difference between an offset and a mortgage with flexible options.

If you only want the ability to pay extra you do not neccesarily need an offset mortgage.

poppysocks1 wrote: »

Also is it best to fix mortgage for as long as possible? Am new to all this, so any help appreciated!

That depends entirely on your circumstances and how long it is before you are likely to see any changes in your circumstances/mortgage needs.

However, the quick answer will be that going for a longer fixed rate will generally offer more stability and lower costs (in terms of fees to switch every couple of years) as long as you don't end up being forced to pay early repayment charges because you have tied yourself into a longer deal than you might have needed to.

As far as researching deals goes, I would not use moneysupermarket as it is very marketing orientated. Moneyfacts http://www.moneyfacts.co.uk/money/mortgages/default.aspx?TabID=0 is the best one IMHO.

Wutang_2

anselld wrote: »

www.moneysupermarket.com

Didn't you start by reading Martin's mortgages pages ?

moneysupermarket is not helpful

Graham04

Wutang wrote: »

moneysupermarket is not helpful

Thanks, that's an extremely helpful comment. care to elaborate or give further sugesstions?

getmore4less

I think you need to look at a few comparison sites and look out for any preferencial deals analysis due to th site getting paid.

eg the www.fool.co.uk (great boards) basic comparison is for "selected" deals.

http://www.fool.co.uk/mortgages/compare-mortgages.aspx

but if you go to the TABS there is a link to "search all mortgages" that you could miss that is much more comprehensive

http://www.fool.co.uk/mortgages/search-all-mortgages.aspx

poppysocks1

Thank you - sorry for the delayed response - I didnt receive any email alerts so I didnt think anyone had replied!

I looked on both the mortgage comparison websites and the following is coming out best on both:

First Direct Offset Base Rate Tracker 2.89% + £799 Arrangement Fee.

However I did see a consultant re mortgages and was recommended the Nationwide 4.18% fixed rate for 3 years mortgage which allows up to £1000 per month overpayments so just need to work out which one suits our needs best.

Thank you.

dave461_2

Have you tried the fsa website?
Should be every mortgage in the uk on there.
http://www.fsa.gov.uk/tables

dunstonh

FSA tables are notoriously unreliable though in most product classes. The assumptions made are often wrong and the data is not current. IFAs are warned not to use the FSA data in their own research.

trynsave

Why don't you try the Tesco Compare site?

http://www.tescocompare.com/mortgages.shtml

I have found it really useful. I believe that it has been put together in conjunction with London & Country who are whole of market brokers (although this doesn't mean that they have access to all the best deals!).

Zeek77

Hi

These sites might also help:

http://www.charcol.co.uk/best-buys/best-mortgage-deal/

http://www.remortgage-made-easy.co.uk/remortgage-best-buys.htm

http://www.godirect.co.uk/remortgages.php

http://www.alexanderhall.co.uk/mortgages/remortgage/mortgage_best_deals.html