Top tips when considering a mortgage offer

mortgage advisor giving tips

Buying a property is probably the largest purchase most people ever make so it requires careful consideration and decision making. Getting the right mortgage to fund the purchase is as equally important and forms a vital element of the property buying decision-making process.

With so many different types of mortgages available, as well as a large range of lenders to choose from; knowing which mortgage and from which lender is right for you can be very confusing. Check out our Mortgage Guides to get a full understanding of your choices ahead.

Here are some top tips to consider when comparing deals

Shop around

Don’t just accept the first mortgage offer you receive. You need something to compare it to so shop around and try to get several offers before you make your final decision. Ask for recommendations from family and friends – the best leads will be from people who are in a similar financial situation to yourself. You can compare mortgages online for free, savings for everyone!

Consider the fees carefully

Some of the lowest rate mortgages come with large fees, so make sure you calculate how much you’ll be paying overall. Try our Mortgage Calculators tools to find the right deal for you.

Be aware of tie-ins

Mortgage deals often require a tie-in for an agreed amount of time, so if you want to exit a mortgage early, there will be penalties to pay. Consider your circumstances and whether they are likely to change before taking on a mortgage with high penalties.

Think about your need for flexibility

Do you want your mortgage to be flexible so that should your situation change, you will be able to underpay, overpay or take payment holidays?

What incentives are being offered?

Some mortgage offers include incentives such as free legal fees, free evaluations or cash back on completion. However, be sure to check whether these incentives will genuinely save you money or whether they are charged for in the total cost of the deal. Speak with a mortgage adviser to find the right deal.

Ease of application

Look at the application form and the overall application process. Some lenders will make you jump through unnecessary hoops. If you are not happy with the application process or a lender’s requirements, it may be worth looking elsewhere.


Some lenders will have better reputations than others. Read reviews and ask around to find out about other people’s experience with the lender. Sometimes there is a trade-off between borrowing from a lender you feel you can trust and a lender with the cheapest offer.

hese are just a few tips to consider when looking for a mortgage. It is a good idea to seek advice from a mortgage broker who will have access to thousands of mortgage products. Visit to use our free online mortgage broker as a starting point.

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