Getting the best mortgage deal.

When working out which is the best mortgage deal for you, lenders most often use affordability calculations. Your monthly income and outgoings will be reviewed to work out exactly how much you can afford to repay on a monthly basis.

For the best mortgage deal you will need a large deposit of around 30 per cent of the property's value. However more lenders are launching deals at 10% deposit levels. The rates may not as competitive as those at higher deposit levels but they do allow more potentional home-owners to make a step onto the property ladder.

For those with a deposit of 25 per cent or less, you may find yourself paying a higher mortgage lending charge which is the lender's insurance against you defaulting on your mortgage repayments.

HLCs are usually calculated as a percentage of the part of the mortgage in excess of 75 per cent of the property’s value.

You should factor in the cost of lending charges when choosing your mortgage product. You should also avoid adding charges to your mortgage as you pay interest on the charges for the life of the deal.

Searching for a mortgage deal can be daunting, stressful and time consuming for those of you trying go it alone. To achieve the best mortgage deal we at Deal Direct believe that independent mortgage advice is essential. The expert advice and mortgage comparison offered by our skilled brokers is invaluable. We will compare all UK lenders rates on your behalf to find the very best deal on offer.