Choosing the right mortgage is really important. The cost differences between some mortgages are really significant and so choosing one that will keep the cost low for you in the long term could make a huge difference. There are also different types of mortgage and which of these you choose will make a huge difference as well.
The problem with lenders is that they vary their terms, products and rates over time. This means that you cannot know for sure which will be the best. There is not one that always offers the best products but also different borrowers have different needs and so it all depends what you want out of a mortgage. You can really only compare the lenders at the time that you need to borrow and hope that you pick the one that has the best deal. However, you can change lenders part of the way through your mortgage term in most cases, although there will be costs associated with this.
It is therefore wise to start by considering what is most important to you from your lender. You may think that the cost is the only thing that matters. Although this will be a big factor, as no one wants to pay more than they have to and many people cannot afford to pay that much, there are other things you need to consider. You need to think about whether they offer the type of mortgage that you want, how flexible they are if you need to miss a payment, how good the customer service is and whether they have a local branch. Some of these things may not be important to you, but it is worth thinking about what might be.
Even if you have had a mortgage before it is worth doing some research to find out more about what is available. The marketplace does change, for example ten years ago interest only mortgages were common but these days most lenders will not offer them as they are concerned that the home buyers will not put enough money by to pay off the balance when it is due. There has also been a tendency to move away from tracker mortgages as the interest rates are so low.
With there being so much choice it can be confusing. Some people would rather pay for an independent financial advisor to help them. The advisors will know all about what is currently available as well as what lenders have offered in the past and help to explain what would be best. Sometimes they even have access to deals which are not available to the public. They can be expensive but if they can save you a significant amount of money or find you the precise mortgage that suits your needs then it could be worth it.
You may choose to do that research yourself, maybe because you would rather be in control of your choice or because you cannot afford to pay a financial advisor. Make sure that if you do this, you take a lot of time and make sure that you have a full understanding of what is being offered. If you choose to use comparison websites it is important to make sure that you are aware that they do not compare prices from all lenders. They will usually only list those which pay them a good commission if you sign up through the link on their comparison website. Not all comparison sites work like this so it is worth comparing them and using one that you trust. Not all companies are listed on comparison websites either, so you need to keep this in mind and do your research beyond thesesites if you want an idea of what is available across the whole mortgage market.
Overall it is worth bearing in mind that a mortgage can be a long term commitment and it is important to spend time understanding about the different types available and what you need out of a mortgage. Compare the different lenders and consider which will suit your needs the best. Decide whether you think paying a financial advisor will help you to save money and find a product better suited to you or whether you can take the time yourself looking at what is available, looking at comparison websites and lenders websites to get an idea of what is available.