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Award Winning Compare Mortgage Deals

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Compare Mortgages

At MortgageKey, we understand that getting a mortgage can be a landmark event in your life. So, choosing the right mortgage is crucial. Whether it’s a first time buyer mortgage, remortgage or a buy to let mortgage, we compare the mortgages which suit you.

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"Up-to-date, relevant and reliable information gave me the confidence to proceed "
"Honestly, one of the best customer experiences I've had"
"Fantastic and friendly staff"

Comparing Mortgages

Within a mortgage product, you will discover that there are several different kinds of mortgages to choose from. By comparing mortgages, based on your individual circumstances, you can generate the best mortgage deals associated to you. Whether it’s the type of mortgage, the rates or payment options, comparing mortgages is a great to discover what it is you're after. The main types of mortgages deals are as follows:

  • Compare Tracker Mortgages:

    By comparing tracker mortgages, you are finding mortgages based on the Bank of England base rate, plus the lender’s additional set percentage rate. For example, if you select a mortgage deal with a 2.5% set percentage rate from the lender and the Bank of England’s base rate was 0.3%, your payable mortgage deal would be 2.8%. However, if the base rate dropped as low as 0.15%, you would benefit from a reduced rate. Although the same applies if the base rate rises, making it more costly.

  • Compare Fixed Rate Mortgages:

    Comparing fixed rate mortgages will showcase how you can stabilise your monthly payments each month, regardless of what’s happening to the Bank of England base rate or the property market. This can give you peace of mind knowing your rate will stay the same. You can compare mortgage lenders rates and agree a set rate for a certain period of time. Typically, the fixed rate ranges from two to five years. However, it is possible to fix it for longer, should you want to, but it’s advisable to compare mortgage deals every so often, to see if you can secure a better mortgage deal.

  • Compare Discounted Mortgages:

    When comparing discounted mortgages, you will be offered an upfront discount off the lender’s Standard Variable Rate (SVR). This is usually for the first few years of your mortgage deal, before it switches back to the SVR. Your lender’s SVR is subject to change, making your payments increase or decrease throughout the term of your mortgage deal. Therefore, comparing these, will help you find the best rates.

  • Compare Capped Mortgages:

    A capped rate mortgage is a variable rate, so your monthly repayments can fluctuate. However, the rate can be capped so that it will never go above a certain limit. You may choose this mortgage deal, if you are under the impression that mortgage rates will fall, so you can reap the rewards. But, at the same time, you want that added protection, so that there’s a cap in-case they increase. These are the areas in which you should be comparing when looking for a capped mortgage deal.

  • Compare Offset Mortgages:

    The idea behind an offset mortgage is to use any savings you have to reduce the amount of interest you pay overall. By inputting your total amount of savings, you can compare different mortgage deals. For instance, imagine you have a £250,000 mortgage and £45,000 in additional savings. You can offset these savings against your mortgage so that you only pay interest on £205,000 of your mortgage deal. The savings are still accessible whenever you choose, but that’s what makes rate on offset mortgages slightly higher than standard mortgages.

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  • Get a quick idea

    Our mortgage advisors are available Mon-Fri from 9am to 8pm, giving you plenty of opportunity to seek a quick overview of what your mortgage deal could potentially look like.

  • Speak to the experts

    A dedicated team of mortgage experts will answer your questions, queries and provide quality advice for your personal circumstances and the specific mortgage product suited to you.

  • Let us do the hard work

    We’ll take care of your application to your chosen lender from start to finish, in record time - taking away the stress and making the process pain free!

How do you know which Mortgage Deal is best for you?

After comparing several mortgage deals, the best mortgage deal will be entirely dependent on your individual circumstances. From the size of your deposit, to your income and expenditure, and the type of property you are interested in, they are can all factors in securing you the best mortgage deal. Whether you select a repayment mortgage or an interest only mortgage can play a big part too. Luckily, the team at MortgageKey are here to help and talk you through the options available to you.

What else is there to consider, when Comparing Mortgages?

Deposits: When you’re comparing mortgages, the best mortgage deals tend to be offered to those who have large cash deposits or are in a secure financial position, because they are less of a risk to a lender.

Self Employment: If you are self-employed, make sure you compare a range of mortgages because the mortgage deals on offer may be somewhat restricted due to you being more of a risk to the lender. You are also likely to need to provide at least 3 years of accounts too.

Credit Checks: Most lenders have strict criteria. Therefore, when comparing mortgage deals, prepare yourself for rigorous financial assessment. Your credit history will be checked, so make sure you check it for errors before applying. County Court Judgements and missed repayments can contribute to a poor credit score.

Property: The property you are buying may be subject to a specialist mortgage, rather than a standard one. Listed buildings, commercial premises and high-rise blocks all have specialist mortgages. It’s worthwhile comparing specialist mortgages, if you think your property falls into this category.

Fees: Unfortunately, you can’t avoid set-up fees, even on the best mortgage deals. You could try and compare different lender or solicitor fees but they are often similar. Make sure you should budget for them too; they can soon add up. Arrangement fees and booking fees are standard when buying a home. Exit fees or Early Repayment Charges (ERCs) can be applied should you opt out of your mortgage before the term end. Although, it is worth noting that sometimes, on smaller properties, a mortgage deal with higher rates but lesser fees can work out cheaper.

Length of Mortgage: To get the best mortgage deal, you should definitely experiment by comparing the mortgage terms. Obviously, you should choose a mortgage term that suits you but the shorter your mortgage term will usually mean less interest and a quicker term, although your monthly repayments are likely to be higher, compared to a longer term mortgage.

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