It is essential to ensure you are on the best mortgage deal to get your finances in order. It’s probably your largest monthly expense.

There are many ways to find the right home loan for you at the lowest interest rate.

These are some tips to help you find the right mortgage for you.

Do your homework

If you’re confident enough to navigate the mortgage markets alone, many resources online will help you find rates across the market.

Price comparison sites

You can compare websites to find the lowest rates for the type mortgage that you’re looking for, whether it be a fixed-rate, tracker, or offset over two, three, five, or ten years.

You can search for free from your home.

A comparison site won’t help you find the best loan type for your situation. These sites simply display the rates available.

Tools to help you get a mortgage

A mortgage eligibility tool can help you do your research and find the right lender for you.

It will show you which mortgages are most likely to be approved and how much money you can borrow, based upon the lenders’ criteria.

This tool will help you be more informed when speaking to a mortgage broker to get professional advice. It could also save you time.

This can reduce disappointment later on. According to the Intermediary Mortgage Lenders Association, 64% of brokers consider not fitting a lender’s criteria to be a major frustration for consumers.

Get professional help

There are many options for mortgage deals, each with its own set of fees, rates and conditions.

You might consider hiring a professional to help you with your search.

They can assist you in your application and help you find the right mortgage for you based on your personal and financial circumstances.

Your bank

Your bank’s adviser should be able give you a good idea of how much you can borrow, as they have access to your mortgage history.

Financial watchdog the Financial Conduct Authority (FCA), regulates all mortgage advisors. They will need to ensure that you are satisfied with the recommended product.

They can only suggest products within the bank’s range, so they are limited in their options.

They may have to pay fees, but these will be product-related fees and not for the advice as such.

Use a broker

A mortgage broker will search the entire market for you. They may also be able to access deals that are not directly available to borrowers.

The broker will help you navigate the application process, so if you are looking for a £120,000 mortgage then they can work out the repayments for you.

They should also know which applicants lenders accept. They can also help you find lenders accepting applicants with poor credit and who are self-employed. A popular mortgage of £150,000 should be achievable with a low deposit as will a mortgage for £180,000 however above this some lenders require a higher Loan to Value (LTV).

Lenders pay almost all mortgage brokers a commission. Some mortgage brokers charge their clients a fee for searching for products or the application process.

Talk to a mortgage advisor at a fee-free mortgage broker.

Alternatives online

Online brokers are the new breed of mortgage advisors. Online brokers combine product comparison and advice to help you make a completely online mortgage application.

These are especially useful if you need to manage your mortgage application online during the day. You can then fill out your details online and receive a product recommendation.

There are many online brokers on the market. Each broker does things differently, so choosing the one you feel most at ease with is important.

You might want to ask these questions:

Is it the “whole market”? Are they able to offer the most variety of mortgage deals, giving you the best chance at getting the top deal possible?

What is their business model and what type of service are they offering?

Which charges could be involved?

Are they FCA-registered?

If they are then great, proceed with your application and we hope they provide a great service.