Cheap mortgages and cheap mortgage deals
A cheap mortgage is a mortgage with a low interest rate. Typical cheap mortgage rates are lower than the Bank of England Base Rate so you could be looking for rates of either 5%, 4% or even under.
Arrange your mortgage online through NationwideAnother factor to consider when looking for cheap mortgages is how much the arrangement fee is. Cheap mortgages can have cheap arrangement fees, or sometimes even free when transferring from another mortgage lender.
Some cheap mortgage deals have survey fee charges thrown in too which can be useful, especially for first time buyers.
Beware of cheap mortgages
Of course it is wise to shop around when looking for a cheap mortgage deal, but be cautious. Don't be drawn in by really cheap interest rates as the mortgage lender or broker may be charging high arrangement fees or increasing the mortgage rate over time. This is why it is important to always check the APR (Annual Percentage Rate) which is a true indicator of whether you have found a cheap mortgage deal as it includes the rate as well as any extra charges or fees.
Where to find cheap mortgages
The best place to start when looking for a cheap mortgage is a popular mortgage broker, such as Alexander Hall Mortgages or Charcol. These mortgage brokers have thousand of mortgages available, often with cheap exclusive offers from major high street lenders. Alternatively, Nationwide is good at offering competitive mortgages and you arrange it online.