Finding the right UK mortgage deal can be a complex and difficult process in a market that is saturated with UK mortgage related products. Whilst many UK mortgage deals look great on the surface, hidden costs and tie in penalties can suddenly make your UK mortgage deal less than favourable. This article aims to provide you with some helpful information and links to enable you to negotiate the best possible UK mortgage deal for your individual circumstances.

1. What Do You Want From Your Mortgage?

Before you commence your mortgage search you need to have a good understanding of how much you can safely afford to borrow without over committing yourself. If you want to have a regular idea of your monthly payments then a fixed rate UK mortgage product may be appealing. If you are unhappy about being tied into a fixed rate mortgage product for a specified period of time then options like variable rate and tracker mortgages may seem more attractive. If you opt for a variable rate UK mortgage product then you need to factor in a safety margin in your prospective mortgage repayments that can allow for up to four interest rate increases, to ensure that you do not overstretch your finances.

In reality there are now so many UK mortgage products on the market that the old days of just choosing between fixed and variable rate mortgage products have gone, which is a good thing for consumers as this means more choice and enables you to find a mortgage deal that is better suited to your specific needs. After all, what do a first time buyer and someone who buys-to-let have in common? The main downside however is that it becomes increasingly difficult to decide on the most appropriate UK mortgage deal, particularly as lenders usually only advise on their own mortgage products. So how can you make the best comparison of all the available products to help you locate the most lucrative UK mortgage deal for you?

2. Speak With An Independent Financial Adviser

Whilst it is tempting to visit your high street bank and sign up for one of their UK mortgages they are likely to be biased and as discussed previously, are usually only able to advise you on their own in house UK mortgage products. My first tip is to find an independent financial adviser as they will be able to advise you on all the UK mortgage products available on the market. All financial advisers will offer you a short interview to discuss your expectations concerning the mortgage and often take away a lot of the hassle of trawling through hundreds of UK mortgage products and can narrow your search to a handful of UK mortgage products that are suitable so that you can make the ultimate choice.

If you do not know how to find an independent financial adviser then visit www.unbiased.co.uk. This is the homepage of IFA Promotion, who are the industry body responsible for promoting independent financial advice in the UK. Just enter your post code and a few other specific pieces of information and they will identify reputable independent financial advisers in your area and help put you in contact with them. An especially good feature of the site is that you can request firms that employ female as well as male advisers if you are concerned about inviting a male into your house.

Once you have identified a suitable financial adviser verify what their fee structure is, most will not charge you anything as they make their money from the financial institution with which you take up the mortgage product.

3. Online UK Mortgage Product Advice

If you are comfortable with searching out your own UK mortgage deal online then it's worth going to some reputable sites which provide comparisons of mortgage offers. These include www.unbiased.co.uk and www.moneyfacts.co.uk.

These sites offer up to the minute comparisons of UK mortgage deals from all the available mortgage products and what's great about it is that it categorises the best UK mortgage deals depending upon the type of mortgage you want. For example; 100% mortgages , buy to let mortgage deals, variable rate mortgage deals, first time buyer mortgages (discounted variable).

www.moneyfacts.co.uk also has a user guide section which takes you through a step by step approach to each of the different types of UK mortgage products available and explains the specific terms used within the UK mortgage products. This is great if like me you didn't know the difference between a capped rate mortgage product and a flexible mortgage product and it will help increase your knowledge and enable you to feel more confident when negotiating your mortgage deal.

There is also a handy little calculator on the site which lets to type in the amount you want to borrow, the term over which you want to borrow it and the interest rate. It will then provide you with an estimate of your potential monthly mortgage repayments. This is excellent for helping you make financial planning decisions before you make any firm commitment.

A third site to check out in finding the best UK mortgage deal possible is www.moneysavingexpert.com. This site was set up by Martin Lewis a journalist who now specialises in the money saving arena. His site has lots of information and handy hints on identifying the best UK mortgage deals and explanations for complex financial terms.

Top Tips Before You Commit To A New UK Mortgage Product:

1. Be clear about the purpose of the mortgage

2. Get Independent Financial Advice from a reputable expert, and check their qualifications

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