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Get the right mortgage for you

This best mortgage guide outlines how to source the best mortgage rate and the best mortgage deals for you.

Looking to compare mortgages, but not sure where to start? Here's how to get the right mortgage for you:

The best mortgage deals

Type of mortgage	The advantages
Fixed-rate mortgages	You know your payments each month. They're ideal if you need to stick to a budget.
Discounted mortgages	You get a special low rate to start with – but interest rates can change. The initial low rate keeps the mortgage affordable, plus you benefit if rates fall.
Tracker mortgages	These have low rates throughout the term, so you don't have to keep remortgaging for good deals. The interest rate automatically tracks the Bank of England Base Rate down (and up). (With a discounted rate, there's no guarantee how quickly or by how much lenders will react to Base Rate changes).
Cashback mortgages	You get paid a percentage of the loan when the mortgage goes through – 5% say. They're a great way to pay for moving expenses or furniture.
Offset mortgages	You offset any savings against what you owe. You don't earn interest on the savings – but don't pay interest on an equivalent amount of mortgage. You end up better off as mortgage rates are higher than savings rates – so the interest you save is greater than the income you lose. They're ideal if you're saving up for something (e.g. your annual tax bill if you're self employed).
Flexible mortgages	You can pay more some months – and then pay less in others, or even take payment breaks.

Choose a way to repay

Type of mortgage	The advantages
Repayment mortgages	You pay off some of what you owe each month – you're guaranteed to have repaid the mortgage by the end. They can be flexible – if you get into financial trouble, you could reduce your monthly payments by extending the term (if the lender agrees).
Interest-only mortgages	You don't repay anything – you pay just the interest, so monthly repayments are lower. Instead, you invest money and use that to repay the mortgage when it ends. Depending on the investment, you may even end up with a lump sum. Some investment types are flexible – you can skip payments each month (but you'll have to invest more later).

Specialist mortgages

Type of mortgage	The advantages
Buy-to-let mortgages	Buy-to-let mortgages are used to invest in property that you rent out to give an income. You have to meet certain conditions – a larger deposit, and sufficient rental income.
Self certification mortgages	These are great for people who can't prove their income – perhaps because they're paid commission, or recently went self-employed. You won't need to prove your income, as with standard mortgages.
Shared ownership mortgages	A way to get on the property ladder. A housing association sells you, say, half the property and you pay rent on the rest. This makes it much cheaper than buying the property outright.

Get the right mortgage brought to you by LowerMyBills from Experian

The LowerMyBills guide to best mortgages was created to help you find the right mortgage by looking at the types of mortgage, the advantages of each, ways to repay, and specialist mortgages, giving you the information you need to help you choose the best mortgage for you.

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