Use this 'Wizard' to help select an appropriate mortgage scheme

Answer three questions to help you determine the type of mortgage best suited to you personally - repayment or interest-only, fixed rate or variable, cashback or discount, flexible or conventional.

Click here for the first of just three simple questions

But it might be helpful to first consider the following: - 

Buy or Rent?
Before deciding on a mortgage for house purchase, be sure you are better off buying rather than renting.  If you are likely to move within two years, renting could turn out better value for money, depending on the actual growth of house prices.  Download the “Buy or Let” spreadsheet to satisfy yourself.  See other free downloadable spreadsheets.

Mortgage or Re-mortgage
Are you looking for a re-mortgage?  This type of loan is used if you are not moving house but may have an existing mortgage, and you wish to switch to a better deal with a new lender or even the same lender, often increasing the loan size above the old one.  In this case, download the “Remortgage” spreadsheet (or use the on-line tool) to enter your current loan details to ascertain the cost of switching your mortgage.

Credit History
Many lenders will not lend to those with an impaired credit history, such as a CCJ (County Court Judgment) or are in arrears with other lenders.  Fortunately there are a few lenders who specialise in lending these cases. If you have had any credit or arrears problems in the last six years, you will probably need to disclose the details to your selected lender:  all lenders perform a credit check before lending, so they will find out anyway.  If they are not prepared to offer you a mortgage, seek out a specialist lender, if necessary enlisting the help of a specialist mortgage adviser.

Non-Status options
You may have a satisfactory credit rating but find it difficult to prove your income or assets apart from the property being mortgaged itself. Some lenders will then offer a 'non-status' loan requiring the minimum of personal data, but then restrict the maximum loan-to-value (LTV) percentage and probably increase the interest rate over the norm as well.  So a non-status (or limited status) loan may well be lower value for money, but essential in special cases.

Now click here for the first of just three simple questions