How to Get the Best Mortgage Rate
Everyone wants the best possible mortgage rate and for good reason. Even a small difference in interest can save you thousands over the life of your loan.
But how do you actually get the best deal? It’s not just luck, it’s about preparation, timing, and knowing where to look.
Here’s how to put yourself in the strongest position when applying for a mortgage.
1. Improve Your Credit Profile
Your credit score plays a big role in the rate you’re offered. Lenders use it to judge how reliable you are when it comes to repayments.
A few smart moves can make a real difference:
- Pay down debts where you can.
- Avoid taking on new credit in the months before applying.
- Check your credit report for errors and make sure you’re on the electoral roll.
A clean, well-managed credit profile tells lenders you’re a low-risk borrower and that often means better rates.
2. Save a Bigger Deposit
The size of your deposit affects your loan-to-value ratio (LTV), that’s the percentage of your home’s value you borrow.
The lower the LTV, the better the deals you’ll unlock.
Lenders typically offer cheaper rates at key brackets like 90%, 80%, 75%, and 60% LTV. Even increasing your deposit by a few thousand pounds could move you into a more favourable band and lower your rate.
Think of it as giving yourself a discount on your mortgage.
3. Compare the Total Cost, Not Just the Rate
A low headline rate can look tempting but don’t be fooled by appearances.
Always check the total cost of the deal, including:
- Product or arrangement fees
- Valuation and legal fees
- Early repayment charges
Sometimes, a slightly higher rate with minimal fees can actually work out cheaper overall. A whole-picture approach helps you see the real value, not just the number on the advert.
4. Use a Whole-of-Market Mortgage Broker
One of the easiest ways to access the best mortgage rates is by using a whole-of-market mortgage broker.
Brokers have access to deals you won’t always find advertised online or directly with lenders. More importantly, they know which lenders are most likely to accept your application based on your unique circumstances.
That means less guesswork, fewer rejections, and often, a better rate than you’d find on your own.
5. Match the Deal to Your Plans
The best mortgage rate isn’t just the lowest number, it’s the one that truly fits your life.
Before choosing a deal, think about:
- How long you want to fix for – 2 years, 5 years, or longer?
- Flexibility – can you make overpayments, or take the mortgage with you if you move?
- Future plans – are you likely to remortgage, relocate, or start a family soon?
A deal that matches your lifestyle and goals will serve you better than one that’s simply “cheap” on paper.
At UK Mortgage Centre, we’re here to help you make informed decisions about your mortgage. Our experts can guide you through the process, ensuring you find the best solution tailored to your needs.
Call us on 01925 573328
Email: hello@ukmc.co.uk
Or book your own appointment to speak with one of our friendly advisers.
Let us assist you in making your next move a smooth and successful one.
Disclaimer
UK Mortgage Centre is a trading style of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. FRN – 826982. Registered in England & Wales: 11614569. As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages. The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
