Best Mortgage Deals UK: Straight Answers to Help You Choose Right
Looking for a mortgage deal can feel like being handed a map with no street names.
The options are everywhere, fixed, tracker, variable but the direction you should take?
That part isn’t always clear.
We’ve pulled together the questions people ask most often.
No vague promises, no overcomplicated terms. Just straight answers to help you choose with more confidence, and hopefully point you towards some of the best mortgage deals UK borrowers can access today.
What kinds of mortgage deals are there?
Most mortgage products fall into one of three categories:
Fixed-rate: The interest you pay stays the same for a set period. That means your monthly payments don’t change, which many people find reassuring.
Tracker: These follow the Bank of England’s base rate, with a small additional margin. If the base rate changes, your payments go up or down with it.
Discounted variable: These offer a discount off the lender’s standard rate for a limited time, but the rate itself can still move.
The right type for you depends on your priorities, whether that’s stability, flexibility, or the potential for savings if rates fall. If you’re not sure where to begin, comparing a few of the best mortgage deals UKlenders offer in each category can give you a clearer picture.
Is it a good idea to fix my rate now?
There’s no one right answer, it depends on what matters more to you. A fixed-rate mortgage can offer peace of mind, especially if you prefer to know exactly what you’ll pay each month.
On the other hand, a variable or tracker deal could be appealing if you’re comfortable with change and hoping for lower costs in the future.
How long should I fix for?
Some people prefer shorter terms because it gives them more freedom to review their situation sooner.
Others choose longer terms for security and consistency. What’s best depends on your future plans, for example, whether you might move house, change jobs, or need more flexibility down the line.
What should I look for beyond the interest rate?
The interest rate is important, but it’s not the full picture. When comparing deals, also consider:
- Product or arrangement fees
- Early repayment charges
- Overpayment options
- Portability (can you take the mortgage with you if you move?)
Sometimes a deal with a slightly higher rate and no fees can work out better than one with a lower rate but costly extras.
I’m already on a tracker, should I change?
Tracker mortgages move in line with the base rate, so they can go either way. If you’re comfortable with that movement, it might still suit you.
But if you’re worried about potential increases and want more stability, switching to a fixed deal might give you peace of mind.
Just check if there’s a fee for leaving your current deal early.
What happens if I don’t switch when my deal ends?
If you don’t arrange a new deal when your current one ends, you’ll usually move onto your lender’s Standard Variable Rate (SVR).
This is often higher than other available deals and can change at the lender’s discretion.
In most cases, it makes sense to review your options before your existing deal finishes to avoid paying more than you need to.
Do I need a broker to get a good deal?
You can go directly to a lender, many people do. But a broker can compare a wide range of lenders and may have access to deals that aren’t publicly listed.
They can also help you navigate the small print and spot any hidden costs.
At Pera Mortgages, we work this way, clearly, honestly, and with your best interest at heart.
And if you’re feeling lost in the process, we’ll help you narrow down your options and compare some of the best mortgage deals UK borrowers can actually apply for, not just the ones that look good on paper.
There’s no perfect mortgage, only the one that fits your life as it is now. The best deal is the one that works for you, not just on paper, but in practice.
Still unsure? That’s completely normal.
We’re here to help you make sense of it all, with advice that’s tailored to you, not a sales pitch.