Mortgages

Searching for the ideal mortgage can be a confusing business as you suffer from information overload.

What kind of mortgage will suit your needs? An independent mortgage broker has access to the best mortgage deals in the market and can trawl through thousands to find the best one for you.

A broker will look at your circumstances and priorities and will help you find a mortgage that will suit your individual financial situation.

First time buyers
First time buyers are finding it increasingly difficult to get on the housing ladder. The Council of Mortgage Lenders said rising property prices forced first time buyers to part with an average 20.6 per cent of wages in October 2007 - the highest level since 1991, meaning mortgage payments are eating up more than �1 in every �5 of take home pay. Saving for a deposit is often cited as the toughest hurdle for first-time buyers.

Fixed Rates Homeowners who want want to dodge future interest rate turmoil should consider a fixed rate mortgage. Fixed rates offer the certainty of knowing exactly what your monthly mortgage repayments will be. If you currently have a fixed-rate mortgage deal which is due to run out soon, you need to act now otherwise you could feel the pinch of higher interest charges. If you don�t switch to a better deal, you will automatically be put onto the lenders standard rate which could see your montly repayments rocket.

Specialist needs
If you have special financial needs - perhaps you are self employed or have experienced credit problems in the past - you may want to consider a mortgage from a specialist lender. These can be more understanding than high street lenders, and will often accept an application that mainstream companies reject. An independent broker can advise you on which lenders offers mortgages for people with bad credit rating.

If you are self employed and do not have at least three years' worth of tax returns as concrete evidence of your income, you may struggle to get a mortgage with a mainstream lender.

However, one solution is a self certification mortgage where proof of income is not required. Most of the lenders prepared to offer such schemes only do business through a mortgage broker. With self certification you will be required to give details of your income, but will not need to provide any proof. Nevertheless, the figure you state for your income must be genuine and represent actual income earned over the past 12 months and not an estimation of what you might earn in the future.

Remortgage
If you're current deal is coming to end, you need to consider switching lenders and benefitting from one of the best remortgage deals available. Loyalty to your current lender could cost you significantly each month. When your discount or fixed rate deals comes to an end you'll be moved over to their standard variable rate which could increase your monthly repayments considerably, particularly if you took out your mortgage a few years ago when interest rates were at an all time low.