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Did you know that your credit report is important to lenders when they are deciding whether to give you a mortgage?

We have partnered with CreditExpert from Experian to offer you 30- days FREE online access to your full Experian credit report

When you apply for a financial product such as a mortgage, the provider will search your credit report to help them assess your credit worthiness. It is important you view and check that the information contained on your credit report is correct so that you get the mortgage and interest rate you want.

With CreditExpert you can make sure there are no nasty surprises on your credit report that could result in your mortgage application being declined. The service also helps protect you against identity theft by alerting you whenever anyone searches your credit report.

(See our recommended lenders)

See our handy Mortgage Repayment Calculator

The home mortgage market has become increasingly competative as more and more people decide to buy their homes rather than rent. In some cases, it can actually be cheaper to buy your home than rent. And that's aside from the obvious future benefits of owning a property and gaining equity when the property increases in value. Investing in 'bricks and mortar' has always been popular in the UK, and as property remains in high demand, the trend looks set to continue.

Deciding how to finance your house purchase with all the options available can be quite daunting. There are hundreds of home loan lenders all vying for your business, and each lender may offer many different types of mortgage. Let's take the most popular types first.

Variable Rate Mortgage

Probably the most common mortgage, this is a simple loan where the interest rate will vary according to the Bank of England Base Rate. So if the Bank of England raises the base rate, your mortgage payments will go up, if they reduce the rate, your payments will go down. Depending on your lender, your payments may be adjusted each month to keep in line, or they may just change once each year. Your payment consists of two aspects, an amount of interest and an amount of capital. In the early years, the payment will consist mainly of interest, whilst in the later years, the amount of capital will increase.

Fixed Rate Mortage

As you'd expect, fixed rate mortgages do not vary. Usually the rate is fixed for a period of time from 1 year to 10 years. After this time it will revert to a flexible rate. The advantages of a fixed rate mortgage are that you will always know how much you will be paying, and if interest rates rise, your payment will be unaffected.

Capped Mortgages

Capped mortgages also keep your payments within a parameter, but unlike fixed-rate mortgages, if the marketplace interest rate goes down, your payments will also go down.

Tracker Mortgages

Tracker mortgages are similar to variable rate mortgages, but the interest rate will follow or 'track' a specified index rather than the Bank of England Base Rate.

Discounted Rate Mortgage

Discounted-rate mortgages offer a lower interest rate at the beggining of the mortgage term, maybe for 6 months or longer. The lender has basically disacounted their standard interest rate. Your payment will be lower initially but will still rise and fall with the marketplace.

100% Mortgage

100% mortgages are most often offered to first-time buyers who may not have a deposit to put down on the property. They are invariably more expensive than other home loans, but if you need to save your cash for furniture and other necessary expenses, a 100% mortgage can be an ideal way to get your first foot on the property ladder.

Flexible Mortgages

This is aterm given to mortgages where the lender does not penalise you for making larger payments when you can afford to. This may allow you to pay off your mortgage early or take 'payment holidays' assuming you make extra or larger payments earlier in the term.

Self-Certification Mortgages

Lenders who offer Self-cert mortgages do not require you to verify your income. So if you are self-employed without 3 years accounts or cannot provide the usual payslips then self-certification mortgages can be used. You are asked to declare your income, but lenders do not make any checks to confirm this.

Interest Only Mortgages

These differ from other mortgages in that your payments only consist of paying the interest to service the loan. Your payments will never actually pay off the loan. Interest only mortgages can be advantageous when investing and anticipating property price rises, as they allow you to raise more finance with a lower monthly repayment.

Buy to Let Mortgages

Buy to let mortgages are designed for investors buying a home to let out. Your income is not usually taken into consideration when deciding the amount that a lender will offer, but rather the anticipated rental income of the property you are purchasing. Lenders will sometimes lend upto 85% of the purchase price of the property, but the monthly repayments must usually be a certain amount less than the expected monthly rental income. For example, if you expect to let the property out at £700 per month, don't expect the lender to offer a loan where the monthly repayments are £800.

Recommended Mortgage Lenders

We've hand picked a few mortgage lenders who we believe offer a good mix of mortgages to suit different needs. All the following can provide you with quick quote simply by filling out their online quotation. You are under no obligation to go any further with the mortgage application, and your details are always kept confidential.

Charcol Online - A well known mortgage broker who have a wide range of mortgages from different lenders

West Bromich Building Society - Offer a wide range of mortgage products, including fixed rates, discounts, cashback and base rate trackers. They also offer flexi mortgages that change to suit your lifestyle and offset loans so you can use your savings to save money on your mortgage.

First Active - A range of good value mortgages with no extended tie-ins or hidden charges.

Promise Finance - These can provide mortgages even if you have a bad credit rating, CCJ's

The One Account - The One account combines your mortgage and salary (and, only if you wish, any savings) into one place. This enables your money to work much harder reducing your overall mortgage balance.

See our handy Mortgage Repayment Calculator

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