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A home mortgage is, for many of us, the biggest financial commitment we will ever make. Therefore, it's important to find the best mortgage deal to suit your individual circumstances, which has the best combination of rate and costs but also has the features needed.

Finding the ideal mortgage has never been more difficult, with so much choice in the market and so many variables, Fixed, Tracker, Discount, Capped, Offset? How many years, 2, 3, 5, 7, 10 or lifetime? Higher arrangement fees with a low interest rate or arrangement fees with a higher rate?

A mortgage broker spends every day looking at different mortgage products and reading the small print of different offers. All professional brokers will also use sophisticated databases enabling them to compare thousands of different mortgages including analysing the true cost over the initial term taking account of all the set up costs.

Often people are attracted by headline low interest rates. However lenders often offer an attractive initial rate so that the deal is featured in the best buy tables in the national press. The deal appears excellent, but when you look beyond the interest rate there are often hidden costs or terms such as extended repayment penalties.

Mortgage advice

A good broker will first establish your needs and requirements then search the whole market, including the larger household names but also many smaller and specialist lenders that you may not have heard of but who often have excellent products and great service.

He will then take the stress out of the process by ensuring that you meet the lenders criteria for the chosen mortgage, producing full mortgage illustrations for the selected mortgage and, once you are happy with the selection, managing the whole process, helping ensure a smooth application and minimising your time.

At the end of the initial rate period, your mortgage will revert to the lenders’ standard rate, which is usually not cost effective. At igloo.co.uk, we can arrange to contact you before your current deal ends so that we can review the market and find you another competitive rate.