The number of mortgage deals available has reached its highest level since October 2007, according to a MoneyAge article (12 January 2026).
As of January, there were more than 7,150 mortgage options to choose from. Having more options could be valuable and help you secure a competitive interest rate, but comparing deals and trying to decide which is right for you may also be overwhelming.
So, here’s a step-by-step guide to how to navigate a busy mortgage market.
Define the type of mortgage you need
You could drastically cut down the number of mortgage options you need to sift through by defining what type of mortgage you need. Here are three questions to answer.
1. Would you prefer a fixed- or variable-rate mortgage?
If you like to know exactly what your expenses are each month, you might prefer a fixed-rate mortgage deal. With this option, the interest rate you pay would remain the same for a defined period, so your monthly payments won’t change. However, you won’t benefit if interest rates fall.
In contrast, with a variable-rate mortgage, the interest rate you pay can rise and fall, which would affect your repayments. If interest rates fell, you’d benefit from lower repayments. However, you also need to consider that they might rise.
2. How long do you want the mortgage deal to last?
Typically, you can choose a mortgage deal that will last for two, three, or five years.
When deciding how long you want the deal to last, it’s worth thinking about your plans. For example, if you hope to move in two years, choosing a five-year deal could mean you have to pay an early repayment charge (ERC) if you go ahead with your plans.
3. What is your loan-to-value?
The loan-to-value ratio (LTV) refers to the percentage of the value of the property that you borrow through a mortgage. If the value of your property is £200,000 and your mortgage is £150,000, your LTV would be 75%.
The LTV is one of the factors used by lenders to determine your risk level. Usually, as your LTV lowers, you can access more competitive deals.
Making mortgage repayments and an increase in the value of your home can lower your LTV. So, it might be worth checking the value of your home, especially if you’ve carried out renovation work, when you’re looking for a new mortgage.
Review the lenders and their criteria
With your mortgage needs set out, you can see which lenders have deals that suit your needs.
Each lender will set its own criteria for lending, which may affect whether your mortgage application is successful. During this step, a mortgage adviser can offer you guidance, so you can select the lenders that are most likely to approve your application.
Comparing your mortgage options
Now you’ve whittled down the mortgage options, you can compare them.
While the interest rate is undoubtedly an important factor, there are other aspects of a mortgage you might want to weigh up too. For instance:
- Are there any fees associated with taking out the mortgage?
- Does the lender offer any incentives for choosing them?
- Can you overpay your mortgage without facing an ERC?
- Could you port the mortgage if you plan to move during the deal?
Which mortgage is right for you will depend on your priorities and plans. Again, a mortgage adviser can offer advice based on your needs.
Contact us
We’re here to help you navigate the mortgage market. With our expertise, we can identify the mortgage deals that are right for your needs and offer support during the application process. Please get in touch to discuss how we could work with you.
Please note: This article is for general information only and does not constitute advice. The information is aimed at individuals only.
All information is correct at the time of writing and is subject to change in the future.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.
