What's the best mortgage deals? - How long is a piece if string? There is no "one size fits all" in mortgage deals. It could be argued that is why there are literally thousands of different mortgage deals in the market as we all have different needs. However I'll endeavour to make the it easy for you to identify the best mortgage deals.

Sub prime - If you hadn't heard of the term sub prime you would almost certainly of heard about it lots of times in the past nine months. It was mainly due to the collapse of the sub prime market in the USA that has caused most of the economic problems world wide. Sub prime basically means mortgage lenders lending to high risk borrowers at a high mortgage rate.

Sub prime Vs Prime - In the past and to a degree occasionally nowadays many unscrupulous mortgage brokers "steered" innocent borrowers down the path of sub prime. This act of deception made it impossible for borrowers to get the best mortgage deals. Many borrowers could have fallen into the prime mortgage category but were steered into the sub prime as the mortgage broker received a much higher commission by doing so.

Credit history - It is vitally important to know that your credit history can prevent you from getting the best mortgage deals. It's this simple, if you have a credit history of non payment on previous loans that places you on the high risk list. High risk means high mortgage interest rate which means worst mortgage deals.

You can change it - Few people are aware that your credit status can be changed for the better. You need to go online and seek a credit report (most are free nowadays) and check to see if the details are accurate. See if you can pay off some of the debts you owe to clear that creditor from the list and have the stain removed from your credit history report.

Compare like with like - Comparing mortgage deals can be difficult but I can make it easy for you. Compare a fixed rate with a fixed rate (over the same fixed term and the same mortgage term) and likewise with other mortgage types such as a SVR (Standard Variable Rate) a tracker or whatever.

Repayment and Interest only - Probably the main thing to look for when drawing comparisons is that the comparisons are made between Repayment and Interest Only. Naturally Interest only monthly mortgage payments will be a lot less than Repayment mortgage payments.

The all important "bottom line" - Providing you are comparing like for like just look at the "bottom line" and see which is the cheapest to pay back and maintain over the term. The lower the overall cost the best mortgage deals you have got providing of course the mortgage "package" suits your personal needs and requirements.

At last something for free - This article serves only as a little knowledge about this specific subject but you can download my book The Mortgage Bible (it’s free for a short while) which will arm you with almost everything you need to know about mortgages.