Buying a home is one of the biggest financial steps you’ll ever take—and if you’re like most first-time buyers, navigating the mortgage process can feel overwhelming. That’s exactly where Money Saving Expert mortgage advice comes into play.
Created by financial expert Martin Lewis, MoneySavingExpert.com offers clear, trusted guidance to help you find the best mortgage deal, dodge hidden fees, and save a significant amount of money over time. In this post, I’ll walk you through the essentials—just like we were having a relaxed chat over coffee—so you can make confident, informed choices about your mortgage.
1. Use the Money Saving Expert Mortgage Best Buy Tool
One of the standout features of the Money Saving Expert mortgage page is the powerful Mortgage Best Buys Tool. Updated daily, this tool helps you compare the best deals across fixed, variable, tracker, and discounted mortgages—from both direct lenders and mortgage brokers—all in one place.
For example, if you’re searching for a 5-year fixed-rate mortgage, you don’t need to visit a dozen different bank websites. Just plug in your deposit size and loan amount, and the tool instantly shows you which lenders are offering the most competitive rates.
👉 Pro Tip: Always double-check whether the deal is available through a broker or directly with the lender, as that can affect fees or eligibility.
2. Understand Fixed vs. Variable Mortgages
The Money Saving Expert mortgage guide emphasizes how important it is to understand the difference between fixed and variable mortgage types—because choosing the right one can literally save you thousands over time. Martin Lewis breaks it down simply:
- Fixed Rate: Your monthly payments stay the same for a set period, making it easier to budget and plan.
- Variable Rate: Your payments can go up or down, often based on changes in the Bank of England’s base rate.
Real Example: A friend of mine locked in a 5-year fixed-rate mortgage back in 2022, just before interest rates started climbing. She’s now saving hundreds every single month compared to if she had waited or chosen a variable rate. That’s the kind of difference the right mortgage type can make.
3. Save Big with Overpayments
One of the smartest tips from the Money Saving Expert mortgage advice is to make overpayments whenever possible. Martin Lewis strongly recommends this strategy if your mortgage deal allows it—many lenders let you pay up to 10% extra per year without penalty.
Even small overpayments can make a massive difference. For example, if you’re currently paying £850 a month and start adding just £100 extra, you could knock five years off your mortgage and save over £20,000 in interest over time.
👉 Pro Tip: Use the Money Saving Expert Overpayment Calculator to see exactly how much you could save based on your mortgage details. It’s eye-opening!
4. Improve Your Credit Score Before Applying
Before you even start comparing deals, the Money Saving Expert mortgage guide stresses one crucial step—check and improve your credit score. Your credit history plays a big role in whether you get approved and what interest rate you’re offered.
Martin Lewis recommends getting a free credit report to look for any errors that could hold you back. Tools like Credit Karma or Experian are great for tracking your score. He also advises against applying for new credit cards or loans within 6 months of submitting your mortgage application—it shows lenders that you’re financially stable and lowers your risk profile.
Taking time to improve your credit score upfront can lead to much better mortgage deals and long-term savings.
5. Don’t Skip the Agreement in Principle (AIP)
Another key tip from the Money Saving Expert mortgage advice is to always get an Agreement in Principle (AIP) before you start house-hunting. An AIP is basically a lender’s way of saying, “you’re likely to be approved for a mortgage,” based on a quick check of your finances.
Having an AIP in hand shows estate agents and sellers that you’re a serious buyer—sometimes even giving you an edge in competitive situations. For example, one buyer with an AIP from Nationwide managed to beat out three other offers just because her financing was already lined up. It’s a small step that can make a big impact.
6. Use a Mortgage Broker—Smartly
When it comes to finding the best deal, the Money Saving Expert mortgage guide recommends checking both mortgage brokers and direct lenders. That’s because some of the best rates are only available through brokers, while others might be exclusive to banks or building societies directly.
For example, a friend of mine—who’d been with the same bank for years—ended up getting a much better mortgage deal through a broker than from their own bank. It’s all about comparing all your options.
👉 Pro Tip: MSE offers a full guide on how to choose a trustworthy broker and spot hidden fees. It’s definitely worth a read before you commit to one.
7. Watch Out for Hidden Fees
It’s easy to focus only on interest rates, but the Money Saving Expert mortgage team always reminds buyers that fees can make a big difference. Some mortgage deals come with high arrangement fees, early repayment charges, or even hidden valuation costs that can eat into your savings.
For instance, one mortgage might look great with a low interest rate—but if it includes a £1,500 arrangement fee, it could end up costing you more in the long run. Another option with a slightly higher rate but no fees could actually be cheaper overall. Always do the math before committing!
👉 Pro Tip: MSE’s comparison tools often highlight total cost over the deal term, so you’re not just looking at rates in isolation.
Final Thoughts
So, what’s the ultimate takeaway from all this Money Saving Expert mortgage advice?
✅ Use comparison tools like MSE’s Mortgage Best Buys to find top deals.
✅ Understand the difference between fixed and variable mortgage types.
✅ Make overpayments when possible—they really add up.
✅ Improve your credit score before applying.
✅ Compare offers from both brokers and direct lenders.
✅ Don’t overlook hidden fees—they can cost you more than interest.
Martin Lewis and the team at MoneySavingExpert.com have helped millions of people make smarter financial choices, and their mortgage advice is no exception. Follow these steps, and you could save thousands over the life of your loan.
Take a deep breath—you’re not alone on this journey. With the right tools and info, you can make the smartest mortgage decision for your future.