Only by dealing with these multitudes of lenders and banking institutions can you find the best mortgage deal that is available to you. Granted, there are all manner of lenders and banking institutions to choose from, and they all have different criteria to be met, but you can find the best mortgage deal available by selecting the one that fits your needs most closely.

In fact, by taking the time to speak to a wide range of loan managers and banks, you can find all the information you require about the best mortgage deal that you can get and come to the table armed with the knowledge that you need to make the right decision for your future.

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Louise Cuming, head of mortgages at moneysupermarket.com, said: “Lenders do not have to rely on headline rates to hook borrowers in at the moment. Often a great headline rate has come with an extortionate fee, but lenders are being much more transparent now about the true cost to the consumer and where their profit comes from.

“Higher rates might seem unpalatable for some people, however those lower fees can make it cheaper for borrowers on a smaller mortgage. Consumers must look at both the fee and the rate if they want to work out the best deal for them.”

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Louis Cumings of MoneySupermarket commented, “Anyone finding their mortgage repayments a real struggle should remember final repossession is a long process and lenders have a regulatory requirement to act sympathetically towards borrowers experiencing financial hardship. Anyone worried about their ability to keep on top of their bills should approach all creditors, not just their mortgage lender, as soon as possible and work with all parties to try and put an affordable monthly payment plan together.

“An interesting battle is now underway between the Government and the FSA who are putting pressure on lenders to take a soft line on repossessions, and the lenders (and CML) who are mindful of the need to manage their arrears book and deliver for shareholders.”

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Michaeol Coogan, the director general of the CML said, “We will continue to work on behalf of the whole industry with the FSA and others to ensure fair practices are maintained. And we continue to press the government to play its part in creating an effective safety net for vulnerable borrowers facing a short term loss of income through better state support.

“No-one wants to see a household lose their home, and repossession typically leads to a loss for the lender as well. The focus of lenders’ arrears management policies today is on seeking realistic alternatives that balance the interests of customer and lender. Anyone who thinks they may be heading towards financial problems should contact their lender to discuss their options - the earlier the better.”

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Andrew Strange, Policy Director AMI, commented: “We are supportive of the FSA’s call to all lenders to ensure that consumers facing arrears are treated fairly. We agree that repossession should be used only as a last resort. We request that lenders should consider all options such as waiving fees when temporarily changing those in difficulty to interest-only or where a customer has fallen into difficulty, considering a payment holiday or reduced payments over a fixed term. It might be preferable to extend the term of the home loan where appropriate.

“The FSA states that while arrears remain low, they are increasing. But AMI does not believe that the increase in arrears will exceeded previously published industry forecasts.”

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“Today’s announcement by Checkmate Mortgages that it has obtained sufficient investment backing to allow it to launch as a new mortgage lender early next year is a superb achievement by Stephen Knight and his small team in this market. It is not only a ringing endorsement of Stephen’s expertise, it is also a vote of confidence in the future of the UK property and mortgage market”, stated Ray Boulger of John Charcol.

“The principle new backing is from the Rothschilds - RIT Capital Partners Plc and Lord Rothschild’s family interests. The Rothschilds built their fortune by getting their timing right, as well as choosing the right investments. The timing of purchases was dictated by taking a view that the market had bottomed out rather than trying to pick the bottom.”

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Melanie Bien, director of mortgage broker Savills Private Finance, said: “Nationwide’s decision to reduce a selection of its fixed rates for the second time in little over a week is excellent news for borrowers. It reflects falling swap rates and there also appears to be more of an appetite to lend among the bigger lenders.”

However, Ray Boulger, at John Charcol mortgage brokers, said: “I think the average rates are of not much relevance to a borrower looking to get a new mortgage deal. The important thing is what are the best deals out there? And I think the Nationwide move confirms that we are past the worst.”

“Fixed-rate deals have only been going one way – up,” says David Hollingworth from broker London and Country. “This is as a result of the growing expectation of the Bank of England base rate going up – a complete shift away from recent speculation that rates were likely to fall.”

“Two-year swap rates [the price at which banks lend to each other] dictate the future movement of fixed mortgages, and these have soared in recent weeks on the back of fears that the base rate will have to rise to keep inflation in check,” says Melanie Bien from broker Savills Private Finance. “This has led to lenders repricing fixed rates higher. The cost of two-year money has since fallen a little but two-year fixes continue to look expensive.”

Ray Boulger at the broker John Charcol said, “It’s all a bit crazy out there. Some of these changes have been a delayed reaction to the big increase in swap rates last week.” He says that despite the endless predictions of higher interest rates, he does not consider them inevitable. “I can’t see rates rising by more than a quarter point - if at all. I’m predicting they will fall away quite considerably next year, making tracker deals probably the way to go, assuming you don’t need the security offered by a fixed rate.”

“As the rates on offer increase, so does the relative risk,” added Darren Cook, a mortgage expert at Moneyfacts. “More and more borrowers are likely to find the increased repayment too much to bear. These are continuingly worrying times for anyone coming to the end of their current mortgage deal.”

Darren Cook, mortgage expert at Moneyfacts.co.uk, comments: “Latest research from Moneyfacts.co.uk shows that today the average two year fixed rate stands at 6.75%, the highest rate we have seen in the last 10 years. Customers looking to fix their mortgage for five years are also paying the price as the average rate has increased to 6.72%.

“Many borrowers prefer fixed rate deals, particularly in today’s economic climate as they struggle to keep outgoings under control. However, many are likely to find this increased cost too much to bear. With the average two year variable rate standing at 6.66%, many are finding they have little choice.”