Martin's Mini Mortgage Masterclass: Are you overpaying by £1,000s? 

Got a mortgage? Don't let Brexit put you off, new mortgage deals are still cheap... for now. Check if you can save

It's most people's biggest bill, so if you languish on a crap deal it's your biggest waste. While Brexit uncertainty looms large, mortgage rates are still near all-time lows, so it's an opportune time to check if you can undercut your current deal. It's especially important if you're one of the 2m on a lender's standard variable rate (SVR), like Karen, who emailed: "I moved from an SVR to a fix. By keeping monthly payments the same, I knocked 9yrs off the term, saving £54,000. Thanks." Full info in my FREE Remortgage booklet, in brief...

• Step 1: Find the facts about YOUR current mortgage. You need to know... i) Your rate, payments & outstanding debt. ii) Is it a fix, tracker, discount or SVR? iii) When does the fix/discount end? iv) How long's the remaining mortgage term? Eg, 25yrs. v) Any early exit penalties? vi) The proportion of your home's CURRENT value you're borrowing, ie, its loan to value (LTV). If your LTV is now lower (eg, as your home's value has increased) you may be eligible for a cheaper deal.
  
  
• Step 2: Benchmark the cheapest rates. Our Mortgage Best-Buys Comparison includes deals available to brokers and those only available directly from providers. Plus we list the total cost, including fees, for a better comparison.
  
  
• Step 3: Calculate how much cheaper a new deal is. Our Ultimate Mortgage Calculator has eight tools to help.
   
• Step 4: Think about whether you'll be accepted. This can be tricky - there are two factors...
  
  - Are you creditworthy? Check via the MSE Credit Club. Be careful before applying for a mortgage not to make too many applications for other credit, and never miss a repayment. For full help, see how to boost your credit score.
  - Will you pass affordability checks? Lenders don't just check if you can afford current repayments - they have to stress-test if you could afford rates of 6% or 7%. If this may be a struggle, reeling in your spending for 3-6 months before applying can boost your chances (see good news for mortgage prisoners below).
  
  
• Step 5: Consider using a mortgage broker. Brokers can match you to the right deal, as they have access to info that consumers don't, such as credit-scoring and affordability criteria. See top mortgage brokers.
  
  
• Won't Brexit impact interest rates - shouldn't I wait? The one certainty about Brexit is the uncertainty, both of outcome and impact. For example, if the Bank of England's right that a no-deal means an economic downturn (and that's a big if), on one hand you'd expect an interest rate cut to stimulate spending, but as the pound would also likely drop, pushing up inflation, that predicates a rise. So forget predictions - no one knows.
  
  What we do know is new mortgage rates are still cheap, and there's more room for them to rise than drop. So if certainty is what matters to you, get a cheap fix now, and the more you want certainty, the longer you should consider fixing. I'm not saying that with hindsight it'll be the cheapest route, just that you're far less subject to huge economic winds.

For far more help, see our free REMORTGAGE help booklet and FIRST-TIME BUYERS' help booklet.

Loan rates near ALL-TIME lows - from 2.8%

If you've a big, planned purchase on the horizon, it's a cheap time to borrow - but only do it if you really need to

If you've a major New Year purchase planned and you NEED to borrow (eg, your car's a wreck), now's a good time as the cheapest rates are only a whisker above the lowest-ever 2.7% rates we saw last year. 

• First carefully consider if a loan is right for you. We're not suggesting everyone rushes to apply as they're cheap. As we always say, only borrow if it's planned, budgeted for and affordable. Yet if a loan is right for you, this is likely to be a good time. But if you're struggling with bad debt, more borrowing won't help - see our Debt Help guide.
  
  
• Will you get a loan? As with much in life, size matters. Our Loans Eligibility Calc shows which loans you're likely to be accepted for, without hitting your creditworthiness. Acceptance isn't just about your credit score, as whether you can afford repayments matters too. The bigger the loan, the greater the income you need. So a perfect credit score may see you with good odds of acceptance on many £3k loans, but rejected for many £10k loans.
  
  Plus, sadly rates are 'representative'. This means ONLY 51% of those accepted need to get the advertised rate - the rest can pay more. Unfortunately, there is no way to know before you apply.
  
  

• Lowest rates from £3,000-£15,000. All for 1-5yr repayments, unless stated.
  
  - £7,500-£15,000: Sainsbury's Bank* (needs a free Nectar card), Cahoot* (part of Santander) and M&S Bank* (1-3yrs) are all 2.8% rep APR.
  - £5,000-£7,499: Admiral* and Yorkshire Bank* are 3.4% rep APR.
  - £3,000-£4,999: Zopa* is 6.8%-7.7% rep APR, Ikano 7.7% rep APR.

• Lowest rates below £3,000. It's likely to be cheaper doing a 0% money transfer, where you get a credit card to pay cash into your bank, so you owe the card instead, but at 0%, for a 3-4% fee of the amount shifted. At this level you're also more likely to get a credit limit to cover the loan. But if a loan is right for you, here are the top deals. All 1-5yr repayments, unless stated.
   
  - £2,000-£2,999: Ikano is 7.8% rep APR, Zopa* is 9.4%-10.8% rep APR.
  - £1,000-£1,999: Zopa* is 10.8%-15.1% rep APR, Hitachi* 14.5% rep APR (3-5yrs).
  

• Loan Golden Rules. Full info & options in Cheap Personal Loans (APR Examples).
  a) Minimise the amount and repay as quickly as possible.
  b) Pay on time (preferably by direct debit) or you may get a charge and credit black mark.
  c) If you're applying to pay off credit cards, a balance transfer may be cheaper.