Getting a mortgage can be a complex and time consuming process. We have compiled a guide on the basics of how to get one and also how to save thousands during the process.

Getting a mortgage is an increasingly complex task or so seems to be the case. A little advice and knowledge can not only help you get a mortgage but also help you get a great deal that can save you thousands over the space of years.

One of the greatest pieces of ammunition when looking for a mortgage is information. Knowing what you need for a mortgage is a real help, specialist types like first time buyer mortgages can help save money. The other and probably the greatest thing to have to secure a mortgage is a large deposit.

Alongside a large deposit, a good credit history and a decent income are one of the best possible ways for a person to secure a loan.

A large deposit can mean you save thousands in the long term. Lenders use a process called a loan to value banding system to figure the amount you pay for a loan. Every 5 percent of the price of the property put down will mean increased savings for mortgage owners.

It is hard to believe the differences for those with large deposits. It is not unknown to save 2-3 percent on the mortgage interest rate for an extra 10 per cent of the property value. This sort of percentage saving can mean thousands upon thousands of pounds saved over a two year period and in the long term will pay huge dividends on a mortgage.

Banks also check up on credit ratings. A good credit history will mean you will be considered a low risk and so are rewarded with not only a mortgage but also a lower percentage loan. The sub-prime mortgage market is very poor at the moment and those that scrape in will still be left with huge debts to repay as their interest will be higher. Check your credit rating before applying and if it is poor even try and hold off to improve it. It may be an irritation but it will save you money in the long term.

When you decide on all of the above you should compare the companies that offer mortgages. This can be best done through a mortgage comparison site, where you can see a clear figure of what you will be set to repay. Do not underestimate this as there can be hundreds of pounds saved each month by some frugal comparison of the lenders.

In the above comparison scenario you should also be willing to bargain with the companies. Asking lenders to meet other lenders offers may see you save a few pounds here or there and is also a good way to save.

If you already have a mortgage you can take advantage of this mindset also and try and bargain your way to a better mortgage. If you do change lenders there may be a charge, but then again if the saving is substantial enough the juice may be worth the squeeze – do your calculations.

This can be the best way to save on a new or existing mortgage.