How do I get the best deal for me?

Qualifying for a mortgage can be a complicated affair and some first-time buyers may find it daunting. It is important to choose the correct lender and not to pay a higher rate than necessary.

That means that for some buyers, waiting to save more for a deposit can ultimately save many thousands of pounds on the annual mortgage bill.

By getting to know the process of how a mortgage works and what is required by the lenders, it is possible both to secure a lower interest rate and to increase the chances of being accepted for an appropriately sized loan.

The size of your deposit determines your monthly mortgage payments and the interest rate that you pay. Virtually all lenders use a loan-to-value banding system which means you pay much more if you have a smaller deposit.

The size of your deposit determines your monthly mortgage payments and the interest rate that you pay. Virtually all lenders use a loan-to-value banding system which means you pay much more if you have a smaller deposit.

Key tips for getting a mortgage include:

  • Ensuring you are on the electoral roll
  • Making sure you do not miss any financial commitments. Missing a credit card or loan payment will count against you
  • Reducing your personal debt will enable you to borrow more
  • Ensuring you do not apply for credit while a mortgage application is going through
  • Keeping pay-slips and P60s
  • Checking your credit rating to make sure that you know what your credit score is

 

If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth