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How to get the best mortgage?
Compare UK mortgage rates and get the best deal on your next mortgage. Whether you are remortgaging first time buyer or moving house in the UK compare leading mortgage providers best mortgage deals and find the one that is right for you and your family.
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Pick up tips on how to prepare to get the best mortgage offer from lenders when remortgaging or borrowing to buy new home.
The UK mortgage marketplace is oversupplied with mortgage products. Lenders are even prepared to lend to sub prime mortgage business. If you have had financial problems in the past you may now be eligible for a mortgage in the UK as lenders are falling over themselves to give you money!
Been bankrupt got CCJs defaulted on your mortgage or rent? Many past financial problems are no longer a problem when it comes to getting a mortgage in the UK.
UK Housing and Mortgage News Opinion Analysis
1st August 2018 UK House Prices Increasing Faster In July
Nationwide says UK house prices rose 2.5 percent year on year in July. Nationwide reported annualised house price growth at 2 percent in June.
A strong jobs market in UK will continue to support UK house price growth rather than house price crash predicted by many economists after the Brexit vote in June 2016. Unemployment in UK is still at its lowest level since 1975.
7th February 2018 British Annual House Price Growth 2.2 Percent In January 2018
Halifax Bank says UK house price growth has slowed, but UK home prices are still rising at 2.2 percent at the beginning of 2018.
UK house prices are expected to continue to rise throughout 2018 though perhaps at a slower rate than the at the beginning of 2018. 2 percent is a commonly thought of rate of house price growth by the end of 2018.
23rd November 2017 Could you get a better mortgage deal
If your home has increased in value you might be able to get a cheaper rate for your mortgage. You can compare mortgages with cheeringupTV mortgage market partners and find a new mortgage deal that’s right for your needs priorities and preferences.
7th September 2017 UK House Price Growth At Highest Since October 2016
Halifax house price index indicates UK house prices are growing at 2.6 percent year on year in August 2017.
30th August 2017 UK Mortgage Approval Numbers For Home Purchases Growing Healthily
Total mortgage lending hit 21 billion pounds in July which is the highest level since 2008. Lending for house purchases and remortgages is growing. Borrowing money under secured lending has never been cheaper according to the Bank of England.
8th July 2017 First Time Buyers Supporting UK Mortgage Market
First-time buyers presently account for half of UK mortgage activity. First time buyers used to be about as rare as hen’s teeth but they are scrambling to get on to the housing ladder.
Almost full employment in UK record low mortgage interest rates and UK government schemes like Help To Buy are all encouraging first time buyers to buy their first home.
26th June 2017 Mortgage Lending Falls Due To Falling Demand
Lenders approved the fewest number of mortgages since September 2016 as the reduced number of property hitting the marketplace reduces demand for new mortgages.
31st May 2017 UK Mortgage Demand Falls
UK Mortgage approvals fell to 7 month low in April according to the Bank of England BoE.
This is a great time to buy a house in the UK. House inflation has paused, relative to recent house price rises. Many mortgage lenders have pots of money they want to lend yet are struggling to find people who want to borrow to buy home.
In addition many mortgage lenders are relaxing their lending criteria to extend their lending opportunities to people who have managed to scrape a 5 percent deposit. Lenders in the recent past were reluctant to lend to people with only small deposits through fear of not getting their money back should the borrower default on mortgage.
4th May 2017 Mortgage Approvals 4 Home Buyers Fell To 6 Month Low In March
The Bank of England BoE says UK home loans approved for house purchase fell to lowest monthly since September 2016.
The lack of homes being put onto the housing market is supporting an average property price increase of around 2 percent in 2017.
The National Association of Estate Agents NAEA has reported the lowest number of properties available for sale in the UK since records began in 2002.
26th January 2017 Demand For A Mortgage In UK Remains High Lenders Still Happy To Lend Money To Buy A Home In UK
The number of mortgages approved by British banks hit a 9 month high in December 2016 and consumer credit is increasingly being provided to the consumer in the UK.
How to get the best mortgage deal for you
There are simple things you can do to make yourself more desirable to lenders who may fight to get your business.
- Check out the normal asking price for the home you want to buy and save for at least 5 percent deposit preferably 10 percent. It will make your monthly payments more affordable and reduce the overall cost of the mortgage as you will get a better mortgage rate.
- Paying down your mortgage with bonuses inheritance sudden windfalls or regularly if you have got extra at the end of the month to get your loan to value LTV ratio as low as possible may help you get the best mortgage deal cause you are less of a risk to the lender. A loan to value of your home ratio of less than 60 percent will garner the best mortgage rates. Less than 75 percent will be beneficial but if you can not get it down then you have to go with what you get. Be aware of potential LTV bands approaching because being near bands like 60 percent 75 percent 80 percent etc could give you an opportunity to save thousands pounds in lower interest rate offers if you can get into better band. Beware! The value of the home potential lenders put on your home may not be as high as the value you think it is and this could push up the loan to value ratio. Be cautious when you value your home and you might be pleasantly surprised rather than financially punished each month when the mortgage offer is released after you apply for a mortgage!
- Your chances of getting the best mortgage deal will come down to how affordable your mortgage is. This requires that your cost of living is as low as possible. Lifes luxuries will be added to essential spending to determine what you can afford to spend each month on a mortgage so make sure you tidy up outgoings from your bank account so that bank statements don’t reveal you to be a shopaholic or mad gambler! You can not delete payments from your bank account but you can control your spending until after your mortgage offer.
- Affordability also requires that you maximise your income so if you think you could get a pay rise soon you are better waiting until after your pay review. Promises of a pay rise are never as good as actual pay rises!
- Make sure you are registered on the electoral roll to vote at elections.
- Check your credit files with credit rating agencies like Experian Equifax and Clearscore. If you identify a problem you were not aware of do not apply for a mortgage until you have resolved it. Follow the credit rating agencies procedures to challenge the accuracy of their records if you know they are wrong.
- Where it does not cost you anything extra pay household bills via Direct Debit take out a credit card if you have not got one and spend a little on it and pay it off in full when payment is due. Develop a track record of a reliable person who pays their bills on time.
- Do not apply for credit within 6 month of applying for a new mortgage. For example do not get a new credit card just before you apply for a mortgage as this could reduce your attractiveness to a new mortgage lender. Your credit application footprint needs to be light before you apply for mortgage.
- Get yourself out of your bank overdraft. If you can not then be prepared not to get mortgage offer and a mortgage broker maybe worth every penny to get you a good deal in such circumstances.
- Do not change jobs within a year of taking out a mortgage or remortgaging as lenders prefer to see stability of income before giving the best mortgage offers.
- If you are financially linked to someone make sure they are not holding you back say after divorce. Write to credit rating agencies to disassociate yourself from previous financial couplings.
- If you are renting and want to buy your first home consider using a new scheme called Rental Exchange. If you always pay your rent on time this scheme can increase your credit rating. If you occasionally miss rent this new scheme is not for you.
Who is offering the best mortgage rates in UK today?
The mortgage market in the UK has expanded its offering to people who want to borrow. Mortgage rates are at historical lows. Thats one reason why it is a good time to borrow. Borrowers who want to switch mortgage and people who want to get on housing ladder.
Remortgaging in the UK can be a great way to increase your standard of living if you can get a better mortgage deal and there are many amazingly low mortgage deals at the moment. However do not bank on low mortgage rates being around for ever!
Our mortgage guide keeps you up to date with developments in the UK mortgage market including best mortgage deals just released.
For more tailored up to date best mortgage deals tips see CheeringupInfo mortgage best buy tables.
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Its not all about the mortgage rate when choosing the best mortgage for you
Boost your mortgage chances of getting the best mortgage now and in future with these tips:
- Avoid mortgages with early repayment charges after the initial rate for the mortgage deal has ended so that you can switch again for a better deal without being penalised with an early redemption charge
- Your own circumstances or risk nature will dictate what type of mortgage is best for you. You may prefer the certainty of a fixed monthly mortgage payment at a higher rate than a tracker rate mortgage that may fluctuate depending on the UKs economic conditions or even global changes like USA presidential elections!
- Do you want to take the best of what you can get today and keep it for a long-time eg 10 years or get what you can just now and see what’s about in 2 years time? No one can tell you what is right or wrong with certainty. Your personal circumstances will again influence what is best for you including job prospects, whether you will be starting a family soon, whether you want to move again soon etc. The mortgage you choose must cover your known potential changes and the unknown economic climate in future!
- What about the fees? Big fees can mean low mortgage rate and the opposite can be true. As a broad rule of thumb if you are borrowing a lot of money then the size of the fee is less important. If you are borrowing a low amount, then the fees can eat in to the attractiveness of the mortgage rate so you might be better with lower fee and higher interest rate. Do not forget about early repayment fees and exit fees should you need to radically change tack mid deal term at some point in future.
- Other fees can make a great mortgage rate less appealing including property valuation survey fees and legal fees.
- Compare the mortgage market before you go for a mortgage broker. A mortgage broker may charge a fee too for mortgage advice. This may be worth it if the mortgage broker can find you a deal that is not on the market and save you a lot of money more than the cost of the fee. However for straight forward mortgage applicants lenders are likely to offer you a great deal close to the best without employing a mortgage broker. If you are going to use a mortgage broker, make sure you use one who has access to all mortgages on the market in UK not a restricted marketplace. Remember like insurers who do not offer car insurance deals on price comparison websites some mortgage lenders do not offer their mortgage deals through mortgage brokers so remember that few if any mortgage brokers can truly reach the entire mortgage marketplace when searching for the best mortgage for you. You might get the best deal going direct to lender and save money on mortgage broker fee. Be clear on how the mortgage broker gets paid and when because they can get commission from lender and the person seeking a mortgage to earn a living. Some mortgage brokers effectively ask for up front fees paid on application which means you might not get your money back should you be unable to proceed with the mortgage through them.
- Don’t use APR to judge the best mortgage deal for you. You are unlikely to ever pay this figure, as you are unlikely to remain with the same lender for the entire length of the mortgage period. Use the initial deal rate and factor in the cost of the various fees plus your own circumstances to decide which is the best mortgage offer for you.
- Make sure the written mortgage offer fits the information you gave to your mortgage adviser as it commits you to spending money once you accept and you don’t want it to fall through at the last minute.
- It is not over till its over! Buildings Contents insurance life assurance and accident sickness unemployment insurance are all costs you may be wise to buy but getting the best deal on these is not the subject of this review. There are drawbacks of buying these from the mortgage adviser or lender, as well as benefits but at least be aware that these are additional monthly costs to affect your ability to comfortably live in your home!
- Get a mortgage agreed in principle before you formally apply for a mortgage. This will give you confidence that you will get the mortgage you want. Beware! Do not get mortgage agreed in principle unless you are serious about getting a mortgage because if the lender did a credit check it will show up on your credit file. Other lenders don’t like to see lots of credit checks on your file.
- If you ever get rejected for a mortgage or any form of credit, immediately check your credit file with all the credit rating agencies in UK. If it is stopping you getting a mortgage it may stop you getting other forms of credit and repeated rejection makes further credit rejection more likely. Sort out problem and wait at least 6 months preferably more than a year before applying for another mortgage.
BEST MORTGAGE RATES UK FROM BEST MORTGAGE ADVISERS IN UK
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