Securing your mortgage in 2019
With Brexit looming many people are so uncertain of the future of both the housing market and what mortgage rates will do!
Securing the best mortgage for you in 2019
Let’s be honest, mortgage rates are so cheap at the moment and it is highly unlikely much will happen to interest rates whatever the outcome. The UK needs stability and raising interest rates dramatically will not give us this!
So how is it best to secure your new mortgage in 2019?
- If you are looking to re-mortgage then you can start your hunt 6-months before your existing mortgage expires. The benefit of this is that many lenders will allow you to secure the rate now and if rates do increase post-Brexit then you are onto a winner. On the flip side, if rates go down then you may be able to secure a cheaper rate before you switch… this is called a win-win!
- Think about being mortgage-free at some point in the future. Even if you choose a fixed rate, which the majority of people do, most lenders will allow you to repay up to 10% in any mortgage year without penalty – this is worth a strong consideration. It is worth ensuring that the lender will adjust the interest element immediately when doing this otherwise find out when they do and time things accordingly!
- Ensure you have your ducks in a line. Payslips in order, bonuses and commission elements of your pay being proveable and ensure you run your bank account responsibly – yes lenders are likely to look at your patterns of expenditure! If you have, or about to change employer, is there a probation period. If you are self-employed ask your accountant to ensure your earning are enough to secure a great mortgage. A good Independent mortgage adviser will work with your accountant – if not then you are working with the wrong professionals! Finally, please don’t pay your credit cards late as this will hurt your credit!
- Download your credit score from Experian and ask for your Mortgage Adviser to explain it. A good adviser will know how your credit report will translate to a lender when it comes to applying. They will also give you tips to bolster your credit score!
- Watch out for hidden mortgage charges. There are many mortgages which have higher fees and it could be better to opt for a product with lower fees but a slightly increased rate – it depends upon the size of your mortgage – again, a good mortgage broker will calculate this and advise you accordingly!
- When choosing an Independent Mortgage Broker just ensure you like how they work, they don’t pressure you into taking a deal and that your gut instinct tell you they are the ones to look after the biggest asset you have when it comes to the finance aspect of it!
If you would like to find the best mortgages available for you why don’t you try out our Instant Mortgage Quote