Finding the right mortgage for you is never easy, and there are lots of rules in place that can both help and hinder you. Whether you are looking for a 5 times salary mortgage or not, the process is a challenge – but it doesn’t have to be.
Below are 5 useful tips to consider when you are trying to find the right mortgage for you.
5 Tips For Finding The Right Mortgage
1. Use a Broker
Making use of the services of a mortgage broker will save you time and a lot of stress. Instead of wading through everything on the market yourself, a mortgage broker will do it on your behalf.
These individuals will also have access to a lot of useful information that you won’t have access to. This means that you will be able to find out important information, as well as get much-needed guidance on the application process and the rules you need to follow.
Brokers can help anyone – including people who are self-employed or have a bad credit history. There will always be something for you, and these individuals typically get paid a commission.
2. Head to Your Bank
Banks will always have advisors that you can go to your guidance on your mortgage. There, you should be able to find how much you can borrow for a mortgage, and they will have all the necessary history right there at their fingertips.
At a bank, every mortgage advisor is regulated by the FCA (Financial Conduct Authority), the financial watchdog. This means that they are under obligation to ensure that any product they recommend is actually suitable for your needs and position.
As such, you will be able to get reliable information from banks.
However, you should be aware that this option is limited. Banks have a limited range of options, and will only be able to recommend products that are within the range of the banks themselves. There might also be charges and various fees to pay, including an arrangement fee.
3. Use Mortgage Eligibility Tools
If you would like to tackle finding a mortgage on your own, then you need to be aware of the fact that there are many tools at your disposal. You should make use of mortgage eligibility tools to find out the information you need.
These tools can be used very easily, just by adding in some simple details, and you can get a good idea of which lenders will offer you a mortgage you want. Not only that, but these tools can help you discover how much you could borrow, which mortgages would be accepted, and much more, based on various criteria.
This is a great way to ensure that you are well-informed throughout the process. It can end up saving you time and money, and also make disappointment less likely down the line. It’s certainly worth taking the time to use mortgage eligibility tools and find out as much as you can before you start your mortgage journey.
4. Check out Price Comparison Sites
You will be able to find out all kinds of information on price comparison sites, including the lowest rates that are available for mortgages. This includes trackers, fixed rates, and even offset options that span up to a decade.
Using price comparison sites can only take you so far, though, and you need to know what kind of loan is the most suitable for you. While these sites can show the rates that different places offer, they do not offer you any help beyond that. This means that there might be a lot that you still don’t know.
As such, it may be beneficial to find out some information before you jump onto a comparison site. See which type of loan is best suited to you, and everything else you could need.
5. Online Alternatives
Last, but not least, don’t forget about the online alternatives to getting support. There are online brokers that will be able to help you in many different ways. They can aid in applications and managing, and so much more.
What makes this a great option is the fact that you don’t need to actually go anywhere! This means that online mortgage brokers, and all other kinds of online help, are accessible to everyone.
To make finding the right mortgage for you a little easier, you can do things like use a broker or go to the bank for help. Alternatively, you can use mortgage eligibility tools or use price comparison sites to help with your journey. You may also choose to explore online alternatives.