A few ways to get the perfect mortgage deal
How to get the right mortgage deal
07:49 05 June 2014
With the current mortgage interest rates bound to raise to 3% a situation that would see more than 2.1 million households face unaffordable repayments in the next four years, it is very important for you to ensure you get a brilliant mortgage deal to ensure you will not struggle when it comes to the loan repayment.
How to get the RIGHT mortgage deal:
You definitely don’t want to be among the millions of vulnerable homeowners who risk becoming mortgage prisoners due to unaffordable repayments. Go for a mortgage loan from a provider who will provide you maximum advice on the right mortgage for you and also one who will offer simple and hassle free services. Other than that here are some of the tips that you should follow anytime you need to get the best mortgage deal.
- Ensure that your credit score is excellent. If you didn’t know, the first thing a lender will want to confirm is your credit report and your payment history. It is your credit score that will definitely determine the interest rate to be imposed on you. If you have any arrears or balances, it is very important that you clear them before applying for the mortgage.
- Don’t fudge any information during application. Some borrowers might want to provide incorrect information during a mortgage application since they think that it will raise their chances of getting a better loan. No, be as transparent as you can and never hide any flaws or credit problems or tell lies about assets or income since this will work hard against you.
- Be willing to provide a huge down payment. The more contributions you can make towards a down payment the more attention you gain from lenders
- Don’t always focus on getting the best deal. The secret about mortgages is not behind the interest rates. Don’t focus much on getting the best deal but pay more attention on getting the right mortgage. Evaluate your whole budget and determine how much you can comfortably afford per month.