Mortgages: How to get the best deal

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.

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

A recent BBC article outlined the key tips for getting a mortgage:

  • Ensure you are on the electoral roll
  • Make sure you do not miss any financial commitments – missing a credit card or loan repayment will count against you
  • Reduce your personal debt as this will enable you to borrow more
  • Ensure you do not apply for credit while a mortgage application is going through
  • Keep payslips and P60s
  • Check your credit rating to make sure that you know what your credit score is
  • Do your homework to find out what the lender requires from you

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s