"The Easy Way to Get Your Best UK Mortgage" |
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Inside Secrets and Tips to UK Mortgaging Buying and Instant Mortgage Quotes |
Don't take the first mortgage you're offered
There are big differences in the deals you can get amounting to many thousands of pounds.
So make sure you've made comparisons with others.
See
today's Best Buy tables
Mortgage Tips List
General UK Mortgages Guide Contents
Shop around
There's a lot of competition between the mortgage providers.
Like supermarkets they'll use techniques like offering "loss leaders" to lure more customers (Their pay off is that later on you're not likely to go elsewhere because of "consumer inertia" - which we've all got black belts in when it comes to financial products).
See
today's Best Buy tables
Mortgage Tips List
General UK Mortgages Guide Contents
Look for a mortgage lender who is offering a "loss leader"
Provided there's no overhanging lock in you could shop around for another good deal at the end of it and save thousands.
In other words buy with a view to get a new mortgage deal every 2 years or so.
See
today's Best Buy tables
Mortgage Tips List
General UK Mortgages Guide Contents
Don't be taken in by a low sounding initial interest rate
This is known as the headline rate. Very low rates usually come with cunning long term "tie ins".
What will happen at the end of the low interest rate term? Do you have to stay with the same mortgage lender who is suddenly only offering you a very uncompetitive rate unless you pay a big penalty (see below) to leave?
A much better guide to how much a loan will cost is the APR
See
today's Best Buy tables
Mortgage Tips List
General UK Mortgages Guide Contents
Beware Redemption Penalties
When you take out a mortgage you have an agreement with the lender. This covers the amount you repay and is set for a particular period.
For example you may have a mortgage for a three year fixed interest rate of 5%.
If you want to get out of this deal before the three years is up you'd probably have to pay a redemption penalty. This is a charge which supposedly compensates the mortgage lender for the time and expense of your leaving.
Some lenders may try to hide the redemption penalties in the small print.
Simply ask your prospective lender what the exit / redemption penalties are. If you're not sure what they mean ask them to spell it out. If you still don't understand you can take it that there's something they might be trying to hide so walk away.
... and "Overhanging lock-ins"
This is a penalty for leaving a lender AFTER a special deal interest rate has come to an end (ie not DURING the agreed timescale of the deal).
So, using the same example as above, if you got a mortgage with a three year fixed interest rate of 5% the mortgage lender could charge you a penalty if you left after the three years was up, say in year four.
See
today's Best Buy tables
Mortgage
Tips List
General UK Mortgages Guide Contents
To read more on this subject please see the list below or your mortgage guide or your home buying guide
Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below
Read On about How to Find your Mortgage
Going
direct
Going through a Mortgage Broker
Going
through an IFA
Going through
an Estate Agent
Going through
other websites
Read On / Mortgage Guide
How
to Get a Mortgage in the UK
Types of Mortgages
Remortgages
How to Find A Mortgage
Read On
Guide to Buying Home in the UK
Guide to UK Home and Mortgage Insurance
When you are looking for a UK mortgage it is important to have all the information you need at hand. That's where our UK Mortgage Guide comes in. The Mortgage Guide contains all the information you need to be able to compare all your mortgage quotes.
By going online you might be able to get an instant UK mortgage quote – this is great news and will help you speed up your home buying decisions. It is important to have enough information when buying a UK property and mortgage quotes are an essential part of that information.
When looking for a mortgage in the UK, make sure you read our free Mortgage Guide – it is full of information about UK mortgages, advice on how to compare UK mortgages and tips on how to get the best instant mortgage quote possible. It also has information on buying UK homes – it is packed full of useful home buying information and it is free.
Click here to go to the Home page and find out more information about UK Mortgages, UK Mortgage Quotes, UK Morgage Finance, Interest only mortgages (even with bad credit) or Home Insurance Policies Quote.
Mortgage tips
Browse over 200 Free Mortgage TipsYour Complete Guide to UK Mortgages Find Out How to Win the Race to Buy Your Home - Home Buyers Guide Learn How to Save ££s by Remortgaging Read the Insider Info on Home Insurance Site Help |
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