10 Sep A guide to getting the best deal on your mortgage
Homeowners are being given advice on how to get the best deal on their mortgage in order to help manage their monthly costs.
Consumer experts at NetVoucherCodes.co.uk have put together a guide on how to get the best mortgage deal amidst the current mortgage crisis.
Mortgage payments have increased significantly over the past year due to increased interest rates.
Earlier this year it was also announced the two-year fixed mortgage rate in the UK was the highest it’s been since 2008.
Rebecca Bebbington, consumer expert at NetVoucherCodes.co.uk said: “Mortgages rates have really surged over the past couple of months and some are saying this is just the beginning of the mortgage crisis.
“A lot of people are struggling to pay their mortgage each month and those whose fixed-rates are coming to an end will have a hard time finding a lender to match their existing deal.
“We don’t want people to feel like they’re stuck so we’ve put together a few things that you can do to help get the best deal on your mortgage and ease the financial pressure of paying it.”
NetVoucherCodes’ guide to getting the best deal on your mortgage:
Check in with your current provider
Some providers are rewarding their customers’ loyalty with deals for their existing customers so it’s worth giving them a call and seeing what they can offer you before you do anything else.
Increase your term
If you find your payments are going through the roof, arrange to increase your term to lower your monthly costs. As interest rates come down you can always reduce the term again.
Fixed term
With interest rates still rising, a fixed term could be the solution for some people. Whether you go for two years or five years is a personal choice but remember to listen to the advice brokers and mortgage professionals for their opinion.
Locking in a rate
You can organise your mortgage months before your current deal ends so it’s worth doing. It means you may be able to lock in a good deal that could be gone by the next day.
Shop around
Like anything, it’s important to shop around and compare deals. Check what different lenders are willing to offer but remember with rates so high, the competition may be limited.
Don’t overstretch
It may seem like an obvious one but don’t take on a mortgage deal if you feel like you may not be able to afford it. Think ahead and make sure you have enough money to live on each month.
Seek professional advice
Mortgage brokers know the market better than anyone so it’s worth speaking to one who can offer you advice on where to find the best deals
