Our experienced team at Keywest can help you to find your next dream home or investment property,  so here’s our Top Tips for Choosing the Right Mortgage

We can also put you in touch with a first-class independent mortgage adviser to help you to source the best possible financial solution for your needs.

Mortgage considerations are extremely important given that there are thousands of different products available, and the wrong choice could end up with your paying out far more than you have to, which is why we have also compiled this guide to start you on your next financial journey.

Type of Mortgage

Deciding on the type of mortgage you want is one of the first choices you will need to make. Do you want a fixed-rate loan, where your repayments remain consistent, or a variable mortgage, where what you pay will be linked to the Bank of England’s base rate? The latter may be a cheaper option, but remember that your repayments will fluctuate.

You may also want to consider discount options which are influenced by your lender’s Standard Variable Rate, or the SVR. You may be offered a discount rate under the SVR for a certain period, although you will need to be prepared for when you are expected to pay the standard rate. Research has discovered that the average British mortgagee pays out £2,445 in payments that they could have avoided because they slip on to the SVR without realising it.

Your Deposit

You will need to thoroughly assess your finances and decide how much of a deposit you want to put down. Remember that the bigger this amount is, the smaller your potential repayments will be. A good-sized deposit may also be key to being accepted for a particular mortgage.

Whilst looking at your finances, you also need to be honest about what you can realistically afford to repay. Over-stretching yourself or not preparing properly for changing interest rates or circumstances can be a recipe for disaster – and repossession.

Additional Costs

Don’t forget to consider the additional costs that you may have to pay. These may include legal fees and arrangement costs. Thinking about these from the outset will prevent any nasty shocks in the future.

Compare the Best Deals

You could decide to go straight to your bank, but remember that the advisor will only recommend a limited range of options. This makes it essential that you do your research about other available options before committing yourself.

You could also make use of online comparison sites. These may be a good option if you fully understand mortgage products and the associated costs, but they should not be used as a replacement for sound professional advice.

Choosing to make use of one of our independent advisers, however, can be the ideal solution when it comes to financing your next property purchase with confidence. They can search the complete market for the best possible options, and you can be certain that their advice is based on securing the best outcome for you rather than because of links to certain products or mortgage providers.

To find out more about our mortgage advice services, simply browse our website, give us a call on 0116 254 4555 or 0116 254 4543 or email us at sales@keywest-estateagents.co.uk.