For most people, purchasing a property will be the most expensive purchase they make, therefore reviewing where to finance this is crucial.
Many buyers will speak with their bank about their affordability, however if you have not compared the rate offered with other banks or mortgage lenders then you may not have been offered the best deal.
The below factors all need to be considered before committing to a certain mortgage lender/offer:
- Affordability – different mortgage lenders may be prepared to offer you a differing mortgage amount, which could mean you could purchase a larger home than you anticipate.
- Repayment Amount – one of the most important factors with any mortgage is the amount you will have to repay each month, which can differ between different mortgage lenders. Therefore it is important to compare lenders to get the lowest repayment rate possible.
- Term Of Mortgage – the longer the mortgage term is calculated for, the cheaper the repayments should generally be, therefore we would advise all homebuyers to compare the different mortgage terms available when considering the best mortgage deal for you.
- Interest Rate – another variable that will differ between mortgage lenders and is crucial to shop around for is the best possible interest rate, to ensure that the repayments you are making each month are paying off as much of the borrowing as possible, rather than additional interest that has been accrued.
Here at Newton Fallowell, we work in partnership with The Mortgage Advice Bureau, who are the UK’s leading mortgage intermediary brand and have won over 200 national awards. More importantly, they have access to over 12,000 mortgage deals across over 90 different mortgage lenders including some lenders that aren’t available on the high street.
Our Mortgage & Protection Adviser, Howard Owen, works on behalf of The Mortgage Advice Bureau and will be able to provide tailored advice specific to your needs and circumstances, guidance on which mortgage lender and product to choose, as well as protection support for you and your family.
To arrange a conversation or meeting with Howard, or if you have any questions about anything mortgage related, then please give Howard a call on 01733 511225 or email howard.owen@mab.org.uk
