Once you’ve figured out what kind of mortgage you want, it can be an easy process of looking at our best rate tables to see the current mortgage rates available and deciding which deal best fits your requirements. But there’s more to it than simply applying.
Check your credit score
A vital aspect of applying for a mortgage, which people can choose to ignore at their own peril, is a credit rating. As part of the mortgage application process, your chosen lender will run a credit check on you and whoever else you may be buying the property with. If your credit score isn’t good enough, not only will you not get the mortgage, but your credit rating will also be lowered further, potentially making it harder to get a mortgage from another provider.
So, while you may be solely focused on getting that deposit together, don’t forget to keep an eye on your credit rating – and do whatever you can to make sure it is as good as it can be.
Plan for additional costs
Don’t forget about other expenses, either, including moving costs, stamp duty, and of course upfront mortgage and valuation fees. If you click on the details link of any top mortgage deal, you will see not only what arrangement fee you will have to pay for that mortgage, but you may also find some extra incentives that can offset any upfront costs, such as cashback, free legal fees and a free valuation.
Get a valuation
It is important to do a thorough valuation of any property you are looking to purchase, to make sure that there are no hidden problems that can cause you a major headache later. For instance, a house may seem spick and span, but if the toilet outflow doesn’t connect to the sewer pipes, it's nothing more than an odd accessory, and fixing these kinds of problems can cost you a lot of money.
Research, research, research
Again, it’s all about paying attention to the details, not just of the actual property you are looking at, but also of the mortgage you are interested in. You may have found the cheapest mortgage rates, but have you thought about how you will manage the arrangement fee? Does it offer some degree of flexibility should your plans change?
There is no such thing as the ultimate good deal; everyone’s circumstances are unique. The best thing you can do is to compare the mortgage market, using our mortgage search tool that allows you to put in your specific search criteria, and see if the best rate mortgage deals match your requirements. Then make sure you’re as prepared for applying to a lender as you possibly can be. This may seem like a lot of hard work, but it could save you a lot of money over the long run!
Do your own research, using our mortgage comparison calculator, our mortgage guides, and any other information you can find, to make sure you are fully prepared for taking on a mortgage. Furthermore, don’t hesitate to contact an independent mortgage adviser to get the very best deal for your own personal circumstances. These things can make it more likely for your application to be accepted by a mortgage provider, with the interest rate that you are after. Then you will just have to worry about what colour to paint the walls!