The recent recession has made it increasingly harder to find a decent mortgage deal without having to put down a large deposit. 100% mortgages can no longer be found, and most lenders these days require a 20 to 30% deposit before they will even consider looking at your case. It is now common knowledge within the industry, that to find the best mortgage deal you will most probably need to put down a deposit of 40%.
This high percentage means that unfortunately many people have been priced out of the market and the average age of first-time buyers has risen to an age of 40 years plus!
Fear not though! There is no need to be downbeat, because with the correct mortgage advice there is hope. Some great mortgage deals are still out there, which will require a smaller deposit. Please follow our simple methods to help find the best mortgage deal for you.
Mortgage advice method 1
Compare Prices – the Internet has never had so many different websites, forums and social media sites to help you chat with experts, understand pricing structures and play one price off another. This market is just as competitive as more advertised markets such as car insurance. The best piece of advice is to spend a good amount of time comparing costs to find the best mortgage price for you, never rush into making this decision, if the price looks too good to be true, take a closer look.
Mortgage advice method 2
Get the Full Picture – it is very important to remember that the main quoted interest rate will not count for all that you pay. Read up and understand all the fees that you will have to pay. In doing this, you won’t get an unexpected surprise when you are asked to pay more than you thought. There is a great selection of mortgage comparison tools out there to help you understand the full costs of your mortgage.
Mortgage advice method 3
Avoid extra charges and interest – it is best to steer clear of mortgages which require to pay early repayment charges after your primary rate has ended. By doing this, you can switch to a better mortgage deal at any point. You should also pay attention to adding extra mortgage fees to your existing mortgage. Remember, you will end up paying interest on this and all these costs can add up.
Mortgage advice method 4
Good mortgage advice is generally free and easy to find so you should take full advantage of this fact. Whether you decide to phone a local mortgage company or find someone online it is pretty much guaranteed that you will find some useful help. Most online companies will offer a free no obligation mortgage quotation.
To summarise, the real key to finding the best mortgage for you and your circumstances is to persevere and find as many different prices as possible. Don’t feel pressured into taking this first offer until you have many different prices to provide a good comparison. Use these quotes in your favour, to help you haggle down the best price, and soon you will have found the perfect mortgage deal.