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Mortgage: Getting the best interest rate in the UK
Your thinking about settling down on a new home but the average house price in the UK is a whopping £223,807 and it’s something that you simply cannot afford at the moment even if you use every dime on your savings account. In such instances, you will need to borrow a mortgage loan from a lender and spend a good part of your life paying it back, including its interest. This means that having a cheaper interest rate on your mortgage means a lot. If you can decrease the percentage rate by a point or two, you will be able to save hundreds of thousands of pounds over the course of the entire loan.
Getting the best Mortgage Rates
So you can enjoy the best mortgage rates available in the UK today, here are some of the things that you can do:
1.) Get a better credit score – A better credit score will demonstrate that you are not a high-risk borrower – someone who will not default from your loan – and this gives banks and other lenders the confidence that they need to grant you a mortgage rate that is cheap. If you have a credit range from 760 to 850, you could save as much as £30,000 in total interest rates for a 30-year fixed mortgage.
If you want to keep your credit score at favorable levels, be sure that you restrict your spending to 20 -30% of your available credit limit and no more. You should also avoid incurring credit card debt and make it a point to constantly pay your bills on time. Also, try to check your credit file if there are any errors and inaccuracies that could have lowered your score.
2.) Income record – A reliable source of income is important to mortgage loan lenders that’s why they often require their borrowers to demonstrate at least two years of steady employment especially from the same employer to get approved with the best mortgage rates. You will need to show pay stubs and employment records as proof of employment. For those who are self-employed, it would be a different story although there are lenders who accept bank statements and tax returns for the past 2 years as proof of steady income.
3.) Offer some cash – Normally, you can enjoy the best mortgage rates if you offer some money, with 20% being the norm. You can definitely put up a whole lot less but you will mostly need to pay private mortgage insurance that can range from .5 to 2.25 percent of your loan amount per annum. Having 3 months or more worth of cash reserves in your savings account will also help you a lot in getting the cheapest mortgage.
4.) Shop around – If you want to enjoy the best mortgage rates, then you need to shop around and evaluate different offers from existing lenders in the UK. This means that you don’t have to automatically settle with your bank. Research online, visit comparison sites and review sites and you will surely find that lender that will give you the cheapest interest rate on your mortgage loan.
But before you apply for a potential lender that offers an enticing mortgage rate, be sure to check its qualifications first to determine whether or not you are eligible. Each lender will have its own unique qualifications and knowing them will help you save a lot of time and energy. After all, you don’t want to waste your day applying for a mortgage loan that will have you rejected in the end because you are not qualified for it to begin with.
Relying on a mortgage calculator can also help you accurately predict your monthly mortgage payment with ease without shedding a lot of information on your part. A mortgage payment calculator can also show the whole amount of interest that you will be paying throughout the course of your mortgage. You can also use it for free and is accessible online from different lenders and independent sites. To use the mortgage calculator, you will need to provide certain information such as:
- Price of your home – You will need to input the monetary amount needed to pay for your home.
- Down payment – This is basically the money you put up to the home’s seller. A 20% down payment will normally allow you to avoid paying for insurance.
- Mortgage amount – The amount can be calculated by subtracting your down payment from the home’s price. If you’re refinancing, the amount will be the outstanding balance on your mortgage.
- Mortgage Term (Years) – This the duration period of your mortgage. In most cases, people who are purchasing a new home may choose a very long mortgage period that can last 30 years while those who are refinancing can choose a loan that lasts 15 years.
- Interest Rate – The interest will depend on your lender and other factors as well especially on your credit rating. Once you have an estimate of your interest rate, simply input it on the calculator.
- Start off your mortgage – Simply choose any month, day and year when your mortgage payments will start.
Choosing the right mortgage lender
Choosing the right mortgage lender can be challenging especially with a relatively crowded industry. Some of the most common types of lenders that can satisfy your mortgage needs include:
- Credit unions – Financial institutions that provide favorable mortgage rates to their shareholders. You will need to be a member of a credit union to avail its loan services.
- Mortgage bankers – Bankers who work for a certain financial institution and provide mortgage loans and packages to borrowers.
- Mutual savings banks – A cost-effective financing institution that is mostly locally based and often very competitive in their rates.
- Online lenders – There are also plenty of online lenders that offer mortgage loans to different borrowers across the UK.
Before you opt with a lender, be sure that it is legally registered. Checking the company’s track record through testimonials and review sites will also help you determine its reliability.
What if I can’t keep up my repayments?
If you can’t keep up with your repayments you must contact your moneylender immediately and advise your struggling with the monthly installments some companies will adjust your monthly installments to reflect what you can afford to pay back on a monthly basis please note that this can also extend your term of the agreement and probably the amount of interest that you end up paying back. You’re never advised to just stop paying your agreement as this may result in interest being charged on the agreement and missed payments showing on your file this could make obtaining further down the line a lot more difficult.
What do i do next?
Next is the fun bit you need to click on the apply button and fill out our simple online form designed to make sure the whole application as smooth and pain free as possible. The whole application process from start to finished shouldnt take you longer that 3 minutes its as simple as you can get.
*Subject to lender approval and requirements.
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- Mortgage: Getting the best interest rate in the UK