Top tips for securing a low rate mortgage deal

As interest rates on mortgage deals are at record lows, this is one of the best times for home owners and first time buyers to secure a mortgage. The following tips may help you to secure one of the low rate deals which are now available.

Consider alternatives to high street lenders for low rate deals. Although high street banks remain extremely popular, there are specialist lenders and challenger banks now offering some of the best deals.

Don’t automatically presume that you won’t be offered a mortgage if you have poor credit. Although there is strict criteria in place for lending, a missed payment on a loan or credit card may not automatically result in refusal of a mortgage. Self-employed people may also find it easier than previous years to obtain a mortgage with some lenders, with just one year’s accounts.

Seek advice from a mortgage adviser, as they have studied on a CeMAP training course and have all the information required to help in a variety of circumstances. They are also aware of each of the lenders, including the specialist and challenger lenders, who may be willing to offer a mortgage.

Save regular amounts for your deposit, as lenders will recognise the effort that this requires. You may also be able to boost savings with a government scheme, like the Help to Buy ISA.

Consider each of the mortgage deals which are available carefully, so that you obtain the most cost effective deal for your circumstances.



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