UK Landlord Forum / Life

Article by the times online, dishing out tips on getting the best mortgage.

In short...

1) Get a large deposit
One of the biggest changes is that the keenest rates are now available only to those with a large deposit, typically of more than 25 per cent

2) Deposits are important for remortgages, too.
Due to falls in house prices, you may find that when you come to remortgage, you have slipped into a different loan-to-value (LTV) band because the value of your property is lower. If you have savings available, you could use them to reduce the LTV in order to get better mortgage rates.

3) A clean credit record is key
The sub prime market has been worst affected by the credit crunch, and as a result, anyone who has a poor credit record will struggle to find competitive deals

4) Speak to a broker
If you are having problems finding a loan, talk to a mortgage broker.

5) If you crave security, go for a fixed rate
If you need certainty to help with budgeting, opt for a fixed rate

6) Plan for the long term
With it looking increasingly likely that it will take another couple of years for the market to recover, borrowers may be better placed to opt against short-term fixed rate mortgages

7) if you can take a risk, trackers look best
Any borrower who does not require the absolute security of a fixed rate mortgage would simply be crackers not to take a cracker at the moment

Pay attention to the SVR
Borrowers are now spending longer on their lender's standard variable (SVR) rate than they used to do, research from Nationwide shows.

9) arrangement fees
While fixed rates have been coming down recently, a number of lenders have been raising arrangement fees at the same time in order to protect their margins. Watch out for the fee.

10) Sometimes a higher fee is a better bet
If you are struggling to get a good rate, it might be worth paying a higher fee.

I am always wary of discount periods. They claw it back later! It is all well and good saying you can swop your lender but that is the voice of long ago. At approx £2500 set up fee, its cheaper to stay where you are in most cases so make sure it is a good long term rate. Obviously my advice will become stale by tomorrow when they have altered the criteria for the loans yet again!

What we need in order to stabilise buying confidence is a guarantee as a buyer that the base rate will not rise more than a given amount in a set time. Will our government commit?
People with savings will just have to wait or go buy a rental property and then experience what it really is like to have something to moan about.

Almost all mortgage lenders have different method of obtaining credit and the application will be evaluated. If you have three different mortgage lenders named three different prices for the mortgage. This comparison shopping for most mortgage refinancing is very important. You can understand more about how to find the best mortgage refinancing rate, at the same time, avoid costly mistakes in recording mortgages cheap tutorial.

You can get a mortgage quote and a tentative agreement before you find your dream home property in Italy. This will give you a good idea of how much you can borrow and can help you make decisions about the type of goods that can be adapted.

I think using an independent mortgage broker who is not tied to any specific lender can help better to find the best deal. Because brokers have tools that allow them to shop all of the industry much more quickly than you can, and if they are working independently, they will work hard to get you a good loan deal.

Despite recent news that some main Canadian lenders will offer lower interest rates on some mortgages, consumers shouldn't take on more financial obligation than they can handle.The sub prime market has been worst affected by the credit crunch, and as a result, anyone who has a poor credit record will struggle to find competitive deals.

Hey! Nice tips to get a getting the best mortgage. I do agree with all the tips specially the 3rd, 6th and 10th one.

There are few actual good mortgage agents who can make a proper mortgage scheme for your requirements. Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts.

Those with less than stellar credit should work on raising their scores before applying for a home loan.Most lenders will charge what is known as an 'origination fee', which means a fee that the borrower pays to the lender in order to cover the costs of administering (or originating) the loan.

Due to falls in house prices, you may find that when you come to remortgage, you have slipped into a different loan-to-value (LTV) band because the value of your property is lower. If you have savings available, you could use them to reduce the LTV in order to get better mortgage rates.

Due to falls in house prices, you may find that when you come to remortgage, you have slipped into a different loan-to-value (LTV) band because the value of your property is lower. If you have savings available, you could use them to reduce the LTV in order to get better mortgage rates.

I am always wary of discount periods. They claw it back later! It is all well and good saying you can swop your lender but that is the voice of long ago. At approx £2500 set up fee, its cheaper to stay where you are in most cases so make sure it is a good long term rate. Obviously my advice will become stale by tomorrow when they have altered the criteria for the loans yet again!

Most lenders will charge what is known as an 'origination fee', which means a fee that the borrower pays to the lender in order to cover the costs of administering (or originating) the loan.If their rate has changed since the time you called them, ask the lender if they would honor their previous rate.

Due to falls in house prices, you may find that when you come to remortgage, you have slipped into a different loan-to-value (LTV) band because the value of your property is lower. If you have savings available, you could use them to reduce the LTV in order to get better mortgage rates.

While fixed rates have been coming down recently, a number of lenders have been raising arrangement fees at the same time in order to protect their margins. Watch out for the fee.

If you are looking to buy a home or refinance an existing property, you must obtain a mortgage quote.Many banks will not provide a mortgage quotation unless application.Mortgage completed an industry is able to transit through different fluctuation levels, depending on the complexity of experience in the market.

I think with an independent mortgage broker that is not tied to any specific bank can better help you find the best deal. Because brokers have tools that allow them to buy all of the industry much faster than you can, and if they are working independently, to work hard to get a good loan deal.

The subprime market has been hardest hit by the credit crunch, and consequently, any person who has a bad credit will struggle to find competitive offers.

Well, if you are looking to buy a home or refinance an existing property, you must obtain a mortgage quote.Many banks will not provide you with a quote mortgage unless you have completed a application.Mortgage industry can transit through different levels of fluctuations, depending on the complexities of market experience. Although the industry has adopted a flexible approach.

You can get a quote and a mortgage agreement in principle before you find your dream home in Italy. This will give you a good idea of ​​how much you can borrow, and can help you make decisions about the type of goods that can be customized.

If you are looking to buy a home or refinance an existing property, you must obtain a mortgage quote.Many banks will not provide a mortgage offer unless completed application.Mortgage industry is able to transit through the fluctuation levels different, depending on the complexity of experience in the market.

If you are looking to buy a home or refinance an existing property, you must obtain a mortgage quote. Many banks will not provide you with a quote mortgage unless you have completed a application. Mortgage industry is able to transit through different levels of fluctuations, depending on the intricacies of market experience. Despite the fact that the industry has adopted a flexible approach.