The world of finance and loans can be a scary one, and when it comes to a potentially life-long financial commitment like a mortgage it can be even more daunting. Although banks may not be as eager to please as they once were, there are some ways you can prepare yourself to get the best mortgage deal you can.

1. Be prepared
The more you can do to prepare yourself before you apply for a mortgage, the better. You’re essentially trying to court the bank so they will invest in you, so make sure you’re on the electoral roll, your address is up to date on your bank account and drivers licence, and that your credit rating is decent. It may be easier said than done, but don’t switch bank accounts, jobs or rental properties in the year coming up to applying for your mortgage.

2. Count up the cost
What might seem like a great deal at first, can often turn out to contain lots of tricky fees and payments that you might not notice at first, so make sure you do your sums and read the fine print first. Many mortgages will also charge fees at the end of the mortgage like exit fees or early repayment.

3. Seek out a professional
There are now rules in place that mean that almost all mortgages will have to be taken out with financial advice, and whether that’s a bank advisor, or a mortgage broker it’s usually a good idea to get some help instead of going it alone. Using a broker who only charges commission if you take a mortgage out with them is a great option to help cut down excess costs.

Whether it’s your first home, or you’re just moving up the property ladder, getting a mortgage is a big step, so make sure you follow our tips to help make the process as easy and painless as possible.

For more information and advice, please get in touch with us here on 01784 252202.

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