UK home mortgages

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The most important rules about getting a home mortgage

Look through the newspapers and web sites for the latest info and deals on the best buys .

You have to be sure that the mortage you are looking at is the one that suits you best because the rate you enter into can vary over 2 or 3%. And that can make a huge difference to your repayments.

On the other hand if you already have a home mortage you should check your lenders latest offers.If you find one with them, and you can do the change, it would save you any penalties you may incur by moving lenders.
Don't be discouraged if they sound reluctant.You can threaten to leave them and this often brings the desired result.

When comparing costs of your mortage do so over a few years for a better overall financial view.

The final item when you do your deal is not to enter into an insurance deal for the sake of convenvcince.Oten the savings you make here are enormous because you can obtain cover form a non-high street operator who's cots are significantly less.

Credit checks and why to avoid too many of them.

If your potential lender sees you have many credit checks he wil wonder if you are having difficultly establishing a home mortgage
So try to be sure that when you do apply for your credit check you are are serious about going ahead with the lender>You don't want to be running through this process several times as i looks like you were turned down.

Watch the mortgage rates.

Changing rates affect how much you will pay back per month.
You should avoid fixed rates as a solution because they are only at their best when rates are generally low.

You would not want to entered fixed rate and then watch interest rates fall over the next year or 2 because then you would be trapped at paying a higher rat and not be able to take advantage of the moving market in the uk.

Flexible mortgages

On flexible home mortages interest is calculated daily .You can change your repayment to suit yourself. But before you do this make sure that there are no penalties.

On the other hand, Current Account Mortgages are the equivalent of changing your loan into an overdraft and therefore allows you to to pay in larger amounts when the need arises.

Finally, Offset mortgages are similar to flexible home mortgages but with the advantage of letting you reduce your interest by using your savings

Paying a larger monthly amount has the twin benefit of reducing your total interest and also reducing the length of your mortgage

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