Low Rate Mortgages
While it is true that every customer would ideally like to find a good deal on a low rate mortgage, it should be remembered that the most competitive rates will normally only be offered to the most reliable customers who meet with lenders eligibility criteria. In order to find the most competitively priced mortgages, it is always advisable to shop around for mortgage comparisons on the various different deals and offers that are available.
If you are searching for a low rate mortgage, it is important to understand exactly how lenders will calculate the cost of their repayment premiums. Generally speaking, lenders will be risk averse and will tend to only reserve their lowest interest rate offers to their most reliable customers.
The following are some examples of factors that may increase the cost of your mortgage, or could affect your eligibility for a particular mortgage deal:
- Your credit history will be carefully assessed by lenders, customers who have previously defaulted on a loan, or may been late with their repayments for example, may find it much harder to get a competitive mortgage deal
- Customers that have been gainfully employed for a long period may appear more reliable in the eyes of lenders, and may therefore be able to get a better deal
- Customers who can afford to a larger deposit may also be able to get a much better deal on their mortgage rates compared to someone who can allow afford to lay down a small amount
There are also several different types of interest rate deal that may be of use to customers who are searching for a low rate mortgage. They are:
- Discount mortgages
- Fixed rate mortgages
- Tracker mortgages
- Offset mortgages
If you require independent mortgage advice on your options call our mortgage team on 0117 332 6063