Financial Future

Tip 1) Ask your existing mortgage company what they could do.
It may sound daft, but if you are thinking of moving your mortgage to another bank, then tell your present bank. It is possible that they might merely have a suitable alternative product that they can easily move you on to that will save you cash simply and quickly. Once such call that I made had my interest rate reduced in minutes.

It is in the interests of the current lender that you stay with them, so they are going to make you an offer to keep your business, if they can.

Tip 2) Make sure that it is worth while.
Do not only go for the lowest interest rate on offer, it may not last that long if it is a special deal and it might have a longer penalty period when it ends that slightly higher rates.

What you will need to do is to look at what staying with your existing mortgage is going to cost you. Add up the monthly payments for as long as the mortgage you are looking at will last – both the offer period and any tie in period afterwards.

Now, look at the monthly payments on the new mortgage that whatever lender is offering you and add to that all of the fees, penalties and costs involved in switching mortgage. Solicitor’s fees, deed release costs and so on will quickly mount up and could in no time reduce the benefit of any savings you are making.

Tip 3) Accept that not all products are open to you.
If you are reading through Top Ten and Best Buy mortgage charts, then you are seeing for each of the mortgages that are displayed what is usually a ‘typical’ interest rate. It should be a rate that a good number of people could get if they apply for the mortgage, but that does not mean that you are guaranteed it.

For instance, if you only have a small deposit, are borrowing too much of the home’s value, have a bad credit history or are not in a secure job then the lender may not be willing to extend you the offer of the best mortgages available and you might be paying heaps over you see before you.

Tip 4) Do not go it alone.
Trying to find a mortgage on your own is not straightforward, as I have already explained. You are never sure which mortgage rates you are actually eligible to apply for. You may be better off applying to lenders that specialise in your particular needs, such as bad credit, low deposits or self employed.

But, which are these lenders? That is where some free advice from a mortgage advisor might come in, who could weed out the products that don’t match your needs. So it is always well worth seeking help – especially as it is normally free!

Written by Keith Lunt of http://www.comparemortgagerates.co.uk. If you want to know more about how to compare second mortgage rates, call in!

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