Five top tips for getting a mortgage
According to the latest National and London Lettings Index, the rental market across the UK is outperforming London.
National rents have risen 10% annually, while London rents are up 6%, as the outer regions regain momentum and rebalance the market
Despite this, both national and London rents have fallen 1% on the month, which was expected as part of a seasonal trend.
New tenancies across the UK have risen 13%, outstripping London which is down 2%, and new tenant applications across the UK have risen 6% annually, while London applications remain flat.
Proving the market is going from strength to strength, Buy-to-Let mortgage applications also continue to soar, up 41% annually.
For independent mortgage advice in Edinburgh & Lothian’s contact Integrity IFA now on 01316530588 or visit our website to use our free mortgage source and calculator https://www.integrityifa.com/mortgages/
Our five top tips for getting the best mortgage will help you get started:
- Shop around: There are big differences between mortgage deals, so it always pays to compare costs. The Mortgage Deals rates tables on the Which Mortgage Advisers website will give you an idea of the kind of deals available.
- Total costs: Don’t just look at the headline interest rate – take into account all the fees you have to pay.
- Early repayment charges: Avoid mortgages with early repayment charges after the initial rate has ended so that you can switch to a better deal without charge at that point.
- Avoid extra interest: Be wary about adding extras like mortgage fees to your mortgage, as you will end up paying interest on them. If you can, pay these out of your savings upfront.
- Good advice: If you decide you need advice, make sure you consult an independent mortgage adviser or broker. However, some of the best deals are only available directly from the lender so always do your own research before speaking to an adviser and compare these results with the recommendations your adviser gives you. If you are looking for advice, the Which? Group offers an independent mortgage advice service that looks at every mortgage from every available lender.