UK Mortgages

More of us are buying houses than ever before. We’re spending more money on surveys and stamp duty, and we’re certainly spending more on the houses themselves. Unfortunately more of us than ever are having to give up our homes: there are more mortgage repossessions by the month and more heartache. What makes it worse is that it could all be avoided. It isn’t just location that’s key to finding the right house; it’s mortgage, mortgage, mortgage!

Whether we surf the net or do it the old fashioned way and hit the streets, finding the right mortgage takes time. UK mortgage companies are falling over themselves to offer us incentives and cash back schemes, in addition to ever more competitive ways in which to take out a mortgage. But don’t be fooled by flash. Ultimately these three requirements are still head and shoulders above all others: peace of mind, value for money, and ease of understanding. It doesn’t matter how many freebies they’re offering, if they can’t tell you how it works in a way you understand, then it won’t work for you.

For online UK mortgage hunters there are a wealth of comparison services and databases, giving you access to the same sort of information as the high street brokers. Online comparisons will also ensure you get the very best deal on the market at any one time, and, more importantly, the deal that is right for you.

Perhaps if there is an advantage that the high street broker boasts over the internet, it is simply that he or she can give you the advice between the lines that you won’t generally get from the raw information in isolation. Not to mention a cup of tea!

Your best bet is to pick and choose from all the expert resources at your disposal – take to the high street, but keep tabs on the internet. Get the best offers you can, draw up a short list – and then challenge your broker to beat them one by one. If you’re going to get the very best UK mortgage, it needs to be on your terms. And that means finding the payment plan that fits your circumstances exactly. Remember, it doesn’t matter how good that interest only mortgage sounds if you’re liable to be laying awake at night worrying about it. And it doesn’t matter how attractive the fixed rate mortgage is if you’re going to want to pay it off early.

Don’t overstretch yourself – particularly if you’re in the market for a variable rate mortgage; the rates might start low, but you’ll get a nasty surprise if and when interest rates rise – as they surely will. Bear in mind what your limits are: most high street mortgage suppliers will offer you upto and including three and a quarter times your salary. Or, in the case of combined incomes they’ll either offer two and three quarters times the joint income, or three times the primary income and one times the secondary. This will at least give you a good guide before you start seeking out individual offers.

UK mortgage companies are thick on the ground. Like we said there are enough house buyers out there to keep them all in business several times over. Use it to your advantage: play the field; stick to your guns and get the mortgage that’s absolutely right for you. And when you’re thinking of buying that new home, find the right house first by all means, just make sure you find the right mortgage to go with it!