The
most important thing to consider when seeking the best mortgage deals
for buying a new house is how much you can afford to pay on a monthly
basis. Take into account contingencies, what would happen if mortgage
interests rates rise to 10% or 15%, what would happen if you lose your
job or are incapable of working? Consider the advantages and
disadvantages of going for a fixed rate loan over a long period rather
than a variable rate loan which follows interest rate fluctuations.
Remember to factor in any relevant insurances to cover against
eventualities.
Once you know how much you can afford you can begin to look at
properties which fit in your price range, and you can get agreement in
principle from your mortgage lender of choice that you will get a
mortgage.
You
have a wide choice of lenders available from high street banks and
building societies to specialist mortgage lenders who cater to the
self-employed, those with bad credit histories or other niche groups.
These higher risk categories will be penalised with higher rates of
interest on their mortgage. In some circumstances, individuals may not
be able to find a lender willing to lend to them – or a lender may only
be prepared to lend a certain percentage of the required amount.
Mortgage brokers are well equipped to find mortgages which are tailored
to many different situations, if your situation is 'non-standard' you
should consider using a broker.
While mortgages for 100% of the value of a home are available, lenders
usually prefer to give a lesser percentage and reward buyers who
contribute cash by giving them a lower interest rate for the best
mortgage deals.
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