How do I find the best mortgage lender?

At last count, there were around 340 regulated mortgage lenders and administrators in the UK, and a whole heap of mortgage products to choose from as a result! Finding the right mortgage deal for you and your circumstances isn’t easy. In fact, it can be a real minefield without the right advice and support.

Read on to discover our top tips for finding the best mortgage lender for your needs and become one step closer to a fantastic deal.

Understand YOUR needs

Before you can even begin to start your search for a suitable mortgage lender, you should take some time to understand your needs.

Preparing your finances for their closeup is a crucial part of the mortgage application process, so you’ll be giving yourself a great head start! Your income and outgoings are the two main areas that will come under scrutiny. With a solid understanding of both, you can gain some perspective about your financial health and be as realistic as possible as you move deeper into your mortgage search.

Thanks to these early insights you can take full control of your financial health and even make changes to improve it, and it all starts with viewing your credit report as the HomeOwners Alliance explains:

“The best way to understand your credit report is to see it for yourself. You can request your report from the three credit referencing agencies (Experian, Equifax and TransUnion). Your credit checks aren’t recorded and only you and the credit reference agency will know about it – there is no adverse effect from checking. So check regularly and especially before you make any significant applications for credit.”

Read our advice for improving your credit score for more expert tips.

Compare the market

With thousands of mortgage deals out there just waiting to be discovered, comparing the most suitable products for your needs is vital. By exploring multiple lenders, you can get a good idea of what’s available. But, remember, a good mortgage lender is more than just a cheap deal and low monthly repayments.

A good mortgage lender will be responsive, locally clued up and completely transparent. Prioritise what will be important to you, not just now but later down the line, to find the best mortgage lender.

Do the maths

The cost of your mortgage should certainly be analysed carefully. Chances are you’ll do anything not to add to the mounting expenses of buying a house, yet your monthly mortgage repayments and interest rates aren’t the only areas that’ll make for essential reading.

There are a number of fees attached to mortgage products. These include fees for mortgage arrangement, booking, mortgage valuation, telegraphic transfer, mortgage account, early repayment and exit, and they all need to be considered when weighing up the options available via different mortgage lenders.

Get mortgage advice

You don’t have to take on the epic task of choosing a mortgage lender alone. We take the hard work out of finding, choosing and applying for the right mortgage deals.

Getting help from a professional makes perfect sense for so many reasons. They’ll assess your needs to find the most suitable mortgage lenders and products for your circumstances, as well as provide full transparency on mortgage costs and terms.

Ready to get started? Simply contact us to get the ball rolling!