Which mortgage advice should you follow?

Getting mortgage advice is beneficial for so many reasons – you can find out more about those fantastic perks in our latest blog post! Whether you’re a first time buyer, repeat purchaser or looking to remortgage, seeking support in all the right places is your route to valuable guidance that’ll help you navigate the entire mortgage process, and emerge the other side with a deal that suits your circumstances and works for your budget.

Even seasoned buyers and homeowners remortgaging can reap the rewards of great mortgage advice. These expert insights open up a whole world of better mortgage options, helping you avoid costly rates and, perhaps most importantly, save time.

As leading independent mortgage advisors, we aim to make mortgaging or remortgaging a property as simple and cost effective as possible. Our mortgage guidance is relied on by people from all walks of life and with all property requirements, but there are some pieces of advice that are set in stone. Here’s the mortgage advice you should follow, whatever your circumstances…

DO work on you!

Your credit rating matters when grabbing a new mortgage deal. While it’s possible to get a mortgage with bad credit, it is certainly more difficult and more expensive. That’s why taking the time to work on improving your financial profile could pay dividends, and not just in the short term.

Long term, your mortgage product could ease the financial burden of homeownership, with lower monthly repayments enabling you to spend your hard earned cash on exactly what you want to spend it on. Before you work on improving your fortunes however, you have to see where you’re at. Here Ideal Home shares their top tips for assessing your situation:

“Sign up to a credit reference agency to receive your report so you can see exactly what a mortgage lender sees. Some agencies offer a free trial so you can download your report and then cancel any future payments. Or you might want to subscribe to receive your report monthly so you can see what impact your improvements are making to your score. As well as finding out your credit score, you’ll be shown your address history, credit history and any instances of credit problems.”

DON’T scrimp on the deposit

It’s always worth biding your time to build a bigger deposit. It’ll make all the difference to the mortgage product you’re able to secure. As a rule of thumb, you’ll need at least 5% of the property’s value to purchase a home in the UK. But, the more the merrier springs to mind when talking house deposits. A bigger house deposit after all means access to better mortgage rates.

The deposit for first time buyers in the UK is roughly 20% of the property’s value on average, with the typical deposit saved nationwide around £61,000. London buyers put down even more, setting aside £124,688 as a deposit for a first time purchase.

DO be realistic about the process

The property buying journey has A LOT of ups and downs, and going into your own house purchase with your eyes wide open can save a lot of heartache.

Be realistic about your expectations from start to finish. The property search may take longer than you think, you may not be accepted for a mortgage first time etc. Don’t let issues like these dampen your spirits; instead move forward positively, there are always options.

DON’T do it alone

Thankfully, you don’t have to take on finding the right finance for your first or next property purchase alone. Whatever mortgage tips you’ve read online, nothing beats tailored advice, and that’s where our experts come in.

We provide guidance and support for your circumstances, and yours alone. Our mortgage advisors take the time to get to know you, your financial profile, and your property buying wants and needs to find a deal that fits. Find an advisor who can help today to get started.