How To Get A Cheaper Mortgage
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Fair Mortgages can provide you with a first class service if you are looking for mortgage advice.
Special features of what we offer include:
Whole of market broker - we deal with most UK mortgage lenders
Rates - Access to leading mortgage rates
Exclusives - Access to exclusive mortgage deals not available on high street
Our Mortgage Experise - Expert help whether you are a first time buyer or experienced property owner
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To investigate your mortgage options call our specialist team on 0117 403 4474 or fill in our call back form.
When getting a cheaper mortgage, it's essential to be proactive and take steps to secure the best deal possible.
Here are our tips that will help you get started:
Consider a shorter mortgage term. While a longer mortgage loan term may result in lower monthly mortgage repayments, it can also result in higher overall interest costs. By opting for a shorter mortgage term, you will pay less overall money in paying off your house loan
Improve your credit score. As mentioned earlier, your credit score is a critical factor that lenders consider when evaluating your mortgage application. By improving your credit score, you may be able to qualify for a lower mortgage interest rate and secure a more affordable mortgage.
Once you have secured a mortgage and are in the process of paying it off, it's important to manage your payments effectively to avoid falling behind or defaulting on your loan.
Here are a some ideas to help you stay on track:
Communicate with your mortgage lender. If you are struggling making your mortgage repayments, you must reach out to your lender as soon as possible. They may be able to work with you to find a solution, such as temporarily suspending your payments or adjusting your payment plan.
When securing a mortgage, shopping around and comparing latest offers from multiple lenders is important. This will help you find the best mortgage product for your circumstances and get the most affordable mortgage possible.
Some key things to consider when comparing mortgage lenders:
Fees: In addition to interest rates, you should also consider any fees associated with your mortgage. These can include lender product fees, arrangement fees, early repayment fees and other charges. By comparing fees from multiple lenders, you can better understand the overall cost of your mortgage and choose the most affordable option
By comparing lenders and considering these key factors, you can find the best deal on your mortgage and save money over the life of your loan.
When securing a mortgage, working with a lender that you trust and feel comfortable with is essential. Your lender will be responsible for helping you navigate the mortgage process and securing the financing you need to purchase your property.
Here are our tips to help you choose the right mortgage lender:
Make sure the lender is a good fit for your financial situation. Consider your overall financial goals and needs, and choose a lender that can help you achieve them. For example, if you have a lower credit score, you may want to work with a lender specialising in dealing with borrowers with less-than-perfect credit
A key factor to consider when securing a mortgage is the interest rate. This rate, also known as the mortgage rate, determines how much you will pay in interest over the life of your loan. The higher the rate, the more you will pay in interest, and vice versa.
Several factors can impact the interest rate you are offered on your mortgage, including your credit score, the size of your down payment, and the type of mortgage you choose.
E.g. you may be offered a lower mortgage rate if you have a high credit score and can make a larger down payment. Alternatively, if you have a lower credit score or are making a smaller down payment, you may be offered a higher interest rate.
It's essential to spend time shopping around comparing mortgage rates from lenders to find the best deal on your mortgage.
See our mortgage calculator to help you do this.
This can help you save money over the life of your loan and ensure that you are getting the most affordable option available. Keep in mind that interest rates can fluctuate over time, so it's a good idea to stay up-to-date and be prepared to negotiate with your lender if rates change.
By understanding interest rates and how they can affect the cost of your mortgage, you can make informed decisions and find a mortgage that fits your budget and financial goals.
To find out if Fair Mortgages could help you fill in our online contact form to request a call back from a mortgage adviser at a time that suits you.
Alternatively you can call directly on: 0117 403 4474.