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How To Get A Cheaper Mortgage

Our Mortgage Service

Why choose us?

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

  • Complex situation? - Have a complex mortgage requirement? Speak to us

To investigate your mortgage options call our specialist team on 0117  403 4474 or fill in our call back form. 

How To Get A Cheaper Mortgage

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:

  • Shop around and compare rates from multiple mortgage lenders. This will help you find the lowest interest rate and save you money over the life of your loan

  • Negotiate with your lender. Feel free to ask for a lower rate or better terms. Lenders are often willing to negotiate, especially if you have a strong credit score and can make a larger deposit

  • 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

  • Make a larger deposit. The size of your deposit can impact the interest rate you are offered. By making a larger deposit, you can secure a lower rate and save money over the life of your 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:

  • Create a budget. A budget can help you manage your expenses and ensure you have enough money to cover your monthly mortgage payments. Consider tracking your spending and looking for ways to cut costs to free up more money for your mortgage payments

  • Make extra payments whenever possible. If you are in a strong financial position, consider making additional payments on your mortgage to pay off your mortgage loan quicker and save on interest costs

  • 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:

  • Interest rates: are the most important factor to consider when comparing lenders. A lower interest rate can result in significant savings over the life of your loan. Be sure to compare rates from multiple lenders and consider negotiating with your lender to see if they can offer a lower rate

  • 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

  • Reputation: It's important to choose a lender that has a good reputation and is known for offering competitive rates and good customer service. Consider reading reviews and asking for recommendations from friends and family to find a lender that you can trust. A good mortgage broker will help you understand the pros and cons of different mortgage lenders

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

  • Do your research. By taking the time to do your research and compare mortgage lenders, you can find a lender that is a good fit for your financial situation and helps you secure the best deal on your mortgage

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.  

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