Top 3 Questions to Ask When Applying for a Mortgage

Taking out a mortgage is probably the biggest financial decision you will ever make. So, it’s important you get it right. At My Mortgage Maker, we want to help you understand some of the fundamentals of home loans.

So, we’ve put together a list of some of the most important questions you should ask to make sure you get the best deal and the best terms on your mortgage.

     How much can I borrow?

In most cases, you can borrow 4.5x your annual salary so a simple calculation will give you an idea of how much you can borrow. However, if you are borrowing at a low loan to value (LTV), you may be able to increase that amount as the risk to the lender is lower.

     How much deposit do I need?

This varies and it is perfectly normal for first-time buyers to borrow 100% of the amount needed to buy their home. If you are able to get together a deposit to put down, though, you are more likely to be offered a more favorable interest rate. The best rates are generally reserved for borrowers who have a deposit of more than 40%.

       What’s the difference between fixed-rate and variable rate?

A fixed-rate means you know the rate of interest you will pay for a set number of years – usually 2-5 years. This is the most common type of mortgage as it provides stability and makes budgeting easier.

A variable-rate changes according to the Bank of England base rate. You will pay less when rates are low, but repayments can get high if rates rise.

To make sure you get the best deal, speak to a mortgage broker. Our advisors will discuss your circumstances and advise on the best lender for you.

For mortgage advice in Woking, Bristol or Bath, get in touch today to be matched with a mortgage broker.

Do I Need to Use a Mortgage Broker?

While there is no legal obligation for you to use a mortgage broker, it makes sense to do so. With so many different types of mortgages and thousands of home loan products available in the UK, trying to find the best deal for your circumstances without expert knowledge is a huge risk.

For most of us, a mortgage is the biggest financial commitment we will ever make, and getting it wrong can end up costing you £000s over the term of your loan. At My Mortgage Maker in Bath, we have expert mortgage advisors with comprehensive knowledge and expertise in the UK mortgage market. There are also exclusive deals available through mortgage brokers that you won’t find anywhere else.

Our mortgage advisor service stretches as far as Woking and Bristol, and we will help you find the best mortgage deal with a service tailored to your needs. Whether you are looking to buy your first home or seeking remortgage advice, get in touch today for a no-obligation chat. With just a few simple details about your current circumstances, it will only take a few minutes for us to let you know whether we can find your best mortgage deal.

What is the Property Market Forecast for 2022?

October 2021 saw the end of stamp duty holiday rates and an expected downturn in the number of properties for sale. However, the last two months of the year are traditionally quiet for property purchases, and the current forecast is that there will be plenty of property market action in 2022.

First time buyers are predicted to have access to better rates and rising inflation may encourage some people to sell. Recent years have seen significant changes to life in the UK and hybrid working models are seeing some people seek new homes that match their new lifestyle while others are looking for mortgages to help pay for home  improvements.

So, is getting a new mortgage in 2022 for you? My Mortgage Maker is a brokerage covering Bristol, Woking and the surrounding areas. We’ll determine your mortgage affordability and provide the figures that allow you to work out whether now is the time to buy, sell or remortgage.

As a mortgage broker, we’re not tied into one lender and we’ll find the best one according to your circumstances.

Whether you’re looking for a:

·         Mortgage broker Woking

·         Mortgage broker Bristol

·         Mortgage broker Bath

Now is the time to do your research and make your financial plans for 2022.

Work out the true cost of buying

So, you have your deposit saved and you’re ready to buy your first home? Well, it’s not as simple as getting a mortgage, picking up the keys and moving in. Before you go any further, work out the true cost of buying to make sure you’re fully prepared.

Fees: There are a number of fees in arranging a mortgage – from arrangement fees, valuation fees, legal fees and, of course, stamp duty and surveys. It can appear a little daunting at first, so your best bet is to seek the advice of a mortgage broker who can help you understand the various costs associated with buying a home.

Of course, there are other moving fees to consider too such as a removal van, any installation costs and whatever furniture and appliances you will need as you move onto the next chapter in your life.

Don’t let that put you off. Buying your first home is exciting and gets you on the property ladder. But it’s wise to consider all the costs beforehand to ensure you can afford your new life. And one of the most important factors is getting the best mortgage deal.

Don’t leave things to chance. Contact a mortgage advisor who can help calculate your mortgage affordability and find the best deal for your circumstances.

My Mortgage Maker offers advice and support for clients in Woking, Bristol and Bath. Get in touch today.

What Does A Mortgage Broker Do?

Taking out your first mortgage can be quite daunting. It’s a long-term financial commitment and it’s understandable that you have questions about what a mortgage is and how they work.

Put simply, a mortgage is a loan to buy a property. Usually, you will need to put down a deposit on your new home, and you will borrow the rest of the money needed to purchase it from a mortgage lender.

The best way to take out a mortgage is to visit a mortgage broker. Brokers are not linked to one lender so will be able to look at a wide range of rates that match your circumstances. Sometimes, there are also special rates that are only available through mortgage brokers. Your mortgage broker will check that you are eligible and carry out an affordability check.

After helping you decide on the best mortgage for your circumstances, your advisor will then help you through to the completion of the deal.

Mortgage broker Woking

My Mortgage Maker is a mortgage broker covering Woking and the surrounding areas including Bath and Bristol. If you’re looking to buy a home or remortgage an existing property in the area, come to us for expert independent advice.

UK Mortgage Rate War Hots Up

If you’ve been assessing your mortgage affordability, now is the time to take the plunge and visit a mortgage broker. As lenders fight for business, UK mortgage rates have dropped below 1%. Borrowers with large deposits are now able to enjoy mortgage rates as low as 0.94%.

With so much competition between mortgage lenders, and banks across the UK looking at deals to offer remortgage clients, first-time buyers and those moving home; experts are advising anybody looking for the best mortgage rates for their circumstances to speak to a mortgage advisor.

Current rates are among the lowest ever offered but each mortgage deal comes with its own specific requirements so trying to decipher the best mortgage rate as an individual can be tricky. A mortgage advisor has a deep understanding of the market and will be able to offer the best options for your current borrowing requirements and future plans. It’s worth noting, too, that many lenders have special rates that are exclusive to borrowers introduced by a mortgage advisor like Mortgage Maker.

Mortgage broker Bath

At Mortgage Maker we have expert knowledge of the mortgage business and the property market in Bath and the surrounding areas. For mortgage advisor Bath, mortgagebroker Bristol, or to talk to us about your first or next mortgage, get in touch today. One phone call could help establish your mortgage affordability and save you £000s of pounds and leave with enough to really make your house your home.

Contact Us

My Mortgage Maker Ltd,

2nd & 3rd Floors Northgate House, 

Upper Borough Walls, 

Bath 

BA1 1RG

01225 962 532

info@mymortgagemaker.co.uk

https://www.mymortgagemaker.co.uk/