Monday, March 26, 2012

Tips for Getting the Cheapest Mortgage

Buying a new house is filled with difficult decisions that will affect you for years to come, and choosing the right mortgage for you is one of them. While there are many things to consider when choosing a mortgage, usually the price is one of the most important factors that will influence your decision. Banks offer different interest rates and terms depending on your credit history and the deposit you are putting forward, so it's worth thinking about this even before you start looking for a suitable property.

The first thing you need to do when you go mortgage hunting is to take a good look at your credit history. If you don't know anything about your credit rating or credit history you should get a report from one of the national credit rating agencies, as that's exactly what your bank representative will do when negotiating your mortgage. Things that could affect your credit rating negatively are missing payments, however small, on your credit cards or any other debt, so always make at the very least your minimum repayment on each of your accounts. If you ever had a bankruptcy you may find it very difficult to find a lender willing to offer you a cheap mortgage.

Credit ratings are what banks use to decide whether you are to be trusted with paying off your debts on time, so if you have never had a credit card or any sort of credit you may find it negatively affects your mortgage negotiations. So if you are planning to buy a house in the near future, you should get a credit card and pay the balance in full every month for a few months before you start house-hunting. Your employment situation is also something your bank will look at, so it's a bad idea to abandon your permanent, well paid job in order to start a freelance career right before starting house-hunting.

Along with your credit rating, banks will look at the amount of money you want to borrow compared with the value of the house you are buying. This means that with a high enough deposit your chances of getting a cheap mortgage with a low interest rate increase greatly. However, increasing your deposit is often easier said than done, as people often try to buy a house that is as good as they can afford. If your credit rating is bad you will be asked for a higher deposit as well, so keep that in mind when looking for a mortgage. Always shop around and compare mortgages from different providers, as the rates may vary quite a lot.


rahul said...

Thanks for great information you write it very clean. I am very lucky to get this tips from you.

PPI reclaims Northern Ireland

liberty reversemortgage said...

Thanks for this good & excellent work. you should have to continue it forever.....
reverse mortgage

Nicola Laris said...

It is nice post please keep posting and share it.It is designed to give monetary help to the individual till their coming salary. It offers individual the long term loans quick that is up to £1500 which depends upon individual’s settlement ability and demand. Individual can repay the amount borrowed with an extended term of 6 months.

Aaron wood said...

Its good to be here, very nice post, the content is amazing, keep posting friend it will be very helpful for everyone, Thanks for sharing. I really liked it.

Thanks And Regards

loan for self employed

peter smith said...


Thanks for sharing wonderful news with us. I'm sure many people come to like your blog and gain benefit from this information you have provided. I would love to apply these terms on refinancing. Hope to see more amazing blog on your site.

Have a great day...!!!

everyday loan

George Samuel said...


Very Very good and usable post. Thank's to share your experience with us. I will try to remember these tips in my blog commenting task.

The blog was absolutely fantastic! Lots of great information and inspiration, both of which we all need!b Keep 'em coming... you all do such a great job at such Concepts... can't tell you how much I, for one appreciate all you do!


doorstep collection loan

Gary Morgan said...

It is informative and innovative posting content is well written keep posting forever and share it here 12 month loans no credit check to fill a simple online application form which they after getting completely verify it.

Walter Matthau said...

Hey, its informative post to find cheap mortgage look here same day long term loans, 12 month loans same day payout, fast long term loans, long term loans today to get your desires.

Nicola Laris said...

Short term payday loans for the any process of credit check can easily acquire the cash for the improvement of their poor credit scores.

Nicola Laris said...

Short term payday loans, short term cash loans, short term loans for bad credit, short term loans no credit check acquire the cash for the improvement of their poor credit scores.

Alok Srivastav said...

Thanx for sharing the useful information with us..Keep going!!
who qualifies for fha loans

George Samuel said...


Simply awesome Really interesting Nice Post a lot of interested thing is available in your article.

brilliant post..thanks for sharing...!!!

Doorstep Collection Loans