Finding The Right Mortgage

With thousands of people taking out mortgages each month, it is usually the most significant financial commitment of their lifetime.

A home purchase can sometimes mean spending as much as a quarter of your life paying off the loan, so planning properly and getting expert advice to avoid costly mistakes is crucial. High-interest rates along with the continued cost-of-living crisis, make finding sensible solutions more vital than ever. 

Choosing the right mortgage involves more than just selecting the lowest rate. Several benefits don’t necessarily come with the lowest rate deals but may be more advantageous for your situation, such as flexible overpayments, no early repayment fees, or low and no fee alternatives.

The MAB mortgage adviser will talk to you about your goals for the present and the future, find out about your career and family situation, and discuss any concerns you may have about your affordability or credit history. Next, they’ll let you know how much you can borrow and how much it will cost you to pay it back each month. They can also facilitate a smoother mortgage application process.

Going to the bank or building society you’ve always banked with can seem like an obvious decision if this is your first time purchasing a home. Similarly, you could be tempted to stay put and accept another loan from your current lender if you already have a mortgage and your deal is due to expire.

There are two potential problems with this. You won’t learn about mortgage products from other providers that might be a better fit for your needs and your bank might not be offering the cheapest or most suitable mortgage for your circumstances.

If you’re a remortgage customer and want to switch to a new rate because your old deal is expiring, you can do so online. This may sound very easy, but unlike talking to a broker, you won’t get any guidance on other options that might work for your situation, which could end up being quite expensive in the long run.