Mortgage Update: What Homeowners and Buyers in Ealing & Northfields Need to Know

Here are five tips to help mortgage hunters find the best deal in the current Ealing & Northfields market.

With inflation and interest rates rising and so much uncertainty in the Ealing & Northfields market, choosing the right mortgage deal in the current climate can be daunting.

While no one has a crystal ball to predict exactly what will happen over the next 12 months, ADD YOUR PREFERRED MORTGAGE BROKER’S DETAILS HERE suggests you follow these five common-sense rules* when looking for a mortgage.

  1. Get advice from a good mortgage broker

It’s helpful to do your own research and understand the market, but it’s still wise to talk to a good broker. They’ll have access to all the latest deals and be able to advise you on the best product for your circumstances. While lenders pulled hundreds of mortgage products in the aftermath of the September mini-budget, they’ve since reinstated many deals (albeit at higher rates), so there’s a lot out there to choose from.

  1. Don’t put it off for too long

With some lenders taking up to six weeks to process offers, it’s worth submitting paperwork promptly once you’ve chosen a deal. If rates later drop, you don’t have to go ahead with the deal. But if rates stay the same (or rise), you’ll have a good deal in place.

  1. Check your Agreement in Principle is still valid

If your lender signed off on an Agreement in Principle (AiP) before the mini-budget, you should check if things have changed. Some people have discovered that their AiP is no longer valid because the recent jump in interest rates means their repayments would now be greater – and unaffordable. You may need to go back to your lender to see how much they will lend you in the current market.

  1. Have your paperwork ready

Many institutions have tightened their lending criteria, so don’t be surprised if your lender requests more paperwork before processing your application. Don’t be alarmed by this; they’re just drilling down into the details to ensure you’ll be able to keep up with repayments.

  1. Don’t remortgage at the last minute

If you need to remortgage, don’t wait until you have a few months left on your current deal to start the process. Contact a broker seven months before your deal is due to end and book an appointment. After a consultation, you can lock in a rate six months in advance. You don’t necessarily have to go ahead with this rate, but at least you’ll have the option to proceed with the deal if it is advantageous.

For more advice about selling your home, contact us here at Leslie & Co.

* Disclaimer: The information in this article does not constitute legal or financial advice.

Popular posts like this