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Getting a mortgage

Finding the best mortgage deals

By Marie Kemplay

Article 3 of 12

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Finding the best mortgage deals

Follow our tips to find, and successfully apply for, the best mortgage deal.

Video transcript

Mortgages aren't always straight forward and there are a number of things you need to factor in to get the right one for you. Follow our five tips to get the help you need to find a great deal. Think about all costs such as legal fees and any on going cost like high counsel tax charges before you apply for a mortgage.

Lenders like to see someone who's thought through their future financial position not just their current one. The key to a successful mortgage application lies in having a consistent and good credit record, so check your's with credit reference agencies such as Call Credit, Equifax and Experian before you apply.

Make sure all the information is correct. You definitely don't want to add that application on your file. Every single credit check you go through is stood on your report for up to six years. Too many in a short amount of time can set off alarm bells for lenders. The type of property you want to buy could have an affect on your mortgage application. Lenders may be less willing to accept mortgages on lease hold flats which short leases so with your set on that type of property, make sure you can find a lender that's happy to approve a mortgage against this.

All lenders want to see evidence that you are mortgage worthy. So make sure you have proof of identity, three months worth of pay slips, and six months or more of bank statements. You should be on the electoral roll and your addresses need to tally up too. Lastly, before you apply for mortgage it's worth taking professional advice. Which mortgage advisers is an independent mortgage broker? Which can help you find the best product for your circumstances and even manage your mortgage application for you? Speak to one of our impartial advisers by calling 08009805489.

Find out more: if you need some impartial advice on how to apply for a mortgage, you can contact an impartial mortgage broker such as Which? Mortgage Advisers on 0808 252 7987. 

Tips for getting the best mortgage deal

Work out what you can afford

Use our mortgage calculator to find out what your repayments would be at different interest rates. This will give you have a better idea of how much you can afford to borrow - both now, and if rates change in the future. 

Shop around

There are big differences between mortgage deals, so it always pays to compare costs. You can compare the best mortgage deals currently on the market by visiting Which? Mortgage Advisers

Calculate your total costs 

It's important to look beyond the headline interest rate and take into account all the fees you have to pay. Arrangement fees, mortgage valuation fees and insurance fees may all apply, and these costs should be added to your calculations.

Be wary of extra interest 

Instead of paying your mortgage fees upfront, you may have the option of adding them to your loan. While this can be a helpful option if you're low on cash, be aware that it will result in you paying extra interest on these fees over time.  

Avoid early repayment charges 

By avoiding mortgages with early repayment charges, you can switch to a better deal without charge after the initial rate has ended. Make sure your mortgage is also portable, so you can keep the same deal if you move house.

Get good, unbiased advice 

If you decide to consult a mortgage broker, make sure you use an independent company or adviser. An independent broker can help you find a deal that best suits your personal circumstances. But some deals are only available directly from the lender, so always do your own research as well and compare your findings with the recommendations your adviser gives you. 

Checklist: mortgage application

Our easy-to-use, printable checklist will guide you through the paperwork you'll need to get together. 

  • Last updated: September 2016
  • Updated by: Marie Kemplay

Your home may be repossessed if you do not keep up repayments on your mortgage.

Which? Limited (registered in England and Wales number 00677665) is an Introducer Appointed Representative of Which? Financial Services Limited (registered in England and Wales number 07239342). Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited. Registered office: 2 Marylebone Road, London NW1 4DF.