Using a Online Mortgage Broker
You may have read in the news today that mortgage lending has fallen again which is a blow for the country as many were hopefully of a recovery in the mortgage market. It may be just a small fluctuation that is common during a recession. It could take several more months before we do see a rise in mortgage approvals with the government introducing quantitative easing which will hopefully helping mortgage lending numbers.
Many consumers are realising if they go for a fixed rate mortgage now it will secure them a low rate for several years as interest rates will more than likely start to increase significantly by the end of the year. Also the fact that it is widely reported that reducing the base rate any further will have no further benefit to helping the economy and other measures have been taken by the government to attempt to tackle the problem.
Many brokers have reported huge rises in the number of applications for fixed rate mortgages. As the base rate was 2.5 per cent in December it has dropped significantly in the last five months. However there maybe other factors that can explain the huge increase in those applying for fixed rate mortgages.
There are other sources of information that can help you with getting your mortgage. Government websites are good at explaining mortgage terms and there are other websites that offer good guides to the types of mortgages with the advantages and disadvantages of each. Great help but going to seek professional advice for a personal illustration will really help you and your partner if you are going with a joint application.
If you can find a good rate as well as afford the deposit, which has become the biggest problem for borrowers, do calculate how competitive the rate is when you compare the arrangement fee to other deals over the term. Finally think about how the market is likely to be when the term ends. You could finish your mortgage deal and be looking for a deal when rates have returned to 2007 levels of 6-7%.
There are hundreds of mortgage brokers to choose from but to ensure you get the best deal make sure you pick one that offers whole of market advice. That means they search every lender to find every deal. Many will also charge a fee for their services however there are many that dont and their service is just as good. As you can benefit from all this expert advice for free, there is no pressure to proceed so even if you havent found the home you want you can still get the mortgage advice without obligation.
You may have read in the news today that mortgage lending has fallen again which is a blow for the country as many were hopefully of a recovery in the mortgage market. It may be just a small fluctuation that is common during a recession. It could take several more months before we do see a rise in mortgage approvals with the government introducing quantitative easing which will hopefully helping mortgage lending numbers.
Many consumers are realising if they go for a fixed rate mortgage now it will secure them a low rate for several years as interest rates will more than likely start to increase significantly by the end of the year. Also the fact that it is widely reported that reducing the base rate any further will have no further benefit to helping the economy and other measures have been taken by the government to attempt to tackle the problem.
Many brokers have reported huge rises in the number of applications for fixed rate mortgages. As the base rate was 2.5 per cent in December it has dropped significantly in the last five months. However there maybe other factors that can explain the huge increase in those applying for fixed rate mortgages.
There are other sources of information that can help you with getting your mortgage. Government websites are good at explaining mortgage terms and there are other websites that offer good guides to the types of mortgages with the advantages and disadvantages of each. Great help but going to seek professional advice for a personal illustration will really help you and your partner if you are going with a joint application.
If you can find a good rate as well as afford the deposit, which has become the biggest problem for borrowers, do calculate how competitive the rate is when you compare the arrangement fee to other deals over the term. Finally think about how the market is likely to be when the term ends. You could finish your mortgage deal and be looking for a deal when rates have returned to 2007 levels of 6-7%.
There are hundreds of mortgage brokers to choose from but to ensure you get the best deal make sure you pick one that offers whole of market advice. That means they search every lender to find every deal. Many will also charge a fee for their services however there are many that dont and their service is just as good. As you can benefit from all this expert advice for free, there is no pressure to proceed so even if you havent found the home you want you can still get the mortgage advice without obligation.