Like most other major financial decisions, there are a lot of factors that make up a good mortgage deal or arrangement. Mortgages are not always as straightforward as you would like to think, so it’s important to learn as much as you can about them and how they work in order to get the best deal according to your income and other requirements. But how do you get an ideal mortgage? Here’s how best to acquire the ideal mortgage for your needs.
Know how much you can afford
First things first, you have to know exactly how much you can afford to pay every month. Find out the interest rates for the repayment scheme you are thinking of with the use of a mortgage calculator, and work your way from there. To work out how much you can afford, you need to factor in all your other outgoings (as well as your incomings, of course) and remember to factor in future life decisions which may affect your ability to make your repayments, such as having a child, buying a car, quitting your job, and so on.
Get to know all the fees
Aside from the actual cost of the property deposit and the mortgage interest rate, you also have other fees and charges with which to contend. This will include such fees as the arrangement fee, the mortgage valuation fee, the survey fee, the solicitor’s fee, the insurance fee, and so on. Keep in mind that whilst you may be allowed to add certain fees to your mortgage loan, you may end up paying a higher interest rate to pay these fees off as well.
Look for mortgage deals without charges for early repayment
Whilst you are looking at different mortgage deals and the costs associated with them, you may also want to look for mortgage deals without charges for early repayment once the initial rate is finished. This way, if you would like to switch deals, you will not have to deal with extra charges. It is better if you have a portable mortgage so you can keep the same mortgage deal if you decide to move to another property.
Take advantage of professional advice
To better your chances at getting a perfect mortgage arrangement, consult a professional. A good financial advisor Bristol offers such as Open Vision Finance will not only help you make a more informed decision – they can also get you better access to a broader variety of lenders since they work independently. With up-to-date professional advice, you can take advantage of better information on the current market and may even be able to negotiate a more positive mortgage deal for your needs.
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