Finding the right mortgage deals can feel overwhelming, especially with so many lenders, rates, and product options available. Whether you’re a first-time buyer, remortgaging, or moving home, securing the best mortgage deal requires careful planning and expert guidance.
In this article, we’ll explore how to find the most competitive mortgage deals and why working with a mortgage broker like Helen Ferneyhough Associates can help you access rates that may not be widely available online.
1. Understand What Affects Mortgage Rates
Mortgage lenders usually set their interest rates based on several key factors, including:
• Loan-to-Value (LTV) Ratio – The smaller the loan compared to the property value, the better the interest rate you’ll be offered. For example, an LTV below 60% often qualifies for the most competitive deals.
• Credit Score – Lenders assess your credit history to determine risk. A higher credit score can open the door to lower interest rates.
• Income and Outgoings – Lenders check your income, regular expenses, and financial commitments to ensure you can afford repayments.
• Fixed vs. Variable Rates – Fixed-rate mortgages offer stability, while variable-rate deals may allow for lower repayments if interest rates drop.
Understanding these factors can help you position yourself for the best possible mortgage deal.
2. Improve Your Financial Position
Before applying for a mortgage, it’s worth reviewing your finances to ensure you meet lender criteria. Here are some key steps to take:
• Check Your Credit Score – Obtain a free credit report from Experian, Equifax, or TransUnion and correct any errors.
• Reduce Debt Where Possible – Pay off outstanding credit cards or loans to improve affordability.
• Save for a Larger Deposit – A bigger deposit can help you secure a lower interest rate.
• Avoid Taking on New Debt – Steer clear of new credit applications in the months leading up to your mortgage application.
3. Compare Mortgage Deals – But Don’t Just Rely on Online Rates
Many borrowers start their mortgage search by using online comparison tools. While these can provide a useful starting point, they don’t always show the full picture.
Some of the best mortgage deals aren’t advertised online and are only available through brokers. That’s because lenders often work directly with brokers to offer exclusive rates that aren’t accessible to the general public.
4. Work with a Mortgage Broker To Get The Right Mortgage Deals For You
Using an expert mortgage broker like Helen Ferneyhough Associates can make all the difference when securing a mortgage. Here’s why:
• Access to Exclusive Rates – We compare products from a wide range of lenders, including deals not available on the high street.
• Personalised Advice – Every mortgage application is unique. We assess your financial position to match you with the most suitable lender and product.
• Time-Saving – Instead of searching through dozens of lenders yourself, we do the hard work for you, presenting the right options based on your needs.
• Expert Negotiation – We liaise with lenders on your behalf to secure the most competitive terms.
5. Get a Mortgage Agreement in Principle
Before making an offer on a property, securing an Agreement in Principle (AIP) from a lender can give you an advantage. This document states how much a lender is willing to offer based on an initial assessment of your finances. It can:
• Show estate agents and sellers that you’re a serious buyer.
• Help you understand your budget before house hunting.
• Speed up the mortgage application process when you find the right home.
6. Regularly Review Your Mortgage Deal
If you already have a mortgage, it’s essential to review your deal before your fixed-rate term ends. Many borrowers move onto their lender’s Standard Variable Rate (SVR), which is often significantly higher than other available deals.
By reviewing your mortgage six months before your current deal ends, you may be able to remortgage to a lower rate and keep your repayments more affordable.
Start Your Mortgage Journey with Expert Advice
Securing the right mortgage deal isn’t just about finding the lowest interest rate—it’s about finding the right mortgage for your situation. Working with Helen Ferneyhough Associates ensures you receive expert advice tailored to your needs, whether you’re a first-time buyer, remortgaging, or moving home.
Want to find the most suitable mortgage deal available?
Speak to our team today for expert, tailored advice.
Important Notices
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £195 to £1500, and this will be discussed and agreed with you at the earliest opportunity.
Your home may be repossessed if you do not keep up repayments on your mortgage.
