How to Get the Best Mortgage Rate

With the economic recession hitting everywhere, any investment should reflect value for money. And property investment, in particular is a case in point. Research, background checks, and comparisons can help you land in a mutually beneficial mortgage deal. Here are some tips on how to find the best deals in mortgage rates.

Negotiation is key to getting the best mortgage rate. Mortgage providers are open to negotiation and there’s a higher chance of getting your preferred terms if you’ve prepared the proper data. Comparing interests and financing terms among different mortgage loan companies already put you one step ahead. Pointing out lower rates of other competitors can be also convince them to give you a better deal. Websites like Moneysupermarket.com and Yourmortgage.co.uk help you compare providers with web applications like comparison tools, mortgage calculators, and company rating lists.

To get a mortgage, you can apply directly to a mortgage provider or get one through a broker. Brokers will usually mean additional fees but their years experience and know-how around the market will make it worth the extra cost. Getting a good broker will save you a lot of work and trouble with regards to inquiring from different providers.

Know your credit standing in your credit report. Having a good standing gives you the privilege of availing better interest rates.

Among the top mortgage providers with the best rate include HSBC and First Direct Bank. HSBC is one of the four major banks in the UK and has over 1,800 branches in the UK alone. Their current lowest offer is at 2.59% tracker rate with a maximum Loan to Value (LTV) of 60%. First Direct, a division of HSBC, is a telecommunications and online retail bank. It is based in two call centres in Leeds and Scotland. Their lowest tracker rate is also at 2.59% with a maximum LTV of 65%.

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