![]() ![]() Shop around. There are dozens of different mortgage lenders, from the big, high-street names you are familiar with to challenger brands that are exclusively online.You can achieve this by saving a bigger deposit, or, if you already own a property, increasing your equity by paying down your mortgage each month. borrowing a relatively small percentage of the property price. Build a bigger deposit. The best rates are reserved for people borrowing at a lower loan to value ratio (LTV) - i.e.Find out more in our guide to how to improve your credit score. Lenders are very thorough in checking your credit history when assessing your application - they want to know that you are good at repaying debt, so the better your credit score, the better your chances of being approved. In most cases you'll need to meet certain conditions to qualify for the most competitive rates on offer.įollow these steps to increase your chances of getting a great deal: The right deal for you will depend on your circumstances and what you want from a mortgage. ![]() How do I get the best mortgage interest rate? The lender is taking on a bigger risk by offering these deals as rates in the wider market might rise during that time, so a longer-term fixed rate will often be higher than a shorter-term one. The same thinking applies with longer fixed-rate deals of five years or more. This is because you're paying a bit more for the security of knowing what your repayments will look like every month. Generally, the interest rates on fixed-rate mortgages will be higher than those on offer from variable deals. ![]() Which mortgages come with the lowest interest rates?
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