Mortgages: Latest advice and tips on how to get the best deal

Whether you’re thinking of buying your first or second home, a buy-to-let property or it’s time to remortgage, the world of finance can be a tricky one at best to navigate, let alone when the cost of living and interest rates are on the rise.

We’ve put together the latest advice on securing the best mortgage to help you find the best deals available to you.

Lenders want to lend money

We’re all aware that there are huge economic pressure with utilities, food and travel costs rising significantly in the last few months, which in turn might start alarm bells ringing when you’re thinking of purchasing your next home, or indeed, remortgaging your current home.

Thankfully despite these pressures, there are many lenders out there who are keen to lend money and are offering great deals and cash back incentives to get new customers on board. Our independent advisors at HARDISTY FINANCIAL are whole of market and have over 4,000 mortgage deals available to them for buyers, along with around 4,800 deals for those looking to remortgage, so there are plenty of competitive offers out there to choose from if you know where to look.

We’ve noticed that the majority of our clients are keen to secure fixed rate mortgage deals with will undoubtedly give them peace of mind and financial security over the coming months and years.

Where to find the best deal

For those who are looking to get a mortgage or remortgage, you may be thinking it will be a daunting task when it comes to finding the right deal. Getting a mortgage can still be tough, and finding the right mortgage to best suit your needs, not just for now but over the medium and long term, is harder still.

Savvy shoppers might be tempted to jump on a popular price comparison website to shop around for their mortgage deal, or those frightened of rejection may return to their previous lender because they’re already familiar with them. In either circumstance,  they’re likely snap up the first offer they’re given in a bid to secure a decent mortgage. This most probably won’t be the best offer available to you, and could potentially cause you problems later down the line when it comes to moving on or remortgaging.

“But surely, if I go direct to the bank, I will get the best deal?” we hear you say. Not usually. A little known fact is that most banks offer preferential rates to mortgage brokers such as our team at HARDISTY FINANCIAL, which aren’t available if you go direct to the bank. The reason for this is because a single customer going direct to the bank won’t generate as much business as a mortgage broker who might be able to refer hundreds of clients in a single month. Yes, an arrangement fee would be payable to your broker if you decide to seek financial advice, but offset that against the savings they can offer you when they secure you a better deal than going direct? In short, it’s a no-brainer.

It is more important than ever to take quality, independent financial advice from experts who have access to the whole of market. Our experts at HARDISTY FINANCIAL are just that, we ensure that we take into account not only your short term need but also medium and long term requirements, helping you every step of the way. As whole of market, independent financial advisors, we have access to every single mortgage deal available across the country and can match you to a lender best suited to your financial situation. And remember, not all independent financial advisors are whole of market, be sure to check to make sure your broker can find you the very best deal.

First time buyers

For those looking to purchase their first home, it’s vital that you regularly check in with your financial advisor to ensure the amount you can borrow is up to date. If you have already started your mortgage journey and have a Decision in Principle (DIP) also known as an Agreement in Principle (AIP), there is a possibly that your lender may not be willing to lend you quite as much as was previously promised.

As the cost of living has risen so rapidly in the last few months, lenders are now using new ONS data to calculate the average household spend (rather than using your own historic spends from your personal bank statements) to ensure buyers aren’t borrowing more than they can afford. This therefore means lenders are generally offering a lower amount than has been previously agreed, and can sometimes be reduced as much as a 15% compared to just 4 weeks ago.

If your find your dream home and plan to put in an offer, be prepared for the agent selling the home to ask for an up-to-date DIP/AIP as any dated even just 4-5 weeks ago may already be vastly different to what a lender is actually prepared to loan you.

And remember, don’t panic!

It might seem a bit scary when to comes to looking for a mortgage right now, but it really isn’t all doom and gloom. There are still a great many lenders who are offering some great deals. We are still able to fix interest rates at under 3% over the next 5 years, for those with a large enough deposit which would have seemed an incredible offer 3 or 4 years ago.  Our best advice is to not panic and be sure to speak to the experts to have the best chance at finding the best deal for your own personal financial situation.

Need a hand finding the best mortgage deal for you? Speak to our team of financial experts at HARDISTY FINANCIAL today, fill in the short form on our website here and we’ll be back in touch!



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