Mortgage rates remain high, but there are ways to maximise your chances of getting the most competitive deal.
That’s according to Confused.com, which has published its four top tips to help you get the best mortgage rate.
Claire Flynn, mortgages expert at the comparison site, said:
1. “Put down as much deposit as you can afford, or wait until you have substantial equity if you’re remortgaging or moving. A larger deposit means a lower loan-to-value mortgage, which usually gives you better rates.
2. “Speak to a whole-of-market mortgage broker. An independent mortgage adviser can look across the market and at different lenders to find the lowest rates available for you. An expert can consider all your circumstances to ensure they only suggest products available to you.
3. “Improve your credit score. This can make you a more attractive borrower, potentially leading to better mortgage rates. In the UK, you can check your credit score through agencies like Experian, Equifax, or TransUnion.
4. “Consider whether a fixed-rate or a variable-rate mortgage suits you best. Fixed-rate mortgages offer certainty of a set rate for a specific amount of time, but you might miss out if rates decrease. Variable rates can be cheaper initially, but the rate can change during the deal period, so you need to be prepared for higher payments.”
