Choosing a Mortgage
There are many different types of mortgage products, and it is important to choose the right one for you. The amount you can borrow will vary depending on your personal circumstances and the mortgage lender’s criteria.
The mortgage market is competitive can prove overwhelming and confusing, particularly to first time buyers. There are many schemes and routes available, but it is important to maintain a clear vision of what you want to achieve. In the current economic climate, finding the perfect mortgage rate is one of the most important aspects of your property purchase and transition. The ideal solution is a mortgage that is tailored to comfortably align with your income, ensuring therefore that you are not left with any unnecessary financial pressure.
Arranging a Mortgage
Arranging a mortgage appears to be a straightforward exercise, however, understanding the different types of mortgages can be confusing for the uninitiated. Likewise the interest rates, which may, for example, be capped, variable, tracked, or fixed.
- Fees – Some of the lowest rates on the market may come with hefty hidden fees. It is important to make sure you are clear on all costs surrounding your chosen mortgage provider – there may be more to it than first meets the eye!
- Flexibility – Would you benefit from the ability to overpay, underpay or take payment breaks some months? Some flexible mortgage providers will allow you to do just that. Shop around for a deal that suits you best to ensure success.
- Affordability – It is crucial that you know exactly how much you can afford to borrow, and are positive you will be able to make your monthly repayments comfortably. Take into consideration other costs such as council tax, utility bills, insurance and any other extras you may choose to take on. Each of these bills adds up and it is important that you assess your financial situation before committing to a mortgage.
For further advice, or information about the properties we have available in Locks Heath, Swanwick, Warsash, Sarisbury Green, Sholing, Hedge End, Winchester, Basingstoke or Eastleigh, call Chimneypots today on 01489 584298.