With UK mortgage rates at an all time low, and house prices falling by 0.1%, now may be the perfect time to consider buying a new home. But even with today’s falling interest rates, taking on a mortgage is a major responsibility. Naturally, you want to find the best deal possible.
Mortgage rates may currently be low, but that’s no reason to take the first deal that’s offered, or to pay more than you need to on the total cost of your home loan. Before you sign on the dotted line, let’s review a few simple tips to help you find the best possible mortgage for your new home.
Credit Scores
Before we go any further, we will assume that you have found a property you are interested in, and that you have a firm idea of how much you can afford to spend on your new home. At this point, before you start looking for a mortgage, it is important to know your credit score as it will have a major impact on the loan process.
Knowing your credit score ahead of time will allow you to negotiate with a lender without them running your credit history. Remember, every time a lender checks your credit history, your credit score takes a ding.