Things To Consider When Comparing Mortgage Products
If your fixed-rate mortgage deal is coming to an end, you may want to consider changing mortgage providers. Whilst you could stay with your current lender if they have a suitable mortgage product for you, you may be able to get a better deal elsewhere and it’s always recommended that you consider all of the other options available on the market before taking out a new mortgage with your current lender.
It is likely that you will have lots of different mortgage products to choose from when you browse the whole mortgage market and deciding which will be best in your individual circumstances isn’t always easy. To help anyone who is currently trying to re-mortgage their property, we have put together a list of important things to consider whenever you’re comparing mortgage products from different lenders.
The monthly repayment
Of course, how much you need to pay towards your mortgage every month is always something you need to think about. It is essential to ensure that you’re able to keep up with your mortgage repayments and because a mortgage is a loan that’s secured on your property, not paying your mortgage can result in your home being repossessed. Whenever you’re comparing the monthly repayments for different mortgages, remember to look at what the payments would increase to once the fixed-rate mortgage deal ends too.
The upfront fees
In addition to looking at how much a mortgage would cost you on a monthly basis, it is essential to consider any upfront costs. Generally speaking, there are several different fees you have to pay when you take out a new mortgage, such as; valuation fees, arrangement fees and application fees. Often, you have the option to pay these fees upfront or add them to your mortgage, and it’s worth exploring both of these options. Don’t forget to check what the early repayment charge is when you’re comparing mortgage fees as well.
The interest rates
Simply put, the interest rate of a mortgage is the amount you’re being charged for borrowing the money you need. Interest rates are expressed as percentages, making them fairly straightforward to compare. If you’re looking at fixed-rate mortgages, whether you’re wanting to fix in for two, three, five or ten years, the interest rate would remain the same for the duration of your mortgage deal. However, if you’re considering a variable mortgage like a Tracker,rates are much harder to predict as they can change from one month to the next.
The mortgage repayment term
When you take out a mortgage, you can decide how many years you would like to pay the loan back over. Traditionally, the repayment term for a residential mortgage is 25 years, however, some lenders may let you take your loan over a term of up to 40 years. Assuming the lender’s affordability rules work, you also often have the option to make the mortgage repayment term shorter if you would like to. The term you choose for a mortgage directly affects how much your monthly repayments cost though and it also impacts the total amount you end up paying back in the long run.
Any added extras
It is becoming increasingly common for mortgage lenders to offer different incentives to applicants in an attempt to entice them into switching their mortgages. For example, some lenders offer you cashback when you choose one of their mortgage products and you can spend this however you’d like to. Whilst the added extras offered by mortgage lenders usually may not be of very high value, they are still worth considering when you’re comparing different mortgage options and they could be beneficial in the short term.
Changing mortgage provider
When you’re looking for a new mortgage deal, don’t hesitate to contact our team at Mortgage Required for some assistance. We have helped thousands of homeowners change mortgage providers over the years and we offer whole of market, professional and friendly mortgage advice. So, you can always rely on us to help you find the perfect mortgage deal, no matter what your needs may be. All our experienced mortgage advisors are able to advise on every aspect of the mortgage market too and switching mortgage lenders couldn’t be easier when you turn to us for assistance.
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