Finding the best mortgage deal – what do you need to know to secure the best possible mortgage rate on your new home? As the year is beginning to draw to a close, how do you secure a mortgage that works for you? Online mortgage calculators are useful as a starting point, but you'll need to do quite a bit extra digging. We'll just say that comparing repayment amounts is only the tip of the iceberg.
What do you need to know, and when do you start looking? If you're a first-time buyer, the process the can seem challenging, but even if you're remortgaging, you may find that the way we look for mortgage deals has changed.
Whether you are about to take out your first mortgage, remortgage your current home, or just want to see if you could secure a better rate, use the online mortgage calculator form below to compare mortgages from top lenders. You can also search for buy to let mortgages if you're planning to buy a house to let out.
Habito will engage in an online chat with you, advising you on the next stages, helping you assess affordability and give you impartial advice to ensure you get the best deal for you. Use their mortgage comparison calculator below to find the best mortgage for you.
Please note: Habito is an online mortgage broker and whole of market lender so they will assess the best deals available and work out which works for you. We have an affiliate relation with Habito and take a small percentage of commission for referring you to them.
Why autumn is a good time to find the best mortgage deal
While you can look for mortgage deals at any time of year, autumn could well be one of the better times to start and submit a mortgage application. Firstly, it's highly unlikely that you changed jobs over the summer, so you'll have been in your current job for the required minimum of six months in order to successfully get a mortgage.
Secondly, buying a property in autumn is easier than in the summer, which the peak season for people moving home. Competition eases in autumn, and you may well be able to bag the home of your dreams at a good price. Especially as we're moving into the final two months of the year, people will be keen to sell quickly, so you'll have more bargaining power.
Should I wait until after Brexit to get a mortgage?
In a word, no. While the uncertainty around Brexit might be making you anxious, or you might be tempted to wait and see whether house prices drop significantly, putting off buying the house that you want while you can afford to buy is a bad idea. The consequences of the UK's exit from the EU are unpredictable; apart from everything else, interest rates may well rise if the post-Brexit economy requires it, so if you find a good fixed-rate mortgage deal, now is the time to lock it down.
How to find the best remortgage deal
The answer is: start looking as far in advance of switching lenders as you can, and keep a lookout. Remortgaging only ever makes sense if it's going to be financially beneficial; for example, if your current lender is going to charge you an exit fee, you'll want to make sure that your new repayment plan is worth that penalty. Conversely, if you see a great fixed-term deal that'll allow to start saving (for example), exit fees notwithstanding, go for it.
Finding the best holiday let mortgage deal
With the staycation trend booming, you might be thinking about taking out a holiday let mortgage. Finding the best mortgage deal for this type of mortgage is very important, because these type of mortgage require bigger deposits and usually come with higher interest rates. They can be worth it if your holiday let makes a decent return, but you'll want to make sure you're on the best possible rate to maximise the property's potential.
How to find the best mortgage deal if you're self employed
Finding the best mortgage deal if you're self employed will hinge on three things: how much you have saved for a deposit, your earnings, and your record keeping. Needless to say, all three need to be up to scratch, and the more you have on all three fronts, the more likely you are to get a good deal on your mortgage. Mortgage lenders dislike applications they deem to be high risk, and you want to convince them that, even though you are self employed, you're financially stable.
Find out more about self employed mortgages in our guide.