Moving house? - Take mortgage advice in 2023

Monday 9 January, 2023

As we enter the new year, if you are looking to purchase or sell your home contact your local mortgage broking team in Lichfield, St Albans, or Chippenham for expert mortgage advice.  The mortgage market is different now and constantly changing but our mortgage brokers are up to date with market developments and can talk you through your mortgage options.  

Signs of stability in the mortgage market

It has been a very difficult two years, but we are beginning to see signs of stability, and recently the average fixed-rate mortgage deal fell below 6% for the first time in two months.

Why should I take mortgage advice? 

Mortgage brokers can save you time and money, by finding you the best and most affordable mortgage deals in an unpredictable market. Mortgage brokers can check the market quickly and liaise with your mortgage lender and solicitor to organise paperwork. 

Hayley Croft, Lonsdale Mortgage broker in Lichfield, Staffordshire said:

“If you use a local mortgage broker, we can review your income and expenditure, check your credit rating, and advise you on exactly how much you will be able to borrow from the lender.  We can also help you decide what type of mortgage is best suited for your financial circumstances.  Our mortgage brokers also offer advice on a variety of mortgage products, such as: variable rate mortgages, fixed rate mortgages, capped rate mortgages and discount rate mortgages. We recommend you take advice from a mortgage broker before you make an offer on your new home, as it is important to have your mortgage agreed in principle before you find the house you want to buy, so your offer is more likely to be accepted and you will be able to move quickly.’

How can I secure a mortgage deal? 

You must show you are responsible with money to secure a mortgage. It can help to not spend too close to your credit limit as this can concern mortgage lenders that you will not be able to pay off debt. If you have debt, it is important to pay this off, as you could get turned down by a mortgage lender. 

Check your credit rating

A good credit rating can help secure a good mortgage. Your credit rating is affected by whether you pay off credit card expenses on time and your other debts. It is important to have a copy of your credit rating as you can then check all your other details are up to date, such as your address and personal information. Your credit rating also shows your loans, overdrafts, mortgages, and some utility payments that were open for the last six years. If there are mistakes, you can contact your credit issuer and request to make the changes. It is free to get a copy of your credit rating. 

If you have a bad credit score, you could get turned down by a mortgage lender. We encourage you to rebuild your credit score and then wait at least six months to a year before reapplying for a mortgage. If you are in this situation, it may help to speak to a mortgage advisor.

Research the area you would like to move to: 

It is important to know how much properties cost in the area you would like to relocate to. You should visit the area where you want to purchase your home and visit the roads you like. If you know where you would like to purchase your home and how much it will cost, you will be in a much better position to save up or work out what you can afford to borrow so you can put in an offer when houses come up for sale. It may also be helpful to sign up with local estate agents to get the first call when a new property comes up for sale. 

In summary... 

In the rapidly changing UK housing market, mortgage support and advice are crucial. You can call our Lonsdale Mortgages broking team for local mortgage advice.   Our qualified Lonsdale mortgage brokers in St Albans, Chippenham and Lichfield assist buyers to secure a mortgage. Lonsdale mortgage brokers will assist you with the whole mortgage process, so you can complete it as quickly as possible. Call our mortgage brokers on 01727 845500 or alternatively, complete our booking consultation and one of our mortgage advisors will call you back. 

As a mortgage is secured against your home, it may be repossessed if you do not keep up the mortgage repayments. The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction.

 

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