7 mortgage mistakes all homeowners should avoid, according to a finance expert
Not shopping around for a mortgage – There are a staggering 4,341 mortgage options on the market, according to data firm Moneyfacts. By not shopping around, you could be missing out on a cheaper rate or a deal with better features, such as cashback or no fees.
Skipping expert advice –
There are a whole host of features to consider, such as flexible overpayments, no early repayment charges or low and no fee options that don’t always accompany the lowest rate deals, but may be more beneficial for your circumstances
A mortgage broker can help you avoid any delays in the application process, increase your chances of success when it comes to getting a mortgage and also ensure that if rates reduce during your application you will be switched to the cheaper rate where possible.
Sticking with your bank – Your bank might not be offering the cheapest or most suitable mortgage for your needs and you may not get the best advice on what other mortgage products from other providers might be more suitable for your needs.
Not checking your credit score – Make sure your credit score and history are in the best shape possible to ensure a lender looks favorably on your application.
Taking on more debt during the application process – Applying for loans or a credit agreement prior to or during a mortgage application is not advisable.
Making avoidable big life changes – Changing jobs regularly or changing your job just before an application can have a detrimental effect even in the event of a pay increase. Mortgage lenders don’t just look at what you earn, they’re also interested in stability and how sustainable your income is.