John Fraser-Tucker and his team at Mojo Mortgages were asked to share their five top tips for those looking to purchase a home or remortgage within the next six months, to save you hundreds of pounds that you can spend however you would like – whether that be Christmas presents, savings or even putting that extra money towards overpayment on your mortgage to bring it down even further in the long run:
1. Don’t Go It Alone – Talk to a Broker:
“The mortgage market is a minefield of rates, fees, and jargon. A good mortgage broker is like a personal guide, navigating you through the complexities. We have access to a wider range of deals than you might find directly, including exclusive rates, and can offer impartial advice tailored to your financial situation. We’ll save you time, stress, and potentially a lot of money.”
2. Scrutinise Your Current Deal and its Fees:
“If you’re looking to remortgage, the first step is always to understand your existing mortgage inside and out. Check for any early repayment charges or exit fees. Sometimes, the cost of leaving your current deal early can outweigh the benefits of a new, lower rate. Your current lender might even offer you a new product transfer, so it’s worth checking with a broker who can help review your existing lender deals alongside the rest of the market.”
3. Get Your Finances in Order and Your Credit Score Checked:
“Lenders want to see a clear picture of your financial health. Before you even start looking at deals, ensure your credit score is in good shape. Avoid taking out new credit just before your due remortgage and ensure all your regular payments are being met on time. The better your credit score, the more likely you are to secure the most competitive rates.”
4. Understand the Different Types of Mortgages:
“Fixed-rate, variable-rate, tracker, offset – the options can be overwhelming. Each has its pros and cons, and what’s right for one person might be completely wrong for another. Make sure to do your research or, even better, discuss with your broker which type of mortgage aligns best with your financial goals and risk tolerance. Are you after stability or willing to gamble on interest rates falling?”
5. Try Out Rate Check Promise:
“Rates can go down for lots of different reasons. Sometimes it’s in response to changes to the Bank of England base rate, Government policies or other economic factors. Other times they might lower their rates to attract or retain customers in a competitive market. While we’ll always try to secure you the best rate available at the time, we can’t guarantee if or when rates will drop. That’s why we offer our Rate Check Promise service, to give you peace of mind that you’re on the best rate for your chosen deal.”
Fee-free online mortgage broker Mojo Mortgages is here to change the game for UK homeowners. Rate Check Promise has saved customers £744** on average, overall saving customers £6 million+ since launching earlier this year – and it’s completely fee free for residential mortgages. If you want to find out more about Mojo Mortgages offering you can visit https://mojomortgages.com/