It’s been a wild rollercoaster ride for UK homeowners in recent years. First, we had the joy of historically low rates, making mortgages affordable for many, but then, the rates began to rise, leaving homeowners feeling the pinch.
But there may be light at the end of the tunnel and a glimmer of hope for those who are looking to get a mortgage or remortgage, as mortgage rates are starting to come down, despite continuing interest rate rises but you need to be on your game to get the best deal possible.
One of the most important things to remember when it comes to mortgages is that knowledge is power. You need to know your options, understand the market, and be aware of any potential pitfalls.
If you’re looking to get a mortgage for the first time, you need to make sure you’re in the best possible position to get approved. This means having a steady income, a good credit score, and a healthy deposit and being able to demonstrate (through salary and bank statement paperwork) that you can afford the mortgage payments month on month. It’s also worth understanding what types of mortgages are available and considering the type of mortgage that’s best for you, be it a fixed rate, a variable rate, or something in between.
If you’re already a homeowner and are looking to remortgage, the process is similar, but with a few extra considerations. You need to make sure you’re getting the best deal possible, which may mean switching lenders. You also need to factor in other things such as fees or charges that may apply, such as early repayment charges if you choose to move lender before you last mortgage deal has finished.
Of course, all of this can be a bit overwhelming, especially if you’re not a financial expert. But don’t worry! At Better with Money we are experts in giving employees the information and guidance they need to help them better navigate the financial challenges life sometimes throws at them.
That is why Better with Money has developed webinars for employees looking to buy a home or remortgage. Structured in an interesting and accessible way, we provide employees with the tools, knowledge, and skills they need to deal with one of life’s biggest financial commitments.
Even if interest rates are a bit of a rollercoaster at the moment, knowing what you are dealing with when it comes to buying a home or remortgaging can make it slightly less daunting a ride.
If you would like to find out more about Better with Money’s webinars and courses, please get in touch.