First Time Buyers Fail To Shop AroundAlmost two thirds of first time buyers accept the first mortgage they are offered and fail to shop around, often missing out on better deals. Many first time buyers feel pressurized by their estate agents into quickly organizing a mortgage for fear of losing out on a property or are attracted to a low interest rate without looking at the mortgage deal as a whole. However, with such a vast range of mortgage lenders to choose from, first time buyers are well advised to step back and do a little research before they commit. There are a number of places to find good mortgage deals: Speak to your bank Your bank or building society may provide special offers to their account holders, but don't feel that you have to accept their offer through customer loyalty as there are many other places to look. Consult with a financial advisor Financial advisors can offer you a range of mortgage deals to choose from that are appropriate to your circumstances. Some financial advisors offer free advice, but can only provide a limited range of mortgages, through which they earn a commission. Independent financial advisors will offer a wider range of deals, but you may need to pay them to provide this advice. However, this is often a worthwhile investment, as commission earnings do not influence the advisor, so the mortgage is more likely to meet your requirements. Get on the net A search on Google will generate a list of hundreds of UK mortgage providers to choose from. Many will have online mortgage calculators, to give you an idea of your repayments. Alternatively you can use financial comparison sites, such as MoneySupermarket.com to do the work for you. Simply enter your requirements and let the comparison site search hundreds of providers to provide you with the best deals. Don't always depend on the rate Don't always assume that a low interest rate makes a cheap mortgage. Providers often use low rate deals to attract new customers, however you may end up paying more money in the long-term. Check the small print of the mortgage and find out if you will be penalised financially for opting out of the deal early or if there are any hidden costs. Don Suter is Managing Editor of the UK Property Portal (http://www.ukpropertyportal.co.uk), an online directory and magazine for UK property sales, rental, surveyors, mortgages, conveyancing, property insurance, removals, news, investment and development Further help for first time buyers For more information on buying your first home, take a look at our First Time Buyer's Guide.
MORE RESOURCES updated Sat. July / 27 / 2024 Mortgage Refinance Rates Fall for Most Loan Types Investopedia Mortgage and refinance rates today, July 26, 2024: Rates are well below their 52-week averages Yahoo Finance Mortgage Interest Rates Today, July 26, 2024 | Rates Steady After Falling Earlier This Month Business Insider Mortgage and refinance rates today, July 24, 2024: Rates have staggered since last week Yahoo Finance Joe and Jill Biden refinanced their Delaware home 20 times — raking in $4.2M from the $350K property New York Post Average Mortgage Interest Rates: Mortgage Rates by Credit Score, Year, and Loan Type Business Insider Mortgage Recasting: What It Is And How It Works Bankrate.com How to Refinance Your Mortgage NerdWallet Current 15-Year Mortgage Rates Business Insider Current Mortgage Trends: Are Mortgage Rates Going Down? Business Insider Jumbo Loan: Definition, Rates, and How to Qualify Business Insider 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider Best Mortgage Refinance Lenders of July 2024 Business Insider How Much Does It Cost to Refinance? Average Closing Costs by State Business Insider How To Refinance An Underwater Mortgage Bankrate.com FHA Refinance Rates: See if You Could Lower Your Rate Business Insider Mortgage Interest Rates Today, July 24, 2024 | Rates Hold Steady Business Insider Current VA Refinance Rates: See if Refinancing Is Worth It Right Now Business Insider Understanding 30-Year Mortgage Rates: A Comprehensive Guide Business Insider Today's Mortgage Rates by State - July 24, 2024 Investopedia Best Refinance Lenders of July 2024: Refinance Your Mortgage The Motley Fool Mortgage refinance demand drops further, despite homeowners sitting on $17 trillion in equity - CNBC Refinance Rates Today: Compare Mortgage Refinance Offers Business Insider What current mortgage refinance rates mean for your situation CNN Underscored Mortgage Points: What Are They And How Do They Work? Bankrate.com Current Home Equity Loan Rates: Your Guide to the Best Rates Business Insider Assumable Mortgages 2024: How They Work, Benefits, and Insights Business Insider Refinance applications increase despite overall drop in mortgage activity Mortgage Professional Mortgage Interest Rates Today, July 21, 2024 | Rates Are Down This Month. Will They Continue to Drop? Business Insider Is it Time to Refinance Your Mortgage? That Depends on When You Closed The Wall Street Journal Real Estate Housing Market 2024: Will Home Prices Drop? Business Insider Mortgage refinance demand jumps to two-year high Morning Brew Should You Refinance Your Mortgage In 2024? Bankrate.com MBA: Mortgage Applications Decreased in Weekly Survey Calculated Risk How To Get The Best Refinance Rate Bankrate.com Mortgage Rate History: 1970s To 2024 Bankrate.com 30-Year Mortgage Refinance Rates Business Insider Do I Need Money Down To Refinance My Mortgage? Bankrate.com Tremont Realty Capital Announces the Closing of a $27 Million Mortgage Loan to Refinance an Industrial Property in Wayne, PA Business Wire The Ascent's Complete Guide to Mortgages The Motley Fool Discover Home Loans Review: Learn About Discover Home Equity Loans and Mortgage Refinancing Business Insider Housing Market Predictions 2024: What Homebuyers Should Know Business Insider Types of Mortgage Refinance Options Bankrate.com Cash-Out Refinancing: What It Is, How It Works Bankrate.com Cash-Out Refinance For Home Improvements Bankrate.com Should You Refinance Halfway Through Your Mortgage? Bankrate.com What Credit Score Do You Need To Refinance? Bankrate.com Are Cash-Out Refinance Rates Higher? Bankrate.com Mortgage Interest Rates Today, July 22, 2024 | Rates Are Dropping. How Low Could They Go? Business Insider Loan Modification Vs. Refinance Bankrate.com Best Student Loan Refinance Companies of 2024 Business Insider Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports
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