First-time buyers are haggling big discounts on homes: Here’s Phil Spencer’s tip on how YOU can too
Borrowers who need a mortgage because their current fixed-rate agreement has ended or they have purchased a home should explore their options as soon as possible.
Buy-to-let landlords should also take action as soon as possible.
Quick mortgage finder links with This is Money partner L&C
> Find the right mortgage for you
What happens if I need to remortgage?
Borrowers should compare rates, talk to a mortgage broker, and be ready to take action.
Landlords can reach a new agreement six to nine months in advance, often with no obligation.
Most mortgage agreements allow fees to be added to the loan and collected only when the loan is drawn down. This means borrowers can get a rate without paying expensive arrangement fees.
Keep in mind that when you do this and do not collect the fee upon completion, you will be charged interest on the fee amount for the entire life of the loan, so this may not be the best option for everyone.
What if I’m buying a house?
Those agreeing to buy a home should also aim to secure rates as soon as possible so they know exactly what their monthly payments will be.
Buyers should avoid overextension and be aware that home prices may fall as high mortgage rates will limit people’s ability to borrow and purchasing power.
What about buy-to-let homeowners?
Buy-to-let homeowners with an interest-only mortgage will see a larger increase in monthly costs compared to homeowners with a residential mortgage.
This makes remortgaging essential at very short notice and our partner L&C can also help with buy-to-let mortgages.
How do mortgage costs compare?
The best way to compare mortgage costs and find the right deal for you is to talk to a broker.
This is Money has a long-standing partnership with free broker L&C to provide you with free expert mortgage advice.
Want to see today’s best mortgage rates? To use This is Money and L&C’s best mortgage rates calculator to show you opportunities that match your home value, mortgage size, term and fixed rate needs.
If you’re ready to find your next mortgage, why not use L&C’s online Mortgage Finder? It will search 1000s of deals from over 90 different lenders to find the best deal for you.
> Find your best mortgage deal with This is Money and L&C
But remember that rates can change quickly and so if you need a mortgage or want to compare rates, contact L&C as soon as possible so they can help you find the right mortgage for you.
Mortgage servicing is provided by London & Country Mortgages (L&C), which is authorized and regulated by the Financial Conduct Authority (registration number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you fail to repay your mortgage
