How to get a Mortgage
Before cosnidering how to get a mortgage you need to decide if a mortgage is right for you at the present time with your current circumstances.For some, a mortgage is considered a necessity of life so that you can own your own home but if you jump in too soon without due consideration you may be worse off in the long run.
If you will struggle to meet mortgage repayments, if you don’t have a steady income, if you are considering starting a family, or if you don’t have a large deposit already a mortgage may not be the right path for you, and you may be better renting for a while.
Assuming you have made an iformed decision to go for a mortgage the first thing you need to do is make sure your credit rating is in good order. It will be much more difficult, if not impossible, to get a mortgage with a porr credit history.
Secondly, the days of 100% mortgages (or sometimes more than 100%) are gone. these days you will need at least 5% of the value of the property as a deposit, and this can be even up to 20% or more for some lenders.
Thirdly, you need to shop around. It is no longer a good idea to go to your trusted high street bank whom you have been banking with since you were a child. Loyalty does not pay in most cases so a visit to a mortgage broker or independant finacial advisor is the best option.