5 Easy Guidance Tips: Cross the Hurdles of Mortgages
Tips to Getting the Most from Your UK Mortgage
13:05 15 March 2013
Your home is probably one of the biggest investments you’ll make in your lifetime. For most people it will also be the most expensive as well. That’s why it’s so important to make that investment with as much information as possible.
Learn what steps you can take to get the most from your mortgage.
Getting the right mortgage is a daunting task with implications that last for years to come. Not being informed enough to get the best deal can leave you with a monthly mortgage that’s more than what you’re able to pay. And if you don’t know what options are available to homeowners, how will you be sure that you’ve got what you need?
Here are five tips to getting the most from your mortgage:
- Shop around for a low interest mortgage. A high interest rate is a deal killer! The interest rate on your loan determines how much you pay monthly and how much you eventually end up paying to own your home. A high interest rate means a high monthly note and paying more for your house than it’s worth in the long term. Don’t get caught in that trap.
- If you’re not sure what is best, consider hiring a mortgage broker. A mortgage broker acts as the middleman between you and the lender. Their job is to help match you with the best loan at the best lender. Of course there is the broker’s fee to consider, so choose carefully.
- Get mortgage insurance protection that will pay your monthly mortgage in the event you are unable to work or can no longer pay it.
- Consider mortgage life insurance that pays a guaranteed death benefit to your family in the event of your death.
- If you are struggling to keep your home, look into options like an equity release mortgage which allows you to take part of your equity as a cash payment without you having to pay a monthly mortgage and you keep your home. Make sure you understand this option completely before considering it.