If you’re thinking of applying for a mortgage, you don’t have to let the struggling economy deter you – especially when taking advantage of fixed rate deals that will protect you from inflation. The best deals may not always come your way though, which is where doing your research beforehand can really pay off.
There are many things you need to look for when comparing mortgages, to ensure you’re getting the best deal available. The advantage of a fixed rate mortgage is that your monthly payments will remain fixed for a set time – whether it’s two, five or ten years – but this could also prove to be a disadvantage if you aren’t careful to establish a sufficiently low interest rate from the onset. There are also other costs to consider, such as lender and broker fees, and these need to be factored into your budget.
Improving your credit rating could help you greatly in securing lower interest rates, as your credit score gives lenders a fairly accurate view of your risk factor. There are many well-publicised ways to boost your credit score even in a relatively short period of time, such as opening a range of credit card accounts and other loans and ensuring you pay them off in full each month. It’s never a good idea to lie about your credit rating though, as lenders are likely to check for themselves, and may refuse you a loan if you were found to be dishonest.
Top Tips On Finding The Best Fixed Rate Mortgage Deals
