When searching online for a mortgage, you’ve probably come across the same deals over and over again. The vast majority of loans in the UK are issued by just a few large companies, giving many homebuyers the impression that there’s not a lot of choice out there. In fact, as @thisismoney says, “Three in four borrowers end up going with one of the six big banks and building societies.”
However, with a little bit of specialist know how and some expert advice, you should be able to uncover some of the lesser known deals on the market. These ‘secret mortgages’ often offer much better value than high street alternatives.
In some cases, opting for a less publicised deal could even make the difference between securing a loan and missing out, something that could have a big impact on the search for your dream property.
Finding Secret deals
When you search online for mortgage deals, you’ll first be shown the most popular products from the biggest banks. This is generally because these are the loans the lenders want you to take out as they provide the bank with a solid profit and suit most borrowers.
However, if you look beyond the headline mortgage deals, there’s a good chance that you’ll find a product that suits your needs even better. Smaller lenders are often able to provide more bespoke mortgage deals. This can help you to find a product that’s best suited to your circumstances.
Getting approved for a mortgage
A lot of the time, smaller lenders are willing to consider applicants that larger banks would automatically dismiss. If you have a non-standard income, or if your circumstances require closer scrutiny, you may find that delving a little deeper into the world of mortgages helps you to secure a loan and buy your perfect property.
Finding secret mortgage deals
The best way to access secret mortgage deals is to use a specialist mortgage advisor when hunting for a loan. They’ll know just which lenders to look to up and will be perfectly placed to help you find the mortgage that’s right for you.
In order to get the best deals, you may need to pay an administration or arrangement fee. This can either be paid up front, or added to the total cost of the mortgage and paid off over time. Your mortgage advisor will be able to tell you which loans are worth paying for and which aren’t – potentially saving you a fortune when it comes to repaying your mortgage.
Finding the right mortgage deal for your needs isn’t always easy. To ensure you get the best product out there, and have access to all of the loans on the market, get in touch with one of our specialist advisors today.
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Written by: Cambridge Web Marketing