The Bank of England Base Rate is currently at 3.50% and is predicted to rise. Anything else as far as mortgages are concerned, is anyone’s guess.
We are seeing mortgage rates start to fall and house prices are predicted to fall. But while it’s impossible to predict what will happen to the housing market, it is possible to ensure you get the right mortgage rate in 2023. And here’s how you do it.
Start with a Mortgage Broker
There are more than 90 mortgage lenders in the UK, and most of these you won’t be able to access unless you speak to a mortgage broker. Brokers have the right mortgage products for you; be it competitive, the most suitable for your type of employment, some if you’ve had credit issues in the past, one year’s accounts, freelancing, high net worth borrowers with multiple income streams, and the list goes on.
The high street is a very small snapshot of what is out there. With thousands of products on offer, like offsets your own bank may not even provide, you could be missing out on saving hundreds or thousands of pounds over the term of your mortgage, if you don’t get some professional mortgage advice.
Check your credit rating
Whilst using a mortgage broker is a big part of getting the right mortgage rate, it pays to do some ‘mortgage housekeeping’ in the process. Your credit score is used by lenders to assess how you behave with money. It’s crucial that your credit score is in the best health before you apply for a mortgage.
If you don’t know what your credit rating score is, then you can check it here. Our free guide to improving your credit score contains some super easy tips to help make quick improvements and is a must read for any homebuyer.
Prepare your mortgage documents
To give yourself the best chance of getting the right mortgage rate, preparation is the key to success. Aside from the fact that sometimes you have to move quickly to secure a good rate, getting all your mortgage documents ready and in order makes a lender’s job a lot easier.
This preparation includes making sure you pay your bills on time, staying within your agreed overdraft limits, and not applying for credit for a minimum of three months before making your mortgage application.
Have your bank statements, payslips, P60s or your last two years accounts readily available. If you are self-employed, speak to an accountant early to check you have your accounts structured correctly and up to date in order to get the right mortgage rate.
Talk to Tony
Skyline Mortgage Consultants can advise as to whether you have the right mortgage rate for your circumstances, going into 2023. Our independent mortgage consultant, Tony, is always on hand to help answer any of your mortgage questions. Simply book yourself an online face-to-face mortgage appointment at a time that suits you, or drop Tony a line on info@skylinemortgages.co.uk and get the mortgage clarity you need, before you make your move.
Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. A fee may be charged for mortgage advice. The amount will depend on your circumstances.
Skyline Mortgage Consultants Limited is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Skyline Mortgage Consultants LTD registered in England and Wales Number 8157062. Company Registered Office: Heathmans House, 19 Heathmans Road, London SW6 4TJ