The market for mortgages in Liverpool is in a somewhat interesting place, affected by pressure from increasing interest rates combined with historically high average house prices.
With the Mortgage Trends report by Moneyfacts UK showing that there were over 500 fewer mortgage products in March than there were in February 2022, as well as rate increases across the board, getting the right deal for the home of your dreams is essential.
With that in mind, here are some top tips for getting the best possible mortgage rates.
Save Up Your Deposit To The Sweet Spot
Typically, the more you can save for your deposit, the less risk that a lender is assuming and the lower your interest rate is expected to be. The sweet spot of savings if at all possible is between 20 and 25 per cent, which can in some cases unlock significantly better rates.
Get quotes from at least three other lenders and compare them to see who can provide the best rates, as well as favourable terms on issues such as points, fees and other benefits.
In many cases, mortgage lenders specialise in specific areas of the market, types of borrower and types of loan, so you can see considerable differences in edge cases and unique scenarios by looking at as broad a range of lenders as possible.
Get Your Financial House In Order
When looking for the best mortgage rates, your credit score and financial history will be critical parts to closing the most optimal rate.
Credit scores are determined by a range of factors, from purchase history, registration on the electoral roll, amount of credit, amount of debt relative to income and the overall state of your finances.
Avoid making any major financial decisions or commitments, such as a major purchase on finance or taking out a new credit card, as this can have a negative short-term effect on your credit score whilst your mortgage offer is being calculated.