Finding the right mortgage deal

This article is part of
Guide to buying property in a Brexit world

Finding the right mortgage deal

A critical part of the housebuying process is securing the right mortgage.

For many, it can be one of the most stressful parts of the process and for first-time buyers especially, it may be overwhelming sifting through the mortgage products that are available and understanding the jargon.

A study of 2,000 homeowners by mortgage broker Trussle shows many people find the traditional mortgage application process to be “opaque and time-consuming”, with 23 per cent of borrowers reporting they found the experience to be stressful.

It can also be inconvenient, with the study reporting 23 per cent of homeowners were forced to take time off work to make arrangements for their first mortgage.

Deal or no deal?

Finding the right mortgage deal is especially important in regions such as the East Midlands, which was found to be one of the hardest regions in the UK to get accepted for a mortgage, according to research by the University of Nottingham.

Choice Finance Mortgages and Financial Solutions says the research reveals for those living in the East Midlands, the chances of getting accepted for a mortgage are four times less likely than other parts of the country.

Matthew Pennell, managing director at Choice Finance, says: “It’s easy to get downcast when you hear that your area is one of the toughest to get accepted for a mortgage, but dealing with the things you do have control over is a really positive step, and will show lenders that you’re serious. 

“There’s no need for anyone to rule out buying in the East Midlands, they just need to be savvy, do their research and get advice from experts.”

This, of course, applies wherever the borrower is looking to buy.

Expert advice seems to be the answer to not only securing the right mortgage deal but also making the process much easier and less stressful for buyers.

One of the biggest issues is knowing what products are available and how to choose between them.

Jeremy Duncombe, director at Legal & General Mortgage Club, admits: “With thousands of new products coming to market and a whole set of new lenders to contend with, navigating the mortgage market can be a daunting task for borrowers.”

He suggests that by speaking to a broker, borrowers can tap into a wealth of knowledge and advice about the mortgage market and gain access to a much wider range of solutions than going directly to their bank.

He adds: “Advisers also have the capacity to make clients aware of other important products they should be considering such as protection.”

Mortgage brokers now boast a successful approval rate in nine out of 10 cases, according to the Intermediary Mortgage Lenders Association.