When is the best time to get a mortgage?

It was recently reported that mortgage accessibility levels were at their highest in over three years, meaning that more of the general public are able to obtain a property loan for their purchase. While it is good news that more individuals are finding it easier to borrow the funds needed to buy a home, it’s important to question as and when is the right time to look at getting a mortgage.

There are certain conditions that make getting a mortgage cheaper or more accessible. While there are no specific dates to mark in your calendars, considering the below factors when looking at taking out a mortgage could result in saving money later down the line:

Interest rates have continued to remain low for several years. Although no one knows quite when they will begin to rise, it does appear that more people have been taking advantage of the cheaper mortgage options available. While the rates are still at record lows*, it remains beneficial for the buyers to look at getting a mortgage now rather than delaying and risking mortgage rates increasing.

The property market usually will have a direct impact on mortgage conditions. When the property market is strong and performing well, the mortgage market is likely to follow. By keeping an eye on growing property prices and a general demand for property in the area you are looking to buy, securing a mortgage is likely to be a smoother process.

It’s vital to follow any government changes when you’re looking to buy. Although it is the Bank of England that control interest rates, there could be other outside factors which could help buyer get onto the ladder. For example, the introduction of the Help to Buy scheme naturally led to an uplift in borrowing for first time buyers**, so it pays to keep an eye on any mortgage trends.

Timing itself certainly has a part to play and it’s important not to make any rash decisions when it comes to your personal finances. Each situation is different when it comes to property and the mortgage market, so be sensible and thoroughly conduct your research in order to be sure you’re making the best choice for you. Signing up for a mortgage before you’re 100% sure it’s right for your needs can lead to serious ramifications and we would always recommend seeking professional advice before acting too quickly.

While there is no perfect time or date to take out your mortgage, Expedite Finance are here to help you discuss your options and how best to save you money on your property purchase. Our expert team can provide the advice and support you need, no matter what your circumstances. To find out more, call us today on 0800 2012 100.

 

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Source*: http://www.dailymail.co.uk/news/article-4434016/Mortgage-rates-hit-record-low-new-price-war.html – On clicking this link you will leave the regulated site of Expedite Financial Services Ltd. Neither Expedite Financial Services Ltd, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.

Source**: https://www.gov.uk/government/news/help-to-buy-helping-first-time-buyers-onto-the-housing-ladder – On clicking this link you will leave the regulated site of Expedite Financial Services Ltd. Neither Expedite Financial Services Ltd, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.


For mortgages, we can be paid by commission from the lender and a client fee of £395 paid on completion of the mortgage.

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