Embarking on your homeownership journey is an exciting venture, and choosing the right mortgage is a fundamental part of this. There are a myriad of mortgage options at your fingertips, and it’s a good idea to explore what’s available to you so you can make an informed decision.

The good news? You don't have to go it alone. Our team of expert mortgage advisers is here to guide you, helping you to find a mortgage that’s tailored to your individual needs and circumstances. 

Assess your financial situation

Begin by evaluating your financial health - this includes your income, savings, and credit score. Consider your future income prospects and any potential life changes you foresee coming up. For instance, do you plan on getting married or having children? It's essential to consider how these changes might influence your ability to meet future financial commitments.

Following that, you’ll want to work out how much you can afford for a deposit and monthly repayments. Our affordability tool on the MyMAB app can help you do exactly that, so you can review exactly what you can afford.This self-assessment will give you a general understanding of your financial capabilities, informing your mortgage decisions before you even approach a lender.

Research your mortgage options

It’s important to take some time to explore the mortgage options available in the market to ensure you opt for a product that aligns most closely with your needs and budget. We have an article that explains the different types of mortgages available to you, so make sure to give this a read while you’re weighing up your options.

When you’re looking at your mortgage options and deciding which may be suitable for you, be sure to compare interest rates, loan terms, and fees from different lenders. This will provide you with a more comprehensive picture of what’s out there. Government-backed schemes and first-time buyer programmes may provide additional benefits, so we recommend exploring those too. 

Consider repayment terms

Make sure to do some research and find out what repayment terms could suit your financial preferences. One of the key factors to consider is the length of the mortgage term you opt for. While longer mortgage terms offer the allure of lower monthly payments, you may end up paying more interest over time. On the flip side, shorter terms involve higher monthly payments, and typically result in paying less interest overall.

This is where our team of expert advisers come in. Working closely with you to select a term that strikes the right balance between your needs and your budget, they’ll take into account your overall affordability and long-term goals. 

Review lender requirements 

When it comes to getting your mortgage approved, each lender will have their own individual eligibility criteria and requirements. It’s recommended that you take some time out to understand the specific requirements for each mortgage option, whether it’s the minimum credit score, documentation to demonstrate proof of income, or specific employment history. Being aware of lender expectations will help you prepare a strong mortgage application, as well as increase your chances of approval.

Seek professional advice 

Choosing a mortgage that suits you involves the analysis of several factors. As a result, consulting with an expert mortgage adviser is invaluable. Our team of experts can provide personalised guidance and advice based on your unique financial situation and homeownership goals, making it easier than ever to make an informed decision about your mortgage. 

Get in touch with us today and let’s discuss your options.

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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