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Mortgage Advice - Mortgage and remortgage mistakes to avoid

In this article we are discussing some of the common mistakes that people can make when getting a mortgage. We will start here by listing below the first 5 mistakes that people commonly make when getting a mortgage:

1. Getting a mortgage that is beyond your means. In today’s society we are commonly pressurized to get a bigger house to match the lifestyle of those more well off and sometimes up end up buying a property that is larger for our needs. Whether we buy a nicer and bigger house to impress others or stroke our own ego, buying a less expensive house can save a mortgage borrower tens of thousands of pounds that can quite well be re-directed towards future financial planning such as retirement or other funding.

2. Rushing to apply for a mortgage. Like anything that we buy, if you are looking to get a mortgage but haven’t had time to do the necessary research on the various products available then there is a good chance that you miss out on the best mortgage deals available. It is better to plan your needs and research well with our help to obtain the best mortgage option as opposed to an impulse buy that can prove costly.

3. Paying off the balance of your mortgage early. As tempting as it may seem to pay off a mortgage early to reduce your monthly outgoings, you need to remember that the money that you put down to pay off your mortgage is money you will never see again unless you re-mortgage or sell your property. That means you don’t enjoy the benefits of compound interest, In other words the equity in your home does not give you any return and you cannot use it to invest into other ventures. Additionally paying off your mortgage early gives you less liquidity


4. You do not review your mortgage regularly. We are all prone to our circumstances changing regularly, whether it be less income from a job, unemployment due to illness or redundancy, debt, better credit score, home improvements so always review your mortgage in accordance with your current circumstances.

5. Thinking interest rate is the most common feature of a mortgage product. This is one of the biggest misconceptions. Although the mortgage interest rate is a common factor, it is not the most important element of a mortgage. You need to consider other elements of a mortgage including

the tax implications
the cash flow
the overall debt
the duration of the mortgage
how the overall mortgage is structured
how much deposit you put down on a mortgage

Consider each of the above elements to ensure that you get the best buy to let mortgage deal without making the common mistakes. When you apply for a mortgage through us, we will use our expertise to advise you on the best mortgage deal to suit your needs

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