How to Find Your Top Mortgage Deal in 2021

Why Use a Mortgage Broker?

Brokers can help match you to the right deal. They may have access to deals from lenders that you cannot access yourself online. Sometimes what might look like a great mortgage deal on paper, simply may not be the best deal for your particular circumstances and a good broker will point that out so that you really can make the most informed decision.

Covid and Your Mortgage

Covid has put a spanner in many a work hasn’t it? It has impacted so many things in our lives and mortgage applications aren’t exempt.

You may need to prove your work status if you have been furloughed. How do I do this: A recent payslip should do the trick. If you applied for a grant and were accepted then a lender may want to see some proof that your account is back on track.

Aren’t Deposit Requirements Smaller Since the Pandemic?

It’s true that 95% mortgages are more common than they once were. Whilst it is possible to secure a mortgage with just 5% deposit, you won’t find as many deals available to you. The government launched a 95% mortgage guarantee scheme which has meant that banks have been more inclined to lend higher amounts. The higher the deposit, the less the monthly payments.

Why Can’t I Just Go to My Bank for a Mortgage?

You can of course go to your current account provider and try to secure a deal. The problem is that they won’t have the range of deals that are actually available to you. It’s a good idea to check what they are offering though, if only to kick-start your research.

Help to Buy Scheme

A broker will be able to help you and give advice on the current government help to buy scheme, shared ownership, or help to buy equity loans. If that is how you want to proceed then tell your broker right from the get-go.

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