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What to Think About When You Are Looking for a Mortgage Deal

There are a few things to consider, and that isn’t always about the repayments. Sometimes, a deal that suits, a self-employed person for example, may not be the same for someone who is employed. You also need to factor in your situation and whether or not a longer contract time will suit you better.

Some mortgage offers may mean a safety net at that particular interest rate for three years but what might be a safe-guard to you, may be seen as a tie-in for someone else. Maybe you are looking to move jobs and your earnings will increase significantly and you may have lots more disposable income to plough into your mortgage only the deal that you selected does not allow for over-payments. There is indeed a lot to think about to ensure that you secure the very best deal for your own personal circumstances.

Can you Afford the Repayments

This seems like a no-brainer. Why ask the question because you’ll know what you earn and how much you need to repay every month? What if you had to take a pay-cut? What if you lost your job suddenly? Would you have enough in the savings account to make the repayments until you find another job? Does your income fluctuate? Maybe you are a contractor or self-employed. No-one wants the stress of finding themselves in a situation where they are struggling to pay the mortgage each month. It’s always a good idea to make sure that the figures add up, even in trying circumstances.

The Deposit Requirement

Deposits are high because house prices are high. This is why the help to buy scheme was put into place by the UK government: To help people to buy their own home who otherwise may have struggles to get onto the housing ladder.

Life Insurance

It’s not something that we particularly like to think about but what if you or your partner were no longer here? It’s important to know that the mortgage isn’t the first thing on your mind in such a circumstance. Having an insurance policy in place means that there is one less thing to worry about. Your mortgage is paid.

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