Other than doing grunt work, researching deals offered by lenders, and using comparison sites to see which deals are available, there are only really a few options available to you. Firstly, the most obvious is speaking to a lender directly (usually a high street bank or building society) to see if they can offer you lower rates than the ones you have found in your research.

Independent Mortgage Broker

Alternatively, you could speak to an independent mortgage broker are not tied to a specific bank or building society, which means that they can have access to a wide panel of lenders. They may also have access to deals that are not necessarily available directly to the buyer via comparison sites and may also be able to find lower rates with lenders for you.

As an independent broker they tend to have access to more deals than your typical bank or building society, this means that they not only do the backbreaking work of finding you the most competitive rate but can also offer you advice on the types of mortgages suitable for your circumstance, credit rating, and ambitions.

If you consider using a mortgage broker, you may want to discuss a mortgage in principle with them, this could be useful, especially if you are thinking of buying a property at auction. One of the reasons that you may consider using a mortgage broker, is that they usually have a good idea of which lender in their panel, is more likely to offer a loan based on your personal circumstances.

Low Credit Score Brokers

Another reason that you may choose to use a broker is that some are also able to assist buyers that have a low credit score, to get loans from lenders that offer credit repair deals.

Make your Deposit Larger

Usually, if you have more to put towards your deposit, this can help a broker find better deals for you as you will require less from the lender. This could be a variety of deals, such as extended fixed terms, lower interest rates, or interest-only.

Would you like to discuss your mortgage options?

As an independent mortgage broker, we have access to comprehensive mortgage and insurance markets, giving competitive options and prices across both residential and commercial products. Get in touch to see how we can assist.

Attention: Late repayments can cause you serious money problems. For help go to moneyhelper.org.uk