Step 6: Get knowledgeable on types of mortgages

Did you know that there are at least 5 different types of mortgage products?

Exploring mortgage types and finding the one that suits you best, can save you money!

Mortgage types and what they mean

Do you know that there are many types of mortgages on offer?

The most common on offer to residential mortgages would be either Fixed Rate or Variable Rate.

What are these?

Fixed Rate does what it says and fixes the interest rate on the mortgage, most commonly for 2 to 5 years. Allow...

Step 5: Secure a rate early

Just because your fixed rate ends in 2023, what's stopping you from looking this year?

Did you know that you can secure a new rate up to 7 months prior to your rate ending, whilst avoiding any early repayment charges?

It's wise to speak to a broker prior to your rates expiry, but when?

As mentioned before in Step 1, understanding your current mortgage and knowing the exact date your current product will end are vital. Your lender is likely to send you a letter close to your rate's expiry date, but thi...

Step 4: Think about Overpaying

Many people don't realise the effect overpayments can have on their mortgage.

Is it something you can start doing?

Why should I overpay and what are the benefits?

Put simply, overpaying on your mortgage will reduce the mortgage balance which means you pay less interest. BUT... this will also affect your LTV% by reducing it! So, when it it comes to re-mortgaging, you could get a better deal and further lower your payments.

It's important to know how much your current lender will allow you to ove...

Step 3: Get to grips with your finances

Knowing where you're spending your money can help you to prioritise and budget.

Have you ever made a budget planner? Do you know how much you could save?

Take control and make your finances work for you

Delve deep in your spending to clearly see where you're using your money and whether you're using it wisely. Prioritising your spending and cutting back in areas that aren't necessary will set you up in good stead when it comes to lenders accepting your mortgage application. 

Do you have c...

Step 2: Calculate your LTV

Do you know the value of your property?

Understand how your Loan-To-Value can reduce your monthly mortgage payments.

What is Loan-to-Value (LTV)?

Loan-To-Value relates to the ratio used in mortgage lending to determine the percentage of your borrowing compared to the value of the property. Typically, the higher the LTV% is the higher the risk is to the lender usually resulting in a higher interest rate.

How do I calculate my LTV%?

Easily calculate the LTV ratio of your property following this f...

Step 1: Know Your Mortgage Inside and Out

Speed up the process from the beginning. Explore your current deal; find out when your fixed rate really ends! The results may surprise you.

Speak to a whole of market mortgage adviser to help you with this process

Get to know your mortgage

Understanding your mortgage will make it easier when it comes to re-mortgaging and put you a step ahead when speaking to a broker.

What should I know?

-          Importantly, know your mortgage account number! This will allow a broker to ac...

Communication – the be-all and end-all?

Why is it that communication is always the first thing that comes up in conversation when I ask estate agents what their biggest annoyance is of mortgage brokers?  Could it be because being an effective communicator is the most important trait of a mortgage broker, and could it be because when a broker fails at communicating effectively, it can cause the most amount of stress on the relationship between an agent and a broker?  That is most likely the reason.

Why is it then, to this day, most mortg...