When it comes to mortgages, it can be easy to simply stick with your current lender and not bother researching other options. However, taking the time to research the best mortgage rates available can save you thousands of pounds in the long run.
One of the main reasons to research the best mortgage rates is that interest rates can vary greatly between lenders. Even a small difference in interest rate can add up to a significant amount of money over the life of your mortgage. For example, a £200,000 mortgage at a 2% interest rate will cost you £143,739 in interest over 25 years, whereas a mortgage at a 2.5% interest rate will cost you £164,957 in interest over the same period – that’s an extra £21,218!
Another reason to research the best mortgage rates is that your current lender may not have the best deal for you. Lenders are constantly updating their products and offers, and it’s possible that a different lender may have a better deal that suits your needs. For example, if you are looking for a fixed rate mortgage, your current lender may not offer the best rate compared to other lenders.
Additionally, research the best mortgage rates available can help you find a lender who offers more favorable terms and conditions. Some lenders may offer lower closing costs, or more flexible terms for early repayment of your mortgage. Additionally, some lenders may offer special incentives or bonuses for choosing their mortgage product.
Finally, researching the best mortgage rates is important because it helps you to understand the mortgage market and make an informed decision. By comparing different products and offers, you can get a better understanding of the different options available to you, and make a decision that is right for you and your financial situation.
In conclusion, researching the most suitable mortgage rates available is a vital step in finding the right deal for your mortgage. It can save you thousands of pounds in the long run, and help you find a lender that offers better terms and conditions. It is essential to take the time to do your research and make sure you are getting the most suitable deal possible.
Speak to one of our experts who will search the market for the most suitable deals.
Risk Warning: The Financial Conduct Authority does not regulate some forms of Buy to Lets. Your home/property may be repossessed if you do not keep up repayments on your mortgage.