Buying a house can be one of the most testing episodes in a person’s life. Unless you are exceptionally cash-rich, you are not going to be able to buy a house without borrowing the money – or at least, a large portion of it. Therefore, you need to make sure you get a mortgage that you can comfortably pay.
Mortgages are serious borrowing. You cannot expect to borrow a large amount of money without locking yourself into a repayment term of at least fifteen years – and in most cases it will be a lot longer than that. Therefore, you need to get the best deal possible. Making large repayments now might be something you can do easily, but what about five years from now?
It’s a simple fact that you have to think about getting the lowest repayments possible before you apply for a mortgage. The amount that you are paying back on a mortgage can vary by hundreds of pounds in a month, and over the course of several years this really begins to add up.
Some mortgages look on the surface to be really good deals, only to become a financial millstone when your hours at work are cut or when the financial market starts to crash. Finding a deal which outstrips all the others is something that takes time, but must be done.
A lot of people apply for a mortgage without checking the market fully, only to find out from a friend that there were much better deals available. The possibility of saving a few hundred pounds a month should concentrate your mind considerably.
Bear in mind before you sign any agreement that there is a lot of difference between the mortgages available to you as a borrower, and if you are going to apply for a mortgage, it makes sense to do as much homework as possible before you commit to a deal which locks you in for potentially twenty years.