It was reported new mortgage approval rates improved in the UK during March and April. However the choice of mortgages on offer is sadly not great and not competitive. The reason for this is lenders are still being careful on the amount that they lend and who they lend too meaning there isn’t an incentive to improve on rates if they loaning the maximum amount that they want to lend. Also there are currently only around six main providers that are offering competitive mortgages reducing the need to offer better rates and terms.
To find the best fixed rate mortgage at the moment it is certainly worth shopping around as new deals constantly come on to the market and providers pull deals that have reached their allowance from the market. There have been some great value deals for two year fixed rate mortgages on the market but they are usually on the market for a short amount of time.
If you want to better understand the different terms and how the mortgage market works there is a wealth of information available on the internet. You could do your own research to find the best fixed rate mortgage however I would recommend using the services of a mortgage broker. The best deals often don’t last long, it’s a get it before its gone situation so to ensure you don’t miss out it is recommended you use their services.
As they are experts they will work with the financial institutions so they have up to date information on the
best fixed rate mortgages available and will be kept informed of the latest offers. Mortgage brokers, especially the larger ones have developed relationships with lenders so they often can offer exclusive deals not available to those who wish to apply direct, which is one major advantage.
You also don’t have to do all the running about talking to each provider and a good broker will support you throughout the process, answering any questions and helping to dispel concerns you may. They will also handle the application professionally allowing you to get along with other important matters in your life.
