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Mortgage opportunities are on the rise - act now to secure your best deal

Posted in: Latest News

If you are looking for a mortgage, now is the right time to be looking! After a few months of uncertainty following the outbreak of the global pandemic., mortgage opportunities are now on the rise with the number of available mortgages rising and the market showing very positive signs of recovery. This is really good news for UK mortgage borrowers, of which there are many right now.

Need help and advice on getting your mortgage? Contact the team at Love Mortgages now!

Numbers are gradually climbing back up which means the amount of mortgage deals available to borrowers has increased. Recently released data shows that there has been a marked increase in mortgages available in recent months with different types of mortgages seeing different increases in numbers. This points towards a mortgage market recovery which is great for those looking to buy a property and seeking a mortgage to help them with this. There is no denying that the market was slow in getting back to previous product availability but this rise is no doubt a fantastic thing.

Recent months have also seen the number of mortgage approvals rise – driven by government help and people realising what they want from a home and rushing to buy it. Levels of mortgage approvals have risen to the highest levels there has been since 2007! The stamp duty holiday has certainly increased demand in the housing market with many home buyers bringing forward their plans to buy property by many years as the prospect of saving money from stamp duty is too good an opportunity to pass up.

There was a massive house buying boom in the month of July 2020 with £37billion of house buying! The average asking price for a property was over £200k and the majority of these homes were bought using the help of a mortgage so it is easy to see why an increase in mortgage opportunities can only be a good thing.

So how can you take advantage of the current rise in mortgage opportunities and lock in a deal that works for you?

Do your research

You will probably know the area you would like to move to and you will know the average price of a property there. You will also know how big a deposit you have to play with and how big a mortgage you will need to take out. Doing your research means you will go into the process informed and you won’t be disappointed by any setbacks because you will always know exactly what you can afford to buy.

It is vital that you know what you are looking for from a property and where you are looking to move to as this makes the process so much easier from the outset.

Enlist the help of a mortgage advisor

A mortgage advisor is a must when it comes to buying a property. A good mortgage advisor is worth their weight in gold and can help you to get the best mortgage for your needs. You will need to look for a good, honest and experienced mortgage advisor such as a member of the team here at Love Mortgages, who will do all we can to secure the best deal we possibly can for you. Whilst the market is still building back up, a good mortgage advisor will do all the work in finding one that is available and one that works for you.

Despite the mortgage market still not being fully back to normal, it is still a very competitive and busy market which means you really do need to know exactly what you are looking for. As buyers, and this is especially the case in those that are first time buyers, who are understandably very much novices and inexperienced in the art of choosing a mortgage so it is best to rely on the professionals to work it out for you. Whilst you don’t have to get professional mortgage advice, it is certainly advisable as they know what they are talking about and where to look to get you the very best fitting deal for you.

Have everything ready

Whether you are choosing to take professional advice or choosing to do it all yourself, you will want to make sure you have all the information you need available at your disposal. Mortgage advisors such as us here at Love Mortgages will take a look at your paperwork as well as your deposit and your financial viability in order to assess what deals will be the best for you.

Items you will need during the application and processing of your mortgage include utility bills, proof of receipt of additional income such as gifts, inheritance or benefits, P60’s, your last three months of payslips, a form of identification, and the last three to six months of bank statements. You will also have to provide other information if you are self-employed or if you receive income from more than one source. While we're sharing this with you in a way of helping you understand what's needed, you definitely don't need all of that to come and talk to us - we recommend chatting to one of our friendly team members as soon as you decide you'd like to explore getting a mortgage. That way, we can put you on the right, and most efficient path in getting the best mortgage possible.

We understand it can take a lot of time to gather all the documents required above so use that as a guide of things you need to start thinking about, in order to allow you to progress to securing your new mortgage as efficiently as possible.

If you are looking to get a mortgage in the near future, now is the time to get in touch and allow us to take a look for you. With the market slowly getting back to normal and the number of available mortgage deals on the rise, there couldn’t be a better time to take a look at the market and see what is out there for you. Consider using us here at Love Mortgages, where we pride ourselves on our honest and experienced way of working. We believe we're the best mortgage advisors to help you get the best deal.

Say hello today - we look forward to hearing from you.

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