The British trend to try and own your own home is one that has caused huge changes in the mortgage market. The UK has some of the most competitive and creative mortgage offerings in the world but you need to be well informed to take advantage of the best offers in the market.
Typically savvy financial planners will change their mortgage around every five years and because of this, in our opinion, one of the most important considerations when taking out any mortgage is what will the total cost of ownership be over the expected lifetime of the mortgage? In order to calculate these you need to take into account all of the fees you will pay in order to secure your mortgage.
In our opinion too many people in the UK see mortgage debt as not real money. It is a good exercise when buying a house to imagine that you have already earned all the money that you are offering because in theory that is what you will be doing throughout the course of the mortgage. That way you will be more protective of costs overflowing. Just because a M.I.G. fee or valuation fee is included in the mortgage itself doesnâ€™t mean you donâ€™t have to pay for it so remember that, and try to drive a hard bargain.
In the competitive market of mortgages many products are sold as loss leaders and some common tactics to get cash from consumers by mortgage companies to make up for this shortfall are:
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