Tips on applying for a mortgage
The recent announcement by HSBC allowing homeowners to keep their fixed-rate deals for a further two years, has resulted in a surge of interest in mortgage applications. There are a number of key points to consider when applying for a mortgage:
- Research all possible mortgage deals (try using an online comparison tool)
- Calculate how much you will be allowed to borrow
- Decide if you will be getting a broker (in the case of HSBC’s offer, you will need to go directly through the lender to apply for a mortgage)
- Fill in the application forms quickly so you are not affected by the interest rates rise
The toughest part of the mortgage application process is the waiting for the results. This process can take up to six weeks. In the meantime, you can start planning how you will be decorating your house and choosing what to plant in your garden.