If you are a first-time buyer searching for the best mortgage deal it may seem logical to look for the lowest rate. But there’s more to it than that, says David Jackson in his latest mortgage Q&A…
The Question
I am a first-time buyer, and I’m looking for mortgages and comparing rates. But how do I know what is good deal, especially with interest rates so high?
David’s Answer
A good deal depends on what’s available when you apply. While it’s easy to check comparison websites or search online to see current rates, it’s important to remember that mortgage rates fluctuate constantly, sometimes changing from day to day.
As a first-time buyer, focus on finding the most suitable deal rather than just the ‘best’ rate. The right mortgage for you will depend on factors like your deposit, loan-to-value ratio, and your individual circumstances.
It’s not just about getting the lowest rate—it’s about qualifying for the product that best fits your financial situation.
To ensure you’re getting the most suitable deal, it’s highly recommended to speak with an independent mortgage adviser. They will assess your situation, help you understand what you qualify for, and make recommendations tailored to your needs.
While comparison websites are useful for quick checks, personalised advice is essential when you’re making such an important decision as a first-time buyer.
Meet our expert…
David Jackson established Prestige Private Finance in 2014 after nearly two decades in the mortgage industry. With experience in London’s high-net-worth areas, David and his team offer empathetic and expert advice for your financial journey.
If you have a question for David please email kate.saines@emap.com or leave a message in the comments below.
