It wont be a shock given the news of rising interest rates that it's getting harder to find a good new mortgage.
Lets be honest, even during economic prosperity borrowing money isn't risk free! Borrowing money in turbulent times isn't so much about the risks increasing its more about asking what are you prepared to sacrifice! Higher repayments mean you have less to spend on other things, mainly the things you like to do outside of work! Of course you need somewhere to live but you have to offset how much you pay to be under a roof with how much time you spend having fun else where!
Having put a plate of food for thought under your nose and you want a new mortage where do you find the best deals?
Its not going to be easy and you're going to keep hearing the same thing over and over. "there's not much to choose from" You will be told that banks are keeping things tight and risks are high. Uncertainty in the markets is making borrowing harder! Yes, 3 years ago banks were throwing it around and now you have to jump through all the hoops.
Shop around is key and I'll be honest, you have to do this at any time, good times and bad times. approach at least 3 different lenders and ask questions. When you hear the same things ask different questions to another set of lenders. Do not enter application stage until you are sure the process wont effect your credit rating if you decide to go with a different lender.
If you would like independent financial adice ensure you go with a fully accredited and approved financial advisor. Only contact financial advisors that are regulated by the FSA.
