How to find the right lender for you

The mortgage process can be daunting, especially for first-time buyers but even so for well-seasoned mortgage applicants who might find the playing field has changed significantly since the last time they applied for a mortgage.

There are a host of lenders to choose from and deciding which lender to go with can be hard. Each lender can differ greatly with regards to their terms and conditions, interest rates, repayment schedule and lending fees.

A lender holding some amount of money.

Here are some tips to help you find the right lender for you and your personal requirements.

  • Be prepared
  • Before you start the mortgage process, make sure you know and understand your credit score, have a clear budget in mind and do some research into the mortgage process in general. Read about the types of mortgages available and calculate how much you can afford to borrow. Feel free to visit propillo.com for our range of handy mortgage guides and a range of mortgage calculators.

  • Shop around
  • It will save you hours of hardwork and heartache if you use our free online mortgage comparison tool to find the best deal for you. You can also check out our mortgage best buy tables for a quick overview of what is available right now.

    If you are going to do all the shopping around yourself, try to talk to at least three lenders as a starting point to get an idea of what’s available and what you’re looking for. Your initial interactions with a lender will create your first impressions and help you make your decision. Compare terms and interest rates and even go through the pre-approval process.

  • Check out reviews
  • Reviews can be extremely insightful when searching for a lender. They can help you find a lender that offer good service and a positive customer experience. Honestly, after your mortgage is agreed, most lenders are equally ‘meh’ when it comes to service. We would focus on going with a lender that offers a fast and accurate mortgage application process.

  • Seek advice from an expert
  • Speak with a mortgage broker or get free online mortgage advice from a service such as Propillo. They can help you find the best lender for your particular requirements. Mortgage brokers will know which lenders are most likely to lend to certain types of borrowers such as self-employed, over 50, bad credit etc.

  • Seek advice from friends
  • Ask amongst your friends, family and colleagues about their personal experiences with the different lenders you might be considering. But remember that your own situation and requirements will likely differ, meaning your personal experience with a lender might not be the same. Nonetheless, asking for advice and recommendations is still worthwhile.

    Finally, it is worth following your instincts and if something doesn’t feel right, don’t make a rash decision and accept the first mortgage offer you see. There will likely be other offers which align better with your requirements and expectations.

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*https://www.moneyadviceservice.org.uk