Nearly 8,000 mortgages products now on offer.

There are now nearly 8,000 mortgage products on offer.  This is a substantial increase from the same time last year and gives a good indication that lenders are actively looking to assist clients with product choice.  The majority of those visiting AToM are looking for a longer term fixed rate, although some are still happy to take a short term tracker rate and are confident that rates will not fluctuate too much in the coming months.  There are some good products with minimal set up costs that have no early redemption penalties at all.  So if you wanted to switch products later on, to a fixed rate for example, this could be done (be aware that most lenders charge product fees on fixed rates).  Some lenders even offer the ability to do both in the same mortgage offering.  Lenders are innovative when it comes to attracting a certain type of business and clientele!  But do remember that tracker rates can go up, as well as down.

With all mortgages, lenders will look closely at an individual’s recent payment profile (to credit cards, loans, mortgages, etc), how many recent exploratory credit searches have been made by financial institutions and more.  The more credit searches you have on your profile, over a recent amount of time, the more likely your credit score will be lower as a result.  Try and ensure there’s no missed or late payments as these will also decrease your credit score.  In short, your credit search / score is the basis on which most lenders will initially decide whether to lend to you or not.  If you’ve not checked your credit file before, it is well worth a review.  Experian, Equifax and Noddle tend to be the main providers used in our market with some offering free initial trials and you can find links to these on the AToM website.

Finally, we are looking to recruit again.  Are you in the mortgage market, or have experience and fancy a new challenge?  If so, we would like to have a chat.  Pop in to the Carfax office, or please have a look at the job descriptions on our website to find out more.