How do I choose a mortgage?

Begin by evaluating your financial health - this includes your income, savings, and credit score. Consider your future income prospects and any potential life changes you foresee coming up. For instance, do you plan on getting married or having children? It's essential to consider how these changes might influence your ability to meet future financial commitments.

Following that, you’ll want to work out how much you can afford for a deposit and monthly repayments. Our affordability tool on the MyMAB app can help you do exactly that, so you can review exactly what you can afford.This self-assessment will give you a general understanding of your financial capabilities, informing your mortgage decisions before you even approach a lender.

It’s important to take some time to explore the mortgage options available in the market to ensure you opt for a product that aligns most closely with your needs and budget. We have an article that explains the different types of mortgages available to you, so make sure to give this a read while you’re weighing up your options.

When you’re looking at your mortgage options and deciding which may be suitable for you, be sure to compare interest rates, loan terms, and fees from different lenders. This will provide you with a more comprehensive picture of what’s out there. Government-backed schemes and first-time buyer programmes may provide additional benefits, so we recommend exploring those too. 

Make sure to do some research and find out what repayment terms could suit your financial preferences. One of the key factors to consider is the length of the mortgage term you opt for. While longer mortgage terms offer the allure of lower monthly payments, you may end up paying more interest over time. On the flip side, shorter terms involve higher monthly payments, and typically result in paying less interest overall.

This is where our team of expert advisers come in. Working closely with you to select a term that strikes the right balance between your needs and your budget, they’ll take into account your overall affordability and long-term goals. 

When it comes to getting your mortgage approved, each lender will have their own individual eligibility criteria and requirements. It’s recommended that you take some time out to understand the specific requirements for each mortgage option, whether it’s the minimum credit score, documentation to demonstrate proof of income, or specific employment history. Being aware of lender expectations will help you prepare a strong mortgage application, as well as increase your chances of approval.