It’s a big move, buying a house, but according to this article the BBC web site, there will soon be an abundance of cheap mortgages on the market that are available to many people.
Having these products on the market does not mean that they will be easy to find though. One of the major constraints to people getting the best mortgage deals that are available to them is the problem that many mortgage lenders only provide a small number of mortgage products and ignore all the others.
The reason they do this is usually profit. Companies will only offer the best deals for them. For example, if we take the up and coming Manchester area of Wythenshawe, many brokers provide mortgages to customers on which they (the brokers) will profit the most.
The best way to avoid falling into this trap is to use an independent mortgage lender. Why? Because independent mortgage lenders can offer products from the whole of the market rather than just a hand picked selected few. Again, going back to Wythenshawe, many mortgage companies will offer 20 or so mortgages to people wishing to move into the area, but by comparison there are actually 177 different mortgages available!
So, shop widely and wisely to find the best mortgage for you.