How to get best mortgage rates and AVOID being stung by an extra £4,700

Mortgages can make the expenditure you face on a property more manageable. Although, that’s not to say that everyone will choose to go down this route. For those who are looking for a buy-to-let mortgage, it’s likely that they’ll want to get the best deal. And, luckily for Express.co.uk readers, a mortgage expert from the UK’s first online mortgage broker, Trussle, have been on hand to offer some advice.

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Dilpreet Bhagrath, mortgage expert at Trussle

Speaking exclusively to Express.co.uk, mortgage expert Dilpreet Bhagrath shared her top tips.

So, when it comes to getting a mortgage, what should you remember?

1. Size matters

A larger deposit could mean you gain access to more competitive mortgage deals, Dilpreet said, adding: “This means you’ll get a wider choice and might secure a better deal.”

So how much should you put in?

Lenders will require a minimum deposit of 5 per cent of the property price, however it may be with putting in 10 per cent or more, if you’re able to.

For a buy-to-let, the deposit will need to be much higher, as lenders would typically ask for a minimum deposit of 25 per cent of the property’s price.

“Lenders will complete a stress test on the monthly rental income to determine how much you can borrow,” Dilpreet said.

“As these rental stress tests have become much stricter, you may find that a 25 per cent deposit is no longer enough to purchase the home.”

Another top tip is to remember is that while most lenders will require a minimum salary of £25,000 for this kind of mortgage, a handful of lenders boast no minimum requirements.

“So, it’s worth doing your research or using a broker to find the right lender and deal for you,” Dilpreet advised.

2. Consider the true cost

Choosing a mortgage can seem daunting, and Dilpreet pointed out that a common mistake people make is to pick a mortgage without taking into account any associated fees, charges, or incentives - and simply picking the lowest rate on offer.

Mortgage rates: Pictures of houseMortgage rates: Getting the best rate doesn't necessarily mean picking the cheapest option (Image: GETTY)

“The lowest rate might not necessarily be the cheapest,” she warned, “and our research has shown that homeowners choosing a mortgage with one of the big six lenders (Lloyds Bank, Nationwide Building Society, RBS, Santander, Barclays and HSBC) could be paying up to £900 over the odds over the two-year initial period by choosing the lowest rate, rather than a higher rate with less fees.”

3. Opt for a broker

With the help of a broker, you’ll be able to compare mortgages from more than 90 lenders, and they could find you the best rate which suits your circumstances too.

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