Once you gain some stability in your life, getting a home will probably be on your to do list. Financing that sort of huge project can be tricky and gone were the days when mortgage lenders were falling over themselves to offer the best deals in the market in a bid to entice homebuyers. Swap rates have gone up causing lenders to increase mortgage rates. The regulatory bodies have also made it so that there are certain limitations on the side of the financiers, despite this, there are still many financiers who offer great deals.

What is important is to know how best to go about accessing these deal:

Build a good credit report

Well, you probably hear this all the time. Most lenders want to be sure the borrower has a good history of paying back loans when due. If you are buying a new home, your mortgage lender will want to check out your capability. Having a good credit report is an indication that you can be trusted with certain amount of loan. This gives you a negotiating power with any financier you may choose.

A bad credit score will probably limit your choice, causing you to settle for higher rates.

Put down a larger down payment:

A down payment of more than 20% may cross out the need for PMI which would have been up to 1% of the loan you require, thus, saving you some thousands. You will also have better negotiating power with lenders and more freedom to choose what rates suit you.

Consider taking fixed deals.

Fixed rates mean you would be paying the same amount back as interest till you complete payment. This option is avoided by home buyers sometimes because it is always higher than the amount required to be paid on adjustable rate which may be higher or lower.

According to a report by the telegraph, fixed interest rates are very low as lenders are offering amazingly low rates making it an attractive choice for anyone in the market for mortgage loans. It is a win situation considering the uncertainty in the economy now.

Research the market.

There is a wealth of information across the internet that can help you make informed decisions on rates that are favorable to you.

Consult an expert.

This may be one of the mortgage advisors in your bank whom through his experience is well suited to provide you with information that you may not know about which may save you tons of money.

You may also employ the services of an industry expert like mortgage brokers who have greater knowledge of the market and are very familiar with the terrain. Such brokers are privy to mortgage deals you may know absolutely nothing about.

An expert will likely have information of lenders that may offer you reasonable rates despite having a bad credit score.

Make sure however that the broker you use has his name registered in the FCA register.