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How to buy the right mortgage

at the best price in 4 easy Steps

Table of contents

Step 1 : How much can you afford + initial research
Work out your personal budget

The first question to ask yourself is how much you can afford to pay monthly for your mortgage.

You might already have know this amount or you might need to do a personal budget to see exactly how much money you've got coming in every month and of course what's being paid out.

Initial mortgage research: Buy 2 magazines - What Mortgage & Your Mortgage
Head to WH Smith or one of the bigger supermarket branches and buy the 2 magazines 'What Mortgage' & 'Your Mortgage'. They're both excellent for initial research because -
  1. They carry a comprehensive list of all the different styles of mortgages
  2. Always publish some good articles
  3. Have adverts for many mortgage brokers
  4. Carry the latest mortgage news and the best (current) deals
Start to formulate some rough ideas
As you read the magazines and perhaps do some internet research start to develop some rough ideas about the style of mortgage you prefer and how it would fit in with your monthly budget.

Don't spend too long researching though as the time to get into the details is later in the guide.

What this step has accomplished
  1. An idea of what you can afford to pay per month
  2. Several different mortgage styles to consider, and
  3. An overall better understanding of the current mortgage market

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