Our Mortgage Broker Guide to getting a mortgage in New Malden
The mortgage application process has 4 stages regardless of which mortgage lender you use:
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Mortgage Broker Tip 1 | Mortgage Broker Tip 2 |
Lower your credit utilisation ratioThe credit utilisation ratio is how much credit you've taken up as a portion of how much credit you've been offered. Your credit score will generally rise the lower this ratio is. As a general rule, you should always keep the ratio below 50% overall and considerably lower if possible.
If you have more than one credit card you should also be aware of the utilisation ratio overall and per card, because credit reference agencies take all the measure into account. | Capped Rate MortgageCapped rate mortgages are variable rate mortgages with an agreed cap on how high the rate – and therefore your repayments – can rise.
The rate can fall, meaning your payments become cheaper, and cannot rise above a certain agreed level, making it easy for you to budget and more predictable.
You should be very clear about whether you can afford to make the repayments at the level of the cap, which might be set quite high and the interest rates offered may be less competitive than for other variable and fixed rate mortgages.
Capped rate mortgages may also be for a particular fixed time period and if they are, you may have to pay a large sum if you choose to leave early. |
New Malden is a south-west London suburb, around 10 miles from Central London and is within the boroughs of both Kingston and Merton. It has many two- and three-bedroom terraced houses. It has many amenities such as a thriving sports centre, and notable open spaces are nearby, such as Wimbledon Common and Richmond Park.
Chessington Zoo and theme park are within easy travelling distance. New Malden also hosts World of Golf in Beverley Way, which not only offers much to all adult lovers of golf but also has Jurassic Encounter for kids, combining crazy golf with 'enormous' dinosaurs.