Getting a mortgage is an important process for most people when it comes to owning a home in which you can live without worrying about rent after you’ve completed payments to pay off the mortgage.

1. Improve Your Credit Score

Everything revolves around your credit score when it comes to getting a loan for any purpose. There are different credit rating companies so it’s possible that they might have different scores for you, but the rating is usually within a tight range, even among multiple rating companies. To increase your credit score, you can make payments on outstanding loans and make sure not to apply for many loans in a short period of time.

The important thing is that you track your score as much as you can in the period preceding the mortgage. That way, you’ll be able to strategize on how to get the most improvements using the amount of money you have to spare.

2. Deposit as Much as You Can

The more you are able to pay upfront, the less you’ll have to borrow from the lending institution. Lower loans are seen as less risky by those institutions, and you’ll likely be able to get a reduced rate as a result of that, although some companies specialize in providing loans for people with bad credit.

Paying above 40% as a deposit will get you the best rates, though you’ll still be able to negotiate a good deal if you’re paying between 20% and 25%. Even if you’re in a hurry to stop paying rent, you should calculate the costs over time, and you might see that it’s worth waiting a while so you can save up more for the deposit.

3. Mind the Fees

It is true that the interest rate is going to be the most important factor in determining how much you’ll be liable to pay over the course of the mortgage. However, if you’re looking to get the best terms possible on your mortgage, you must pay attention to other fees that are usually attached to the loan, and which can quickly add up to make the amount you owe much higher.

The arrangement fee is an administrative cost of setting up the mortgage, and others such as the overpayment and early repayment fees are intended to discourage you from paying off the loan early. Discuss all of them with an experienced advisor to be sure that you understand all the long-term implications.

4. Check Out More Options

Many people just stick with their loan provider throughout the term of the loan, and while that is sometimes a good thing, you may be able to get a better deal if you remortgage down the line. It might involve a lot of effort on your part to set up, but if you do it well, you could be saving yourself a significant amount of money.

Generally, it’s better to do that when your mortgage is close to expiring and has switched to a standard variable rate which is likely to be higher than what you’d get if you arranged a remortgage.