Women are more likely to play it safe and go for a fixed rate mortgage, according to research from credit reference agency Equifax, with more than half choosing to opt for a fixed rate mortgage compared to just 45% of men.
Mortgage lenders are having a price war, and the deals currently on offer are some of the best we have seen in years, so it would make sense to see if you could remortgage to a better deal in the next few months. Going for a fixed rate could be a sensible move, with experts predicting a rise in the Bank of England base rate next year.
Lisa Hardstaff, credit information expert at Equifax, said: “It seems, from our research, that women are more likely to play it safe, when it comes to the type of mortgage deal they would choose in the event of a rate rise.
“A fixed rate mortgage offers protection from future rises which seemed to appeal to over half of the women we surveyed. And with industry figures* showing that more than 90% of homebuyers and those re-mortgaging are buying fixed rate deals, it appears the women who responded to our survey are in good company.”
Before speaking to a mortgage broker, it is sensible to be ‘mortgage ready’, with all of the information that a broker or lender might need to determine whether you will be able to remortgage. Evidence of income and expenditure is essential, plus a realistic idea of the size of mortgage you might be able to afford. You need to prove to a lender that you can not only repay your mortgage now, but you would be able to if your circumstances changed.
If you have missed payments in the past, that could have an impact on your ability to borrow, and you will also have to outline any current borrowing as this will also affect how much a lender will allow you to take as a mortgage. You would be wise to check your credit report before applying too, which can be done through Equifax, Experian or Noddle – the latter is free for life. Each could have different information about you, so ideally you should check all three for any problems with your credit rating.
Ms Hardstaff added: “Interestingly, the women we recently surveyed were more concerned about the amount they could borrow at 74% compared to 66% of men. By looking at their finances before applying for a mortgage, consumers can give themselves the best chance of getting the deal they want.”
See our comparison table below, provided by London & Country Mortgages, for an overview of the deals currently available. You can also call the number to speak directly to an adviser who will help you get the right mortgage for you. The MyMoneyDiva Mortgage Service provided by London & Country Mortgages is fee-free, and you can take a one minute mortgage check by answering three simple questions to see if you can save money on your mortgage right now.