If you’re thinking of buying your first home, or moving to another property, it’s often difficult to know where to start.
There are so many variables involved in the buying process that it’s important to be prepared and mortgage ready before viewing potential properties.
Understanding Your Mortgage Options
A mortgage is likely to be your biggest source of borrowing, where even small differences in interest rates can have a substantial impact on your monthly repayments.
That’s why it’s essential to maximise your choice while understanding what criteria you need to meet to be accepted.
Although you can approach your own bank, they will most likely be limited to advising on their own mortgage products and not able to consider any potentially better deals from other lenders.
The only way to really achieve the right balance is by working with a mortgage broker.
What Difference Can a Mortgage Broker Make?
Having an experienced adviser by your side can mean the difference between your purchase completing, or having to start all over again.
However, it’s important to be aware that not all mortgage advisers are made equal!
Independent mortgage brokers have access to the whole market, rather than being limited to one lender’s products or a restricted panel.
Essentially, an independent broker has access to a greater amount of deals, including exclusive ones, giving you more choice and access to products that are not available to the general public.
So if you’re not sure about getting independent mortgage advice, here are 4 reasons why you should:
1. More Choice
You will have a greater amount of choice with an independent broker, as they have access to exclusive deals that can potentially save you money over the term of your mortgage.
2. Tailored Advice
You will receive personalised advice that’s tailored to your specific circumstances, which can save you so much time and money.
This is very much the case if your circumstances are not as straightforward forward like if you are self-employed and have 1 years accounts or if you are on a fixed term contract for example.
3. Expert Guidance
An experienced broker can provide market knowledge and guidance if things don’t go to plan.
For example, if someone in a chain decides not to proceed or if the property is down valued.
Broker’s can provide a solution to these issues and potentially save the purchase from falling through.
4. Ongoing Support & Advice
You can continue to benefit from working with an independent mortgage adviser long after your application is approved.
For example, if you choose a 3 year fixed rate deal, you’ll want to avoid the potential for higher interest rates and payments after it expires.
You can arrange a review with an adviser a few months before to ensure you always get the best deal for your circumstances.
Are You Mortgage Ready?
Preparation really is key to getting a great mortgage deal that’s accepted first time.
Whatever your situation, there are lots of pitfalls that can prevent a successful application.
So, to make sure you’re going in the right direction, try the mortgage ready quiz, or get in touch to book a free initial consultation.
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