Why Should I Speak To A Mortgage Adviser?

Why Should I Speak To A Mortgage Adviser?

Everyone buying a property can benefit from the advice of a quality mortgage advisor, from first-time buyers to those who have been moving home for years and years. So why does this advice come so highly recommended? Well, in addition to being very knowledgeable about the entire market, they are able to fully understand your situation and then provide a tailored mortgage solution just for you.

After all, choosing a mortgage is never a ‘one size fits all’ approach.

The truth is, choosing a mortgage yourself can be hard work, particularly if you’re a first-time buyer. While you may be tempted to go online and apply yourself, we wouldn’t recommend it. Getting locked into the wrong deal can result in you paying out unnecessarily for years. Many mortgage advisors provide free advice as well, so you really have nothing to lose.

How Can a Mortgage Advisor Help You?

1. They Understand Your Goals and Help You Work Towards them Mortgage advisors have usually been in their industry for many years and, as such, are a goldmine of information. Upon understanding your circumstances and your goals for the future, they can formulate the perfect solution to help you get there. They usually know about the entire market, so they can recommend deals that suit your finances. Plus, they can usually access deals that you can’t find online at home. Mortgage advisors also debunk common myths, one of which surrounds low deposits. The truth is some mortgages only need 5%. But, if you can stretch a little further, you’d be surprised at the number of extra options available to you.

2. They're a Crucial First Step before Making Viewings Your mortgage advisor will be able to calculate exactly how much you can borrow, which is great, as it’ll allow you to get out there and explore the housing market to see what’s available in your dream area.

3. They Make You Aware of Potentially Unknown Costs If you’re a first-time buyer, you may be unaware of some extra costs you may have to pay when buying your first home. For example, did you know that depending on the value of your new property, you might have to pay stamp duty? Make an appointment with a mortgage advisor, as they can talk you through all the costs. From solicitor and agent fees to possible removal costs as well.

4. They Can Advise You on Your Finances Once you’ve applied for a mortgage, you will need to keep a close eye on your finances for around six months, as your lender will want to be confident you are capable of repaying the loan. With that in mind, your mortgage advisor will provide advice on everything you’ll need to do during that time. They may advise you to try and clear any existing loans or not apply for any new loans during that time if possible. They will also encourage you to make sure all your bills are paid on time and may suggest that you review your credit file so that mistakes can be spotted and corrected before the lender sees them.

5. They Encourage You to Take Time to go Through the Best Options One thing that commonly happens, particularly with first-time buyers, is that amongst all the excitement of buying a new home, the mortgage application process is rushed through. If you are buying your first home, we understand you’re keen to get the keys and move into your new place.

After all, looking through endless mortgage deals isn’t the most interesting of tasks. All we will say is, don’t rush. Take your time and find a good deal. There is nothing fun about being locked into an extortionate rate for years on end, and it’ll only leave you out of pocket.

Fixed-rate mortgages are good, but they do have drawbacks.

Speak to your advisor to explore your options.

Best of luck with your new home!

Written by John Rigg

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