There are many reasons to use a mortgage adviser
Getting the right mortgage for you
Getting a mortgage is one of the biggest financial decisions you’ll make, so it’s important to get it right.
The mortgage market is incredibly competitive and it can be hard to understand what exactly is on offer. Lenders (usually banks) and brokers must offer advice when they recommend a mortgage for you.
They’ll assess the level of mortgage repayments you can afford, by looking at your income as well as your debt repayments and day-to-day spending.
A mortgage adviser or an independent mortgage broker are specialists – people like us - with in-depth knowledge of the market. They’re able to look at a range of mortgage products which might be available to you.
- They’ll check your finances to make sure you can afford a mortgage
- They might have exclusive deals with lenders, not otherwise available
- They often complete the paperwork for you, so your application should be dealt with faster
- They’ll help you take all the costs and features of the mortgage into account, beyond the interest rate
- They should only recommend a mortgage that is suitable for you and will tell you which ones you’re likely to get
What to look for in a mortgage
It’s important to not just look for the lowest interest rate when choosing a mortgage. There are other factors, which also contribute to the whole amount you pay back over time.
Look out for:
- APRC: (Annual Percentage Rate of Change) takes some mortgage fees into account as well as the interest rate and expresses it as a percentage.
- Deposit size: the higher the deposit, the lower the interest rate you are likely to get.
- The standard rate: which your mortgage will switch to once your fixed rate deal ends.
- How often is interest charged?: will it be paid daily, monthly or annually? Daily interest works out cheaper.
- Flexibility: can you overpay your mortgage without being charged and can you take a break from making payments?
- Length of fixed or variable rate deal: do you want to be locked in for a long period or have more flexibility? There will be charges if you switch out of a deal before it ends.
If you need independent mortgage advice and support then get in touch.- as whole of market mortgage advisers we can be sure to find a mortgage which suits your individual needs.