Buying a new home can be an exciting, but also stressful task. There are many steps towards being able to own your new home, including applying for a mortgage so that you can borrow the money for the upfront costs of the house and then pay back the lender over time.
But where to start? There are many lenders out there and lots of different types of mortgages. When looking for a mortgage that works for you, you need to consider things like whether you are going to choose a fixed rate or adjustable rate mortgage, what the interest rates will be, how much you can borrow vs how much you can afford you pay back each month and also what period of time you will pay it back for i.e. 25 or 30 years.
Navigating these questions as well as trying to find a suitable new home, especially whilst working and maintaining normal life, can be a challenge and there are lots of reasons why you should ask a mortgage adviser for help.
What is a Mortgage Adviser?
A mortgage adviser, also known as a mortgage ‘broker’ is someone who has in-depth knowledge of the property market and all the different mortgage deals that are available and can advise you on the best one for you. Your mortgage adviser will often have access to deals that may otherwise not be accessible to you, which could save you money and help balance your monthly payments over your borrowing period.
They can also help you to secure your ‘mortgage in principle’ which is required when you make an offer on a house so that the seller knows that you can afford to buy the house because the lender have already agreed that they are highly likely to lend you the money.
The Benefits of Using a Mortgage Adviser
It’s a no brainer. Mortgage advisers are the best people to speak to when shopping for a new home and a mortgage as they can help you to understand your financial eligibility and also save you money in the long run, so whether you are a first-time buyer, re-mortgaging or simply wanting to move home, we can help.
We have included a summary of how using a mortgage adviser may be beneficial to you:
- We can save you time – Why spend time searching through mortgage deals when an expert can do it for you and you know you are getting the best possible deal for you!
- We can save you money – Why pay more than you have to in interest payments? We can help you find the best rates and deals available at the time.
- We can help you borrow more money – Some lenders like to receive higher deposits from you in order to lend you a higher mortgage, but some mortgage lenders may ask for a smaller deposit. With access to an overview of ALL the deals available, we can weigh up your options depending on how much you deposit you have available to help you get the most out of your mortgage.
- We can take care of the paperwork – Get expert help filling in the lengthy applications and let us help you make sure that you understand all aspects of what you are entering into. By explaining the process and simplifying the forms and terms, we can help your mortgage application feel less daunting.
- Arranging Mortgage Protection – When you get a mortgage you also need to assure your lenders that you will always be able to make payments. If the worst should happen and you need to take time off work, we can help you find the right mortgage protection cover to help cover your payments when you need it.
- Applying for your mortgage in principle – In order for you to make an offer on a house, you will need to have your mortgage in principle from your lender to say that they will be highly likely to lend you the money, then when the offer is accepted the mortgage application is submitted. It is important to have these things ready and to process them quickly so that you don’t miss the opportunity to make an offer on your new dream home and we can take care of this for you.
- Support and guidance – When you work with a mortgage adviser, you can ask all the questions you need to and feel safe and secure about the process of getting your new home. We can help you to make those all important decisions by ensuring you are well informed and have all the correct paperwork and finances in place.
Do you need mortgage advice?
Our team of friendly expert mortgage advisers at Choice Mortgage Solutions can help you navigate the world of mortgages and explore your options to help find the best mortgage solutions for you. We love what we do and can’t wait to help you move into your new home, so feel free to ask us any questions you may have. Get in touch on 0800 612 8099 or via the contact page on our website. You should also check out some of our case studies to read about real life examples of how we have helped clients with various different requirements.
“Amazing service as always. I have been using them for years and I will never use anyone else” Kate O’Sullivan Google Review September 2020.