Whether you're looking to move, remortgage, or release equity, professional mortgage advice can help you get the best deal for your situation. Here's what you need to know about how the service works, what you can expect, and the ins and outs of choosing and managing your mortgage.
Moving home can be exciting, but it's also one of the most stressful activities we might face. Finding the right mortgage is just one task among many in order to be prepared, but it's a crucial one which could affect your finances for many years to come. Whether you're thinking of moving, want to change your existing mortgage, or to release equity from your home, professional advice can help you find the best deal for your unique situation. And with the cost of a mortgage varying hugely between different lenders, it's could help you save thousands of pounds into the bargain.
So what is the benefit of paying for mortgage advice?
A great mortgage adviser will take a lot of time to look at your own unique situation and your goals and plans for the future. They will then use that understanding to guide you to the type of mortgage that is right for your situation. For example, if you're expecting to move again within a couple of years, your mortgage options might look completely different to someone who is looking to move into their forever home. They will also identify whether you qualify for government schemes such as Help To Buy, or other suitable options.
Your adviser will then sift through literally hundreds of different types of mortgages and lenders, checking your eligibility, the types of deals on offer, and the choices between fixed, variable, or tracker interest rates. Mortgage specialists these days are able to call on comparison services that help them to scour the whole mortgage market in-depth, as well as unique access to a wide range of lenders who may not deal directly with the public. This means that, with your adviser's help, you will be able to research the very best deals, saving you money in interest charges, up-front fees, and hidden pitfalls.
What can I expect when going to a mortgage adviser?
At your first meeting with your mortgage adviser, which could be face-to-face, by phone or an online meeting, they will want to know all about you, the property you're seeking to buy or borrow on, and your aspirations for the future. Is this a first home, a career move, a retirement property or an investment? What's your budget? how much deposit do you have? Will you be selling an existing property? These are all questions that help identify what's the best option for you.
Based on all of this information, your mortgage adviser will be able to recommend the best mortgage choices for you. They will tell you about the recommended mortgage, the costs, and why it is right for you.
If you decide to go ahead, your adviser will help you to complete the necessary forms and deal with the donkey work of processing your application, working with you, and supporting you at each step of the process.
Can I look for a mortgage myself?
Like any service, there's nothing to stop you from going it alone. But the world of home finance, lending, and borrowing is hugely complex, and most individuals would be unable to undertake the depth of research needed to cover the whole mortgage market. Your mortgage adviser has a wealth of experience in matching the right deal to each person and will be an expert in the technicalities of mortgages. Choosing to go ahead without professional advice could mean that you're missing out on the best deal for you, as well as signing up to terms that could prove restrictive or costly further down the line.
And don't ignore the benefits that come from having a professional guide to take you through the process, prepare and submit your application, liaise with lenders, and steer your transaction through to a satisfactory conclusion, saving you many hours of work and effort.
What types of mortgages are there and why are they different?
It's important to understand the different types of mortgages that are offered by lenders. When you enter the mortgage world you encounter a whole new language, with options of fixed or variable rates, trackers, capped or collared loans, discounts, and offsets to name a few. Your adviser will guide you through all of these choices, making sure you understand the way in which your loan works and what other options you have. They will explain the cost, now and in the future, the effect of different interest rates, how long you're tied into the mortgage, and any terms to look out for.
At Chesterton House, we have plenty of experience in helping people to find the right mortgage for their circumstances. If you're looking to move, remortgage, or release equity, get in touch with us to begin the journey of finding the perfect mortgage for you.
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