There are plenty of mortgage deals around this summer. Pent up demand and a rising housing market is tempting many people to think about a move, and many mortgage providers to find new ways to help them
But how can you find the best mortgage deal for you?
Online comparison sites are ready to help you with everything from home insurance to funeral plans. Just go online, check out the deals and pick the one that comes top of the list, and it looks as though you can’t go wrong.
They certainly make it look easy to find a mortgage deal. But before you simply click on the top of the list a comparison site provides, ask yourself this: you can really trust a piece of software with the biggest financial decision you will ever make?
While you are considering the answer, here are a couple of other things to think about. Does a comparison website really offer an objective view of the mortgage market – or are there deals that might be even better for your needs it simply does not feature? Does it just find a deal that sounds good for the average user – but ignores those mortgages that might be a better fit for your particular circumstances?
What’s more, there are new lending rules to consider, that have made the process of obtaining a mortgage much more thorough. It’s no longer just a salary multiple.
Would you be better off (and enjoy peace of mind) by getting expert advice? Whether you are struggling to get on the housing ladder for the first time or want to remortgage and get a better deal the answer is almost certainly ‘yes’.
Talk to an expert
There’s an awful lot you need to know about choosing the right mortgage. It’s not as simple as just opting for the cheapest fixed or tracker rate and hoping everything else works out.
Your circumstances are unique. You may have particular needs or financial advantages that the automated systems of comparison sites simply can’t pick up on.
Mortgage Brokers have to be qualified to give you mortgage advice. They aren’t on the lender’s side, they’re on yours, and they’ll give you access to far more products than if you went direct, and search the whole market for the best mortgage for you.
You get unbiased advice and you can have access to every lender and mortgage product available, rather than being restricted to the single range of the lender you go to.
If you take a DIY approach, pick a mortgage provider from a comparison site and go direct to a provider and end up with a mortgage that later becomes unaffordable, you may not have much legal recourse. (Under the rules of the Mortgage Market Review, it’s still the lender’s responsibility to ensure affordability – so even if you buy direct, you should have some comeback, but it will mean a great deal of trouble and worry)
When you receive mortgage advice, your Mortgage Broker has a duty of care. They have to recommend a suitable mortgage and be able to justify why exactly the particular mortgage they have chosen is right for you and your financial and personal circumstances.
Get through the application
Mortgage criteria have tightened massively over the past few years. It’s a move designed to ensure borrowers can prove affordability, even in the event of a rate rise, and because it includes extra checks it means increased application times.
A broker deals with lenders on a day-to-day basis, so they’ll know what the application process is like for each one. They can work with you to get through the application process, so that instead of forms and confusion, you have advice and help at every stage, and someone to explain when something isn’t clear.
You can start now
A mortgage broker is a good idea for anyone who wants a better mortgage, and if you are looking for Interest-only solution or lending into retirement, a qualified adviser is essential. To get the help you need, simply contact us our borrowing team.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.