Searching for a mortgage?
Searching for the best mortgage in today's market can often be a daunting and complicated task
Written by: Richard Antrobus Category: News January 20, 2019
Are you searching for a mortgage?
Urmston Estate Agents, VitalSpace understand that finding the right home can be time consuming enough. This may stop you giving up your valuable time to search for the best mortgage! Searching for the best mortgage in today’s market can often be a daunting and complicated task, especially if you are a first time buyer. It is very important to ensure you not only choose the right mortgage lender, but also that your mortgage package is best suited to match your needs. NorthPoint Mortgage is a great option.
Mortgage criteria has tightened massively over the past few years with lenders required to perform a much larger number of checks on applicants than ever before. There are thousands of mortgages out there, so it is just a case of making sure you choose the right one.
There are three main steps that will help you to reach the right decision when it comes to choosing your mortgage. It does not matter which one you do first, but hopefully they will leave you feeling clear on the decision you need to make
Speak to Your Bank
Most househunters in today’s market start by speaking to their bank at which they currently hold an account. If you currently have a mortgage with your bank and have been a loyal customer to them for a while, they are often more likely to offer you a good deal in return for your loyalty.
However… it is very important not to settle with the first mortgage package offered to you. You should compare various mortgages deals from as many different providers as possible to find the best rate available that fits your needs. Trawling your local high street to source comparible mortgage packages is a tiresome chore but will certainly prove rewarding in the long run. Alternatively why not speak to urmston Estate Agents, VitalSpace who will point you in the direction of an independent mortgage advisor.
Speak to a Mortgage Advisor
There are two main options when it comes to selecting the right mortgage advisor to help with property purchase. Some will only offer you information on mortgages, whereas some will actually offer you advice as well. Make sure you choose one that will give you honest and genuine advice and not just the package which benefits them.
Another key point to consider when selecting a suitable mortgage advisor is to ensure that they can offer advice on the entire market and not just a selection of lenders. A capable mortgage advisor will save your time whilst offering extremely valuable advice on such an important financial situation and on benefits of annuities.
exclusive arrangements with lenders available for our clients.
Mortgage advisor’s deal with lenders on a day-to-day basis. They know which lenders can process your application without unnecessary delays and should do the people search to know the background criteria that a lender has and can bring this experience when advising you and processing your application. Also a mortgage broker may put a lot of business to a particular lender and can influence and chase things in a way you just can’t do by yourself.
Remember, don’t rush into anything and make sure you have considered all your options first.
Check Mortgage Comparison Tables
There are thousands of mortgages out there and the use of comparison tables are fantastic for comparing a wide range of data in one simple and easy to read format. Although you might instantly focus in on interest rates, there are many different features that you will need to consider as well.
How long the mortgage lasts for is a very important piece of information to find out. Are you getting a fixed, capped or discounted rate on your mortgage? You need to know when your arrangement will come to an end and what fees you will be charged should you decide to terminate before your fixed term ends.
The ‘loan-to-value’ or LTV is the amount you are borrowing in relation to the cost of the property you are buying. It’s expressed as a percentage of the property’s value. So, if you are buying a property for £200,000 and borrowing £180,000, your LTV is 90%.
Rates, interest and flexibility all need checking too, as if you are on a discounted rate, you need to know what rate you will be put on next. Interest on mortgages can be charged as often as daily or as irregularly as annually – its important to make sure you find out. Finally, if you may be in the position to make larger repayments now and again you need to find out what level of flexibility you will be given regarding overpayments.
Do you need financial advice?
If you would like further help and information about selecting a mortgage product – we can help. Urmston Estate Agents, VitalSpace have partnered with a team of friendly and vastly experienced mortgage advisors who are on hand to help with your decision.
The financial advisors we recommend offer unbiased Mortgage consultancy and have access to the whole mortgage market so whatever your situation, they aim to provide the most suitable mortgage for your specific needs and circumstances. They have access to some exclusive deals that are not available from high street lenders. We work closely alongside independent local mortgage brokers and lenders in an aim to provide a ‘One-stop’ shop of services to ensure that all financial needs are catered for helping to save you the hassle and time of shopping around yourself.
If you would like a helpful brochure giving advice on the many different mortgages available, or would like a Financial Advisor to call you, please kindly complete our contact us form below:
