When shopping for a new mortgage, it might seem sensible to stick with the devil you know - namely, your bank. But is this really the right thing to do?
There are so many mortgage lenders offering so many loans that it is difficult to see how anyone outside the industry could ever be well informed enough to make the right decision when it comes to evaluating home loans. Even if a borrower has the time and the inclination, trying to evaluate all the different options and lending caveats can be very difficult. Which is why, in large part, specialist mortgage advisors exist. But that’s not the only reason.
You see, it’s all down to what sort of mortgage advisor you are speaking to. Some advisors are restricted in what they will consider. Others are employed by just one lender, such as your bank, which means that they are there to sell you their product, not evaluate what’s best for your individual circumstances. The obvious choice is to choose a Mortgage Adviser who is totally independent and can look at the whole market
Furthermore, with banking becoming less and less personal by the day, lending decisions are now almost entirely dependent on specific financial data and matrices held on potential borrowers. The days of the prudent bank manager in your local branch office ‘taking a flyer’ and lending to his long time customer are long gone.
There is a place for banks and a stable banking history will help support a borrower’s loan application, but when it comes to mortgages your best port of call is a whole market mortgage advisor. Contact Mortgage Required on 01628 507477 to speak to an adviser today.
Yesterday
Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months.
According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.
6 days ago
If you have recently moved into a property with a garden that requires a little TLC, or you’d like to get on top of your current green space, check out our tips.
9 days ago
High street lender, NatWest, have launched a new product to help first-time buyers purchase a property with assistance from a family member or friend to get them on the property ladder sooner.
10 days ago
‘Buy Now, Pay Later’ (BNPL) schemes, such as ‘Klarna’ are short-term loans that allow shoppers to make a purchase, but delay paying for it for an agreed amount of time.
Klarna is one of the most popular BNPL services with 18 million customers in the UK alone, and offers interest-free payment options which is appealing to shoppers. However, does it affect a mortgage application?
15 days ago
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
24 days ago
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
24 days ago
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.