Getting a mortgage….

..Getting a mortgage can sometimes feel like a daunting task, especially for First Time Buyers. The mechanics of applying for a mortgage for the inexperienced may seem completely alien, especially when there are so many rumours and counter rumours being bandied about. Statements like you need massive deposits, lenders don’t want to lend, there are no mortgages and house prices are falling are not necessarily true and should be treated with the caution they require.

Working your way through the maze of different lenders on line, on the high street, being bombarded by your bank, the different methods, 100’s of different products etc. etc. can cause confusion for the most experienced individual. This can only be caused by not getting correct and proper advice in the first place. There is only one place where you will feel satisfied that you have received proper professional advice and acquired the best possible product for yourself and this is a whole of market, independent mortgage adviser.

Our job is to firstly fact find, this is called getting to know your customer, we listen, we question and we arrive at a conclusion with you on what is the best possible lender, offering the best possible rate and with the correct terms for you. This will take as long as necessary to ensure we have the right answers correctly tailored to your needs. The next logical step will be to apply for that mortgage and it is the brokers job to ensure that this goes ahead as smoothly and as quickly as possible, resulting in the mortgage offer you want under the terms that best suit you. In todays modern world most mortgages are sourced on line using real time systems to view all up to date products and most applications are made on line as well. This limits laborious paper work and allows your broker real time tracking to ease your application through the system to offer.

Choosing your mortgage adviser is all important. Along with the natural need of a good rapport with him or her it is also necessary to determine that they are truly whole of market and not restricted to a panel of lenders or work directly for a lender. Experience is  a key factor that must be taken into account, look out for a good and long track record, beware of firms that are recent start ups and one man bands who will call on you at home.

Getting yourself ready for a mortgage application is very important, there are various do’s and don’ts if you want to get the best possible mortgage;

  • Do make sure you keep a clean credit history
  • Do make sure you are on the electoral roll, if possible for the last three years
  • Do make sure your bank account is well conducted
  • Do make sure you have at least a 5% to 10% deposit
  • Do try to run a small credit card, ensuring you pay it off in full and on time each month
  • Do not keep changing addresses
  • Do not keep changing jobs
  • Do not miss any loan or credit card payments
  • Do not miss any mobile phone payments
  • Do not take out any pay day loans
  • Do not run up large credit debts

And above all else do ensure you receive qualified and expert advice from an independent whole of market broker. This may be the largest and most significant investment in your life and it is crucial you get it right.

Peter

Posted on May 10, 2013 by Peter Marriott, in: Staff posts

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