Mortgage Advice, Do you need it?
Chris Clare
Buying a new home is a very exciting time in one's life and for as much excitement that there is, there is also a fair amount of uncertainty that can go along with it. If you are uncertain or have a lot of unanswered questions then you may need to consider getting mortgage advice.
Quite a lot of interesting factors affect you when taking out a mortgage and all these have to be considered when doing so. If there are any of the terms or recommendations that are given to you during the process from all the people around you then you should really consider getting external and even independent mortgage advice.
External advice is always the best way to go. This is due mainly to the fact that these sort of people or organisations will normally have your interests at heart. They will generally not have any benefit from which particular mortgage deal you sign up for especially if it is not the best one for you. These sort of people will also bear in mind many factors that affect your mortgage that other people such as the lenders themselves will not have informed you of.
One good example of this is interest rates. If you are getting independent mortgage advice then they will tell you whether signing the mortgage now is a good idea or maybe you should wait a few weeks. One reason can be that word in the financial world is that interest rates are getting ready to be cut. Waiting an extra week for that rate cut could save you thousands over the life of the loan.
Many of the mortgage advisors also have contacts with many of the lending institutions. This can be very helpful as they will know if any of them have special offers going on. For example one bank may be offer mortgages with no up front fees. This will save you several hundreds in the upfront cost of the loan.
Independent advisors understand the fluctuating housing markets, which allows them some ability to foresee upward and downward trends in prices and therefore give advice when to buy early or conversely when to buy late, if there is the suggestion of a downward trend.
Now that you have decided to go ahead and buy a house or even get a remortgage your mortgage adviser should be able to guide you through the process. There will be quite a lot of things that you will need to have available for example, proof of identity, pay slips, accounts if applicable, and even bank statements. Having all this paperwork will always speed up the whole process as it means the lender will not have to ask for it later. A good mortgage advisor will be able to ensure you have the right paperwork ready.
Regardless of whether you're buying your first house or your fifth, it is never an easy or simple process organising a mortgage, so ensuring your advisor is independent means they have no agenda other than ensuring you complete as easily as possible with the maximum of information to aid you in an informed process.
A first, or new house is a big step for anyone and it would be foolish to opt out of getting mortgage advice from people who may have been helping others in the industry for years, or decades. You can save money, save time, and make your life a lot less stressful.
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