Buying a house is likely to be the biggest financial commitment you ever make. So, it’s important that you get it right, otherwise, it could end up costing you hundreds or even thousands of pounds.
While finding the home of your dreams is an exciting time, the truth is that the house-buying process can be complex. Dealing with estate agents, surveyors and solicitors can be a minefield, and with dozens of lenders and thousands of mortgage deals, how can you be sure you find the right deal for you?
One way that you can take much of the stress out of the process is by working in partnership with a professional. Here are five essential reasons you should speak to an expert before getting a mortgage.
1. They will do much more than help you to get the right mortgage
A 2019 poll by online estate agents Yopa found that 40% of homeowners rank moving house as the most stressful event they’ve had to overcome, even more than getting divorced (34%), having a baby (31%) or starting a new job (27%).
Advisers at your bank or building society may provide help in getting you the mortgage you need but working with a professional mortgage expert can add value in other ways.
For example, we’ll guide you throughout your mortgage journey. From helping you find the right home, to dealing with all the parties involved, we’re here to take the stress out of the whole process.
2. They will help you to get the mortgage you need
Since the global financial crisis, lenders have tightened their eligibility criteria. Now, to get a mortgage, you will have to evidence your income and show bank statements to confirm that the new mortgage is affordable to you, both now and in the future.
If you’re self-employed, you have recently changed jobs, your income is irregular, or you earn bonuses or commission, it can be hard to find a lender who will agree the mortgage you need. However, just because your own bank might not want to agree your mortgage, it doesn’t mean that no lender will.
This is where an expert comes in. An experienced mortgage broker will know which lenders are more likely to consider an application based on your specific circumstances. This saves you the hassle of speaking to multiple lenders and ensures you don’t have to make multiple applications.
3. They will scour the market to find the right deal for you
With thousands of mortgage products available from dozens of lenders, finding the right deal can be tricky. Deciding between a fixed, variable, or tracker rate can also leave your head in a spin.
An independent mortgage broker can scour the market on your behalf and find the right mortgage deal for you. Indeed, mortgage professionals often have access to a range of mortgage products that you would not be able to access directly.
Working with an expert can help you to find the right deal, and they can crunch the numbers and work out which mortgage product is the best for you. This can help you save hundreds or even thousands of pounds over the term of the deal.
For example, if we found you a fixed-rate mortgage deal at 2.49% rather than a deal at 2.99%, on a £200,000 repayment mortgage over 25 years, this would save you more than £50 each month – even though the rate is just 0.5% less (figures from the Which? mortgage calculator).
4. They will make sure you and your family are protected
The most important things in life are worth protecting. Whether that’s your new home, your belongings, your family, or your most important asset – you – getting the right advice is crucial.
If something happened to you, would your family be able to afford to stay in your home? Could they maintain their lifestyle? Pay the bills as they came in every month?
A mortgage expert won’t just arrange your home loan. As well as doing all the things we’ve mentioned – from helping you manage the process to getting the right deal – they will also make sure you have the right protection in place.
This might be life insurance so your family can pay off your mortgage if the worst happens, to income protection to make sure you still have an income coming in if you’re off work due to an accident or illness.
They will also be able to recommend appropriate buildings and contents insurance so both your home and your possessions are protected.
5. They will keep in touch with you to ensure you’re always on the right deal
When you take out a mortgage, it’s likely to be a two-, three- or five-year product. And, with the average Brit moving three to four times in their lifetime, it’s unlikely that you’ll keep the same mortgage on the same property for a 25- or 30-year term.
So, you need to work with a professional who is going to be there for the entire life span of your mortgage.
We routinely contact all clients a few months before their deal ends to review their arrangements. We’re here if your circumstances change and you want to move home, you need to borrow more to extend, or even if you want to buy a second home as an investment.
When you work with a mortgage expert you have the peace of mind that you will have someone to rely on for many years to come.
Get in touch
Whatever your situation, we’re your local mortgage experts. Whether you’re a first-time buyer, moving home, switching your mortgage, or you just need professional advice on the right protection for you and your family, we can add huge value.
Please get in touch to find out more. Email email@example.com or call us on 01832 272653.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.