house&home
Finding the right mortgage for you?
by Keith Trigg of Pittis Estate Agents
The mortgage market is currently offering the lowest rates for years, and getting a mortgage is not difficult if you know where to go and who to speak to.
THE RIGHT MORTGAGE?
HIGH street lenders will only advise you on the products they offer. This can mean spending time visiting all lenders to obtain information about their products.
Even then unless you complete full fact finds and agreements in principals you won’t know if they will lend to you.
Too many agreement in principals can have a negative effect on your cr peaking to a qualified mortgage advisor with access to the whole market can make the process far clearer and easier. They will show you the best rates available to match your priorities and current financial position.
Formal advice and recommendations should always be given in writing at the point of making the final decision on which is the best product for you. Arrangement fees and valuation fees for the lenders chosen are all explained and detailed upfront. You should also be given a full explanation of any early repayment charges and terms and conditions of the products.
THE RIGHT ADVISOR?
When choosing a mortgage advisor beware of companies who charge either an advice fee or a completion fee. All
brokers whether Independent Financial Advisors or
Mortgage Advisors based in an Estate Agents are paid by most lenders to prepare and present your mortgage applications to them.Ensure that you choose the Mortgage Advisor who is not going to charge you a
fee.Don’t be afraid to ask if they are charging for their advice or to package your application as they should legally disclose this to you at your initial appointment.
Ask them if they have access to the whole of the mortgage market, as opposed to being linked to a limited number of lenders.
ARRANGING A RE-MORTGAGE
You might not be planning to move home but want to ensure the best mortgage available and are looking to save some money on monthly payments. A re-mortgage is like changing your credit cards balance to a company offering a lower interest rate or moving your savings to a company offering you better returns on your money. You may be looking to make overpayments to reduce your mortgage balance, or currently have an interest only mortgage but would benefit from changing this to a capital and interest repayment basis.
Whatever your position, a ‘Mortgage Health Check’ could save you money and have a positive effect on your lifestyle.
Advertising: Call (01983) 861 007 Open from 10am Monday to Saturday
Unit 10 Riverway Industrial Estate, off Hurstake Road, Newport, PO30 5UU.
Tel: (01983) 528600 Free Parking. Situated behind Wakes.
July / August 2011 79
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