WHY IS IT IMPORTANT TO SEEK MORTGAGE ADVICE BEFORE GETTING A MORTGAGE?
Taking out a mortgage on your property is usually the single largest financial decision you will make in your lifetime. Ensuring you get the best deal possible should be a priority. This means finding someone who understands the industry that can help you access the best deal available and give you the best possible chances of approval.
YOU NEED A PRODUCT THAT MATCHES YOUR FINANCIAL NEEDS AND CAPABILITIES
The whole objective when finding a mortgage is getting a product that best suits your financial needs. This means selecting a product which runs the optimal length of time, has affordable monthly repayments, and has eligibility criteria that you can meet. Finding a package that meets all this criterion can be difficult if you are inexperienced in the industry. A good mortgage adviser will help you find the right product for you.
In seeking advice, you are also protected if you think you were sold a mortgage product that does not meet your needs. There are avenues for reimbursement if your purchased product is unsuitable and you were misadvised. Without advice, the responsibility falls on your shoulders, and you may be tied into a costly mortgage you cannot repay.
IT SAVES YOU TIME
Sound mortgage advice will mean you are only applying for mortgage products for which you are eligible and meet the criteria. This will reduce the chances of your application being rejected by the lender and you having to start the process all over again.
Without mortgage advice, you will also have to conduct your own research on all the different mortgage options available and trawl through the different products lenders offer to find the best deal on your chosen mortgage. This means deciphering jargon and syphering through the finer details of each product to ensure you understand all the mortgage terms and costs. This can be a time-consuming undertaking.
A mortgage adviser will carry out all this research on your behalf. They will find a product that you have a good chance of being approved for, saving you the time of reapplying. They will also cut through industry jargon to give you the exact information you need to know at every stage of the process. They will make you fully aware of any hidden clauses and costs before you sign on the dotted line, giving you peace of mind and saving you the time of researching industry-specific terms.
THEY HAVE ACCESS TO EXCLUSIVE DEALS
An independent mortgage adviser may have access to deals that you would be unable to get by going to the lender directly. They deal with lots of mortgage applications and are sometimes subjected to the best rates the lender can provide.
You can use a mortgage adviser as the main source of your mortgage research, or just to get a second opinion on a product you have researched yourself but seeking mortgage advice in some capacity is advisable to prevent you falling into an unsuitable mortgage. It might make the difference between sleeping soundly in your new home with peace of mind, and tossing and turning at the thought of your monthly repayments.
