Don’t do it, look around!!!
Being Mortgage Savvy
Looking around for a mortgage yourself is pretty daunting, though, and even more so if you’re not sure on the options or what would be best for you. Ever since our first mortgage, we’ve used an independent mortgage advisor, and I wouldn’t do it any other way now. I strongly believe we never would have got on the housing ladder all those years ago with such a good mortgage deal if we had tried to do it ourselves.
Why Use A Mortgage Advisor To Help You
Using a mortgage company like Mortgage Light, which is very passionate about making sure they don’t confuse you with different mortgage jargon, will make everything so much clearer and easier for you. They can have a good chat with you about your finances and make sure they know the type of mortgage that would suit you best. Also, talking through all the different options and explaining them all clearly. They also know their market the best, matching which companies would work best for your situation. This is really helpful in making sure when you’re applying that you’re going to be successful in your application and not having to apply to lots of different companies, which I am sure doesn’t look great on your credit file.
Using a mortgage advisor allows the process to be as easy and smooth as possible
Why Should You Switch
If you’ve not been switching your mortgage over the years, you will be shocked by how much you could possibly save. Often, when you take out a mortgage, it will be a special offer price, especially if you fix your mortgage for a certain number of years, added Money Saving Guru, who can assist you in finding a mortgage advisor. Once those years run out, you go onto a variable rate, and ours was always so much more than the fixed rate. We would have been spending so much more each month, and long-term paying a silly amount of extra interest.
And if you are considering making some home upgrades, you may want to consider a remortgage to pay for refurbs instead of a loan, which is usually higher interest, so make sure to explore all your options via a trusted brokerage.
You can save so much money!
My Top 5 Things To Do Before Applying For A Mortgage
- Don’t apply for other credit before your mortgage application.
- Rein in your spending for a few months leading up to applying. If they look at your online bank statements, they can see you don’t live right to the spending line every month.
- Don’t use your overdraft.
- Set up a separate bills account, get all your outgoings set up on a direct debit and transfer enough money every month to pay these. This means you will never miss a bill, as this is terrible for your credit file.
- Check your credit file and make sure there aren’t any mistakes on there; if there are, get them sorted out first.
12 Comments
We didn’t have much choice when we bought our flat, as we’d only been back in the country under a year at that point and a lot of mortgage lenders required you to have been resident at least one or two years. But we’ll definitely be shopping around when our initial 5 yrs are up.
Oh yes do, the advisor can find your perfect lender for you and get you the best deal
these are really fantastic tips , i am still a renter but maybe one day i be in a position to buy my own place
I hope you can, and 100% recommended going down this route for your first mortgage. They’re amazing at getting you the right deal.
We were very lucky with our most recent mortgage which we have had for 13 years as it has tracked base rate. Although should we decide to change it then I would always seek advice.
Yeah we’ve always fixed our mortgage so tried to find the best we can at the time. It’s good to know your own finances though isn’t it and what they’re doing
I have to admit, we have never changed our mortgage provider yet. We’ve always paid less each time so been happy with staying because it was easy
Maybe next time have a little look around, you might be surprised how much more you could save! But I know it’s easy to stick, we have done before!
This is great advice. My fiance has always used a mortgage advisor and he is worth his weight in gold. He has helped us change our house in to a home with extending mortgage for us and securing such a good deal that we have knocked 5 years off it as well!!
We were lucky though as my partner got turned down for a loan just before his remortgage!
That’s amazing! Advisors know the best deals, don’t they!
We have always stayed with the same mortgage provide, but I am aware we should actually see if there are better deals out there. I am sure we could save some good money
I reckon you could get a much better deal looking around, hope you can save some money!