Top Ten Tips - Mortgages
Millions of people spend years putting their homes together, in some instances though many house owners do not spend enough time putting the right mortgage together, here are some top ten tips to help you for the next time you move house or when your current mortgage terms is up. 
  1. Always shop around; use a mortgage broker/financial adviser that have access to the whole mortgage market.
  2. Do your homework; research mortgage deals on the Internet and in the press, you will be able to get a good feel of the market and what rates are available to you.
  3. Be realistic with how much you can afford to pay each month for your mortgage. Many people are now experiencing difficulties making their mortgage payments because they borrowed large amounts when the interest rates were more favourable. Do not assume that just because you may be able to afford the payments now that you will be able to in the future.putting together a home
  4. The deal with the lowest interest rate doesn’t always mean it is the cheapest; usually large fees are charged with deals at lower rates, most of the time they work out more expensive than higher rate deals with no fees. Ask your adviser to do a “total to pay” comparison to see exactly what the difference is, you may be surprised.
  5. Always make sure you are given a Key Facts Illustration before applying for a mortgage. Every adviser/lender in required by law to give you this document. It gives all the details of the mortgage deal you are applying for so that you can compare it with deals elsewhere.
  6. There is no right or wrong when choosing a mortgage product, you must decide what is right for you, it may not be the lowest rate that’s out there, or the same as your best mate’s deal he/she keeps bragging on about. The option(s) you choose should meet your present needs and be flexible enough so that if those needs change as some point in the future, your mortgage can too.
  7. Always make sure your receive a Letter of Recommendation from your adviser when you have applied for a mortgage, this will give a breakdown of the adviser’s reasons for recommending that deal to you and which of your needs/requirements have been met. This should be read in conjunction with your Key Facts Illustration.
  8. Think into the future, plan your mortgage around where you might be in the next 2, 5, 10 or 25 years for example. Ask yourself do you want to move house, have a family, send your children to university or retire early? These are all reasonable questions to think about now.
  9. Explore your needs for protecting your income or mortgage payments should you lose your job, become unable to work through illness or in the worth case death? This is very important for families who have a main income earner. Ask yourself how your family would pay the mortgage/bills and maintain its current standard of living if your income was suddenly gone for whatever reason?
  10. The Financial Services Authority regulates the mortgage industry. If you have any queries what so ever or want to check on any advice you may have been given by someone, visit their website for details.

Gary Taylor - Search and Apply

“ For information purposes only. It does not constitute advice, and therefore cannot be relied upon as such.”




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