Why get Mortgage Advice?
Why Get Mortgage Advice?
The Value of Mortgage Advice in Lincoln
Most people only arrange a mortgage every few years whereas Mortgage Brokers are working with Lenders on behalf of clients day in day out.
As such we know which Lenders can process your mortgage application offering both a competitive interest rate and avoiding long delays in processing.
Here are the 3 main advantages of seeking mortgage advice?
- Compare Mortgages
- Criteria Criteria Criteria
- Stress Busting
Before the days of the Internet, comparing mortgages was a long and tedious exercise. Saturday mornings would be wasted as clients traipsed from Bank to Building Society looking for the best deal on offer. Of course some of this can be done online now but with so many things to consider it’s still far from a straightforward exercise.
In June 2013 Which? conducted research on 1001 Homebuyers and Homeowners to rank 5 two year fixed rate mortgages in order of total cost over the 2 year period and only 5 (0.05%) ranked them correctly. With all the fees and charges and exit penalties from existing deals, it can be very confusing.
I use daily-updated mortgage sourcing software so at any given time I can recommend the most suitable mortgage for all my clients within just a few clicks. Saves you time, and should save you money.
Criteria Criteria Criteria
It’s all very well sourcing the best mortgage deal, but getting it might be an entirely different story!
There are numerous reason people are declined for a mortgage now, including low credit score, length of time in employment/self-employment, failing the affordability calculator – and the list goes on and on.
Trying different Lenders and then not being able to proceed for whatever reason can also adversely affect your credit rating. Every time you apply the Lender in question will carry out a credit search and too many of these on your file makes it look like you’re continuously being declined – not good!
It’s best to speak with me in the first instance to find a Lender that you meet criteria with, then take things forward from there.
It has been said that after the death of a close family member and divorce, that moving house is the most stressful experience you can expect to go through, especially if you’re selling a property and trying to complete your new purchase at the same time. My job is to take some of that stress off your shoulders and make sure your mortgage application runs as smoothly as possible.
The best thing you can do is talk to me BEFORE you have found a new home. That way you will know that you can borrow enough to be able to proceed and, even more importantly, that you can afford the mortgage payments now and in the future.
There’s a lot to organise what with the legal aspects of the purchase, packing, dealing with Estate Agents etc and the feedback I get regularly from my clients is that they were glad to have me on their side right the way through the process. We deal with people in the same situation as you every day – give yourself one less thing to worry about.
Malcolm Davidson – Mortgage Broker
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