How to apply for a mortgage I The Property Fox Leicester
Posted on 25th January 2022
A whole of market mortgage broker will:
- Negotiate the best deals.
- Comparison shop for you to get you the best deal available.
- Offer specialist advice about mortgages and how they work.
- Explain all options and terms and conditions of your chosen mortgage product.
- Assist with securing a mortgage offer from different lenders.
- Ensure that the mortgage is applied for on your behalf and give you regular updates on its progress.
- Advise you of other financial products, such as ISAs where savings interest rates may be higher than mortgages.
- Assist with making sure all paperwork is completed correctly for your mortgage application.
- Ensure that any fees are clearly explained before you sign up for a mortgage deal.
- Negotiate any fees, if possible.
- Explain all documentation thoroughly and answer all your questions.
- Assist with cancelling or transferring an existing mortgage as part of the process if necessary.
The type of mortgage that is right for you will depend on what your circumstances are. This means that the right mortgage type will depend on factors such as how much you are looking to borrow, your income and expenditure, liabilities you have or are expecting to have, where you want to live and what other financial commitments you may already have.
A whole market mortgage broker can provide information on mortgages for first-time buyers, buy to let, self-employed loans and a variety of other types. They can use their expertise to find the best type of loan for your needs.
When looking at mortgages it is important to be aware that lenders may not always offer the lowest rates online. This means that comparing those rates alone could result in missing out on a good deal as what is offered online may not be the best available.
The whole of market mortgage brokers can also advise you on how much to borrow to make sure that you are financially sustainable in the long term. This is because many borrowers borrow up to their maximum which could leave them with additional financial pressures.
This means they may need to take out another loan soon after due to their existing loan becoming unmanageable. A mortgage broker will be able to advise you on the maximum amount that is appropriate for your income and expenditure and also assist in making sure you do not become overstretched.
A whole market mortgage advice can provide help with:
- Self-certification mortgages allow you to certify without having to produce supporting evidence. Such documents may include payslips, rent books. If you are self-employed, they will ask for your last tax return and accounts.
- Mortgage deals that do not require life expectancy cover for over 75s (also known as mortgage payment protection) which can help protect repayments should the borrower find themselves unable to work due to ill health or unemployment.
- Holiday let mortgages are specifically designed to finance the purchase of buy to let properties. Such loans will provide capital repayment as well as interest-only repayments that can be used by the landlord/borrower for any purpose, including on their private residence or other rental properties.
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