In the first of our features from our business partners, Laraine Adams, of independent mortage brokers, Galimore Adams Ltd, gives us a few top tips to help us make sense of our mortgages in this infamous 'credit crunch';As everyone knows, today’s financial market is a tricky one. Not only has the number of mortgages available decreased dramatically, but the criteria for securing a mortgage has changed too. Here is a step by step guide to finding a new mortgage, and how to avoid the pitfalls.
1) Arm yourself with information
1) Arm yourself with information
It may sound obvious but find out what rate your local bank is offering and note the competitor rates that are being advertised on the television and radio.
2) Consider how much of the work you want to do
2) Consider how much of the work you want to do
If you are financially savvy, ensure you read the small print; in particular the rate, penalties, and the fees.
If you are not so confident, find a mortgage broker. Ask your friends and family if they can recommend someone. Perhaps do a Google search for mortgage advisers in your area and find out what ‘word of mouth’ has to say about them.
3) Narrowing down the options
If you are not so confident, find a mortgage broker. Ask your friends and family if they can recommend someone. Perhaps do a Google search for mortgage advisers in your area and find out what ‘word of mouth’ has to say about them.
3) Narrowing down the options
Ensure the adviser you chose is ‘whole of market’. This means the adviser can look at all products available to them on the market, rather than just a specific panel of lenders.
Find out if the adviser charges fees. Charging a fee does not mean the advice you receive will be any better.
Ensure you choose an adviser you feel comfortable with. You need to trust them and feel confident they are going to find the best deal for you.
4) Adverse credit?
Find out if the adviser charges fees. Charging a fee does not mean the advice you receive will be any better.
Ensure you choose an adviser you feel comfortable with. You need to trust them and feel confident they are going to find the best deal for you.
4) Adverse credit?
If you should have any adverse credit, do not just consider those brokers advertising that they specialise in poor credit histories. A whole of market adviser will have access to the same deals. And ensure you are upfront and honest with the adviser about your credit history.
5) Keep ALL of your options open
5) Keep ALL of your options open
Some banks and building societies are offering rates that are only available if you go to them directly rather than through an adviser. A good adviser will tell you if you will benefit from going directly to a lender.
6) Protecting your mortgage
6) Protecting your mortgage
Don’t automatically take out payment protection in conjunction with your mortgage. This can be very expensive. Your adviser should discuss the protection you should consider and again the adviser can research the best deal for you.
As some lenders will only deal with you directly, do some research of your own as well. If you find a great PP deal that beats anything your adviser suggests, then ask your adviser to compare the cover. Again, a good adviser will be open and honest with you even if it means you take protection cover out elsewhere.
As some lenders will only deal with you directly, do some research of your own as well. If you find a great PP deal that beats anything your adviser suggests, then ask your adviser to compare the cover. Again, a good adviser will be open and honest with you even if it means you take protection cover out elsewhere.
To find out more, contact Laraine or Laura, on 01952 463852, or why not check them out at http://www.gallimoreadams.co.uk/
1 comment:
Nice tips
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