Independent mortgage guru Katie Parsonage is based at Robert Leech. Katie is a mortgage adviser with the Mortgage Advise Bureau, the largest estate agent based mortgage brokers in the UK, and since 1995 has helped hundreds of people find the most suitable mortgage for them while making invaluable savings along the way. Here are her tips to ensure a smooth process and put you ahead of the game when buying…
Get good advice
Find an independent broker that you trust and feel comfortable working with – don’t forget you will be telling them some very personal information. Don’t just visit your bank as they may not have the best deals on the market and be aware that comparison websites may not show exclusive deals that brokers have access to.
Speak to a broker before you start looking at properties – you may find that borrowing is more affordable than you think. Being able to give a broker’s details to estate agents proves to them that you are a serious buyer who has done their homework. The agent will then be in a position to recommend you as a strong buyer to their vendor and this could make a difference if there are several offers on the same property.
What sort of mortgage deal is right?
Spend some time exploring all the different types of mortgages that are available and how they work. There will be a lot of decisions to be made concerning the term, fixed versus tracker rates, whether to use an “offset” or not – you will have your mortgage a long time and your broker should be more than happy to discuss everything with you.
What fees will you have to pay when you take out a mortgage?
Make sure you have a clear understanding of how much you will have to pay and when. Different lenders charge different fees, some of which you can add to the loan. Brokers will take these into account when recommending the best deals, sometimes the lowest rate is not the best deal when fees are taken into account.
Review your existing mortgage
Don’t forget about your mortgage once it’s all arranged, you should aim to review it 3 months before your deal is coming to an end to look at remortgage options or to ensure that you still get the best deal.
If you would like to discuss your mortgage with me, please call me on 07767 428580 and I will be happy to help.