How to get the best mortgage advice

Mortgage advice

There are heaps of mortgage options available. Sifting through all the choices to find the best mortgage advice for you can be tricky, especially if it is your first time looking. Take a look at our six top go to places for mortgage advice – try a few of these and you’ll soon be on the right track.

1. Research mortgage advice online

Google is your friend when looking for mortgage advice. It may be a cliché, but if you are new to the mortgage process then swotting up with some online research about what a mortgage is, basic UK law relating to them, and where you can get one is a good place to start. When you eventually talk to a mortgage broker or advisor, you will at least have some basic knowledge under your belt.

Reliable sites, like the Government’s Money Advice Service, can give you a great overview.

2. Read the papers

Checking the property and money sections of newspapers will help you understand how the movement of interest rates can affect different types of mortgage products. You may find that you need to act quickly or hold off as a result of the change to interest rates.

3. Speak to a mortgage advisor or broker

A broker or advisor’s job is to search different mortgage loan options on a buyer’s behalf, informing them of ones best suited to their financial situation. Once the right lender and deal have been found, the broker or advisor will handle the application like a middleman between buyer and lender.

Please note that advisors will often be tied to certain lenders, whereas brokers, especially those specified as ‘independent’, generally take a ‘whole of the market’ approach, meaning they can cast their search-net wider. Be prepared to pay a fee for this mortgage advice and a cost will definitely be incurred if you instruct a broker to secure your mortgage. A cost here could save you from an unsuitable mortgage in the long-term.

4. Chat with your bank

Speaking to your bank or building society’s mortgage advice department or advisor is another good starting point. They know your financial situation and history, and are more likely to grant you a mortgage. However, the bank’s advisor will only recommend their own products, which could limit your options so it is wise to look beyond this.

5. Talk to your estate agent

Your estate agent might have a recommended partner that can help. At easyProperty, our partner offers fee-free advice, seven days a week and can compare hundreds of mortgages for you. Simply give us a ring on 0333 005 0555 to see how we can help.

6. Get a recommendation

If you have friends or family that are homeowners, ask what mortgage service they used. They could have found a mortgage advisor or broker they’d highly recommend.

 

Useful advice is the first step to finding the right mortgage. But by starting off with some research and asking the right people, you’ll quickly be on your way to making the process as easy as possible.

For more property advice or to speak to any of our agents about the process, please visit easyproperty.com