What to ask your mortgage advisor?

Mortgages are complicated to begin with. Add to that a brisk post-lockdown housing market fuelled by the Stamp Duty Holiday and historically low-interest rates. When you add over 4000 mortgage options to the mix, as well as 70+ lenders with varied requirements, where do you start if you want to purchase your next house (or your first, or an investment property for that matter)?

What should I ask my mortgage advisor?

Unless you have enough money in the bank to pay for it up front, you should typically start by speaking with a mortgage adviser to get an idea of where you stand and what you can afford.

On that note, here are three questions to ask your mortgage adviser to make the most of their expertise and experience:

Question 1: What can you offer that is not available on High Street?

The apparent benefit of utilising a broker over going straight to a lender is that the lender will only have a handful of its own products to offer, but a broker will have a wide range of products from various lenders. This will, of course, enhance your chances of obtaining the ideal mortgage for your scenario. A broker may also have access to unique discounts that the lender would not give directly.

If you’re still early in the process, your adviser may help you get your ducks in order and make yourself more appealing to potential lenders. This might include things like voting, paying off credit card bills, and altering specific spending habits.

Question 2: Can you help me with anything else?

Your mortgage adviser will know exactly how the procedure works, it’s important obtaining all the guidance you can; and if there’s anything you don’t understand, ask them to explain it to you.

Your adviser can also link you with reputable estate agents (if you’re selling your home to purchase another) and conveyancers, as well as explain what to expect in terms of processing timeframes and other details. It is important to have competent estate agents and mortgage experts on board during the process.

Moving house is also an excellent opportunity to evaluate all of your other important financial matters, such as life, health, and income protection insurances, pensions, wills, and investments. Most mortgage advisors have a strong financial network and can assist you with all of these issues directly or through trustworthy partners.

We’d love for you to pick our brains about the topics listed above and more! So, if you’re thinking about buying a home, contact us right now! You can read more about our services on this page Mortgage broker Coventry.