Getting the right mortgage for you is not easy. Before you can even get a Mortgage offer, you will be subject to credit score checks, assessed on your income, be it self-employed, employed or even retired.
But that is only a part of the problem. There are just so many different mortgages on offer these days that unless you know the market, will confuse matters even more, perhaps leading you to select a mortgage that is in reality not suitable for your long term needs.
Our years of experience have proved to us that the only way of ensuring that a client selects the right type of mortgage is to ask a lot of fundamental questions. These include the sort of mortgage payment you are willing to pay, what sort of loan-to-value ratio you are expecting and whether you want a mortgage that offers an adjustable rate or not. Facts like whether this is your first home purchase or not are also important, as is your credit history.
Before we even start looking through our extensive database of current mortgage products, the experienced team at Scott & Goose will ascertain what is important to you. This can be done by phone, face to face, or by an internet-based video call.
Remember, a mortgage is a huge commitment, so it makes sense to use an experienced broker, one that could literally save you thousands of pounds, not to mention a lot of stress and heartache.
Mortgage brokers, also known as advisers, review all the mortgages that fit your unique needs and personal financial situation. They can then apply for one on your behalf, their experience allowing them to complete all the paperwork in a manner that is most likely to prove successful.
Basically. they save you time by showing you which lenders are most likely to accept you and what can be done to increase the likelihood of success. This is an important part of their work, as sometimes making minor adjustments to the application can really improve the chances of your application being accepted.
This also speeds up the process, as they will ensure all the right boxes are ticked and the required information is provided in a clear and concise manner.
There is no doubt about it, the process of choosing and purchasing a house is a time-consuming process, and one that can also create a lot of stress. By allowing your broker to handle everything for you, from finding just the right deal to applying and communicating with the lender, you avoid the majority of this, and can instead look forward to living in your new home.
One of the many dangers of applying for mortgages yourself is that you could easily damage your credit rating by being turned down, all because you picked some inappropriate schemes.
This is yet another way that a good mortgage broker helps, as they will never apply for a mortgage that they know you have little chance of being accepted for.
Another advantage of using a mortgage broker is that you have the right to complain if the mortgage turns out to be unsuitable – an option that obviously isn’t available if you apply without taking advice.
Some mortgage advisors will only suggest a limited number of deals, often because of some affiliation with these lenders. This is often terrible news as it limits their ability to provide a suitable range of products and thus your choice. Simply put, if you are to get the very best possible mortgage deal, you need to be able to choose from the entire mortgage market place. This is just what Scott & Goose do for all their clients, potentially saving you a lot of money.
Whilst all mortgages do the same thing, they do so in different ways, there being many ways of paying the interest on the capital sum. The main types are:
Each one has its advantages and disadvantages. To make things even more complicated, each one is best suited to a particular type of future financial situation. For example, Fixed-rate mortgages are a good choice if interest rates look like they will increase, but a bad one if the economy is sending signals that interest rates could soon start to fall.
It all depends on the rates offered and in understanding the market place and the risks involved. This is another reason to use an experienced mortgage broker, someone who had learned to read the markets.
In most instances, we find several mortgage deals that will meet our clients’ needs. Each one will be slightly different. Some may offer cashback deals or other incentives. Others may have lower fees.
Besides these obvious points, the lenders’ customer service levels, reputation and flexibility when times get tough also have to be taken into account.
Our advisors understand all of these factors and will be sure to take you through each deal, detailing the pros and cons of each one.
Mortgage brokers earn commission from lenders for arranging a mortgage. Some will also charge you a fee, this possibly being a percentage of the amount borrowed – it being added to the mortgage if required. However, all mortgage brokers must clearly outline these fees, charges and any commission they receive from a lender prior to entering into a contract to act on your behalf.
With years of expertise in the financial industry, Scott & Goose offer a personal, professional service. Our expert team can assist you in finding the ideal mortgage, with a range of different products covering Buy to Let, Bad Credit, Re-mortgaging, product transfer, Equity release and of course First-time Buyers.
The best way we can help you is to have a quick conversation to understand your situation and recommend appropriate products. Contact us today for a no-obligation discussion.
Your home may be repossessed if you do not keep up repayments on your mortgage. Equity Release may affect the size of your estate and could affect your entitlement to current and future means-tested benefits. To understand the features and risks on an Equity Release product, ask for a personalised illustration.
If you wish to register a complaint, please contact Ian Scott, Scott & Goose, Brickfield House, Thornwood, Epping, CM16 6TH, tel 01992 563644.
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4 567.
