Finding the right mortgage product for you

Posted by Andy Renshaw on August 12th, 2019

Whether you are a first time property buyer or just looking to renew your mortgage deal it can be difficult to find the right product.

There are hundreds of mortgage lenders across the UK and many have multiple products to choose from.

Each product will have various different interest rates or conditions which will either increase or decrease your monthly repayments.

Speaking as a mortgage broker in Nottingham, I feel it would not make much sense to just go and see your bank for a mortgage deal. We would always advise you to compare the whole of the mortgage market to find a product which is most suitable for your own financial circumstances.

By doing this you will compare deals from many different banks and lenders to ensure you are getting one of the best deals to match your financial circumstances.

As mortgage brokers we only ever have your own interests at heart. It's our job to get it right for you and make the whole mortgage process as smooth as possible. It's not just about finding the right deal for you either. It's about explaining why it would be the best one for you and then completing the paperwork for you as well.

You also shouldn't worry if you don't think you can get a mortgage. If you have a bad credit rating or some debt then it still may be possible to get a mortgage. You would be surprised at how a mortgage broker can help you!

The things you need to look out for when finding a mortgage deal include, but are not limited to:

• Monthly repayments
• Loan to value ratio
• Interest rates
• Whether the interest rate is fixed or a variable rate
• Any offers such as cashback
• Any fees such as valuation fees or set up costs

There are also many different types of mortgage. These include:

• First time buyer mortgage
• Remortgage
• Buy to let
• Equity release
• Adverse credit
• Let to buy
• Self employed mortgage
• Help to buy
• Moving home

Be sure that you are getting the right advice. Always speak to a qualified mortgage broker or advisor who is regulated by the Financial Conduct Authority (FCA). Always check qualifications and find out how long the broker has been working in the financial services industry. It may also be a good idea to check reviews to ensure everything will run as smooth as possible! Having relationships with estate agents may also be a positive sign.

A good mortgage broker will also look at insurance and protection quotes for you too. For example, if you become ill, who will pay for your mortgage and/or support your family? These are factors which are not always considered immediately but should be thought about in detail. You insure your car so why not insure yourself as well?

If you are looking for a mortgage advisor in Derby, a mortgage broker, Leicester or in Nottingham then I would be happy to advise you in any way I can. We also have a partner who can help with mortgage advice in Croydon.