Choosing a mortgage advisor Birmingham

Posted by Sarah Addyson on September 27th, 2019

When you go shopping for anything, you usually compare offers and products, find out what is available and after an evaluation you take the final decision. The same principle applies to mortgages, because going to a single lender is not the best idea. You should know what else is out there, what each lender provides and this is time consuming indeed. Requesting offers from each is not easy, especially when they present products in financial terms and you have to be fully aware of what they mean. A mortgage advisor Birmingham does this research on your behalf and you will not find just a limited choice of products, but an extended one. 

Getting a mortgage of any kind is a great financial commitment and you can end up paying for the next 25 years. It is not something you should choose by the instinct. The mortgage advisor Birmingham evaluates your current situation, presents the options, how much money you can take, explain the rates and additional fees and what does the application process is all about. The broker will sit down with you and explain all aspects, to get to know you better and what you expect and afford. They have great experience in the field and deal with lenders on a regular basis, so they know what each requires and where you qualify. 

The application itself is very important and the worst part is that you can get rejected, so you will not be able to get a mortgage. The credit rating is very strict and the advisor will get the information for you and assess the application so it will not be affected in any way. Banks and lenders can be tough when it comes to such substantial loans, so having someone highly professional by your side is highly helpful. People are usually in a hurry to get their own place and they want to speed up the process, especially because they don’t like formalities, documents and going to lenders on different occasions. The broker will make this happen and while you make additional preparations or mind your daily activities, the specialist will do the running around and arrange meetings with lenders. 

As pointed out before, there are different types of mortgages, depending on what each person needs. Some want to buy their first home, while others an additional one. In some cases, people need to remortgage, in order to reduce or extend the term and obtain a better deal. The buy to let mortgage Birmingham is provided to those interested in buying a property to rent afterwards, as an investment, not as a place to live. A standard mortgage is not applicable in this case and financial institutions offer solutions in such cases as well. There are other terms and conditions and people should be highly familiar with them, in order to know what they are getting into. 

The buy to let mortgage Birmingham implies that monthly payments will cover the interest on the mortgage and the money you borrowed, the capital debt, will not reduce in time. At the end of the term the money has to be paid off. This is possible either by selling the house or by taking another mortgage. Of course, a larger deposit is necessary and the fees are larger as well and the interest rates as well. Why are they more expensive after all? Because lenders regard them with a higher risk, since there are months when tenants will not be living in the house or rent collection is not smooth on a monthly basis and such. In such situations, if you plan to do this for the first time especially, it can be rather troublesome and having an expert by your side does not hurt to obtain the right advice and consultation. 

Resource Box: Have you considered using the services of a mortgage advisor Birmingham? Such a professional is able to help in many ways, from assessing your financial status to discussing with lenders and helping with the application process. It is helpful to have an expert around, especially for a buy to let mortgage Birmingham.