It is pretty easy to find a mortgage.
Finding the best financing/refinancing is also easy if you know what to do.
Unfortunately, most buyers/owners throw away money needlessly (not to mention waste their time and suffer unnecessary stress).
The first mistake you will make is relying on your current bank. That is not to say that you should not speak to them. Of course you should as they may be able to offer you a preferential rate, so you must check.
However, there are literally thousands of mortgage products out there and you need to check that you have the right one for you. Do you need:
- The lowest rate?
- A high Loan to Value (LTV)?
- A large loan (high street banks may not lend the amount you require)?
- An FX loan?
- A mixed mortgage, e.g. part repayment/part interest only?
- A drawdown capability?
And this is only scratching the surface. Basically, there are an astonishing number of options and you need to establish which is the right one for you (I’ll show you how to do this without having to wade through lots of dull information in a second).
Mistake Two
But aside from the loan itself, what you mustn’t forget is speed. Sometimes this won’t be important, but there will be times when you want to move swiftly to secure the lowest price on the property possible or simply secure it ahead of other buyers – even cash buyers. Yes, you read that right.
I always recommend that you speak to advisers before even starting to look for property to fully understand what your options are including what you can borrow, but the top mortgage experts will know who offers the best combination of low rates and speed of execution.
This ranges from giving you a quick decision on whether they will lend to you at all, booking a survey quickly (the lender will insist on a valuation survey that they will arrange) and then speed of not only agreeing to lend but providing the necessary paperwork to your solicitor to allow you to exchange contracts.
You will miss out on your ideal home or that great investment opportunity if this is not handled correctly. Is that a risk worth taking for the sake of spending 10 minutes speaking to the right person?
“Jeremy introduced us to first rate solicitors, mortgage brokers and insurers. Another example of an insider’s black book that we did not have but value greatly, making our lives so much easier and no doubt saving us money in the end”. Mr & Mrs Christias
Whether you are planning to acquire a property or simply want to remortgage/find alternative finance options, would it be a bad idea to have access to the entire market, so you can find the best option?
Please do not underestimate the importance of this. One phone call to the really good mortgage brokers will save you a huge amount of time, money and stress.
So, if you would like introductions to the mortgage brokers that I recommend to my clients, simply email me and I’ll recommend the best person for your particular requirements.
