Offload the hard work to a mortgage advisor!
Some of you are lucky (or very hard working) and don’t have a mortgage but those of us that do – make sure you get the best deals possible. Mortgage interest are at an all time so, even if the lenders aren’t passing on the full interest rate cut, you’ll still be able to save money each month. There are many ways to find a new mortgage – one of the simplest is to go to Mortgages.co.uk. On their site you’ll find a mortgage calculator plus info first time buyers, mortgage brokers, equity release and more.
Another option to consider is a mortgage advisor. To be honest, for many people this route seems to conjure up an image of a shady, wheeler dealer type character who gives out duff advice, grabs your money and runs. Ok, like any industry there may be the odd rascal out there but, inevitably, as word of their rep spreads their business dies swiftly. I actually had a pretty dismal view of mortgage advisors until I received a recommendation for an indpendent – my view was to give it a shot but not part with any cash until satisfied. Here’s the shocker – this guy was good, and I mean REALLY GOOD! The company had done some work for a friend who was re-mortgaging and were so impressed that they passed on a series of referrals. Anyhow, back to the story…the advisors did the works – from calculating exactly how much we could borrow to completing all the paperwork whilst providing constant feedback and frequently nudging solicitors, banks and everyone else who was dragging their feet. The beauty of this service was that we paid absolutely nothing – the mortgage advisors took a commission from the building society that supplied our mortgage. Ok, I realise that they no doubt have deals which mean they have a preferred mortgage provider but the deal I recieved was the lowest on the market at the time. All in all, I was a very happy boy!
Admittedly, there are a huge number of services like this in the market place right now, so how do you choose? The simplest option is to find friends or family who have recently moved, re-mortgaged etc and, if they used and independent advisor, get a recommendation. Alternatively, try usint a site like UnBiased.co.uk – they hold a list of Independent Financial Advisors that can be matched to a postcode.
This approach may be something new to many of you and may well not be to your liking but if you’re about to start looking for a new mortgage it could well be worth looking for a dedicated advisor if only to reduce the amount of work you have to put in.