Navigating the Minefield of Finding a Mortgage

Thursday 9th February 2017

mortgages1

Navigating the Minefield of Finding a Mortgage 

No matter what your circumstances, finding the right mortgage for your needs can be tricky. With a wealth of lenders and a huge variety of financial products to choose from, selecting the loan that suits you best can be a real challenge. If this is your first foray into the world of mortgages, or if your personal circumstances are complex, this process can be even more confusing. So to help you find your way through applications, financial products and interest rates, we’ve put together a quick guide to navigating the mortgage minefield.

Do your homework

If you’re unfamiliar with mortgage terminology and basic lending principles, it’s a good idea to do a bit of homework before you start the application process. If you understand what’s meant by terms like fixed rate, variable rate, interest only and repayment, it will be a lot easier to get your head around the differences between the various mortgages on offer. There’s lots of information about how mortgages work and what various terms mean online, so put an hour or two aside to sit down and learn the basics.

Mortgage advice

As mortgages can be incredibly complex, it’s important to talk to someone in the know before accepting any offers. A mortgage advisor will be able to explain the different options available to you and talk you through the variations between the different loans available. At Musker McIntyre, we have a team of experienced financial advisors who can point you in the right direction when it comes to finding a mortgage. As they’re part of our team, you’ll be able to share our confidence in the products and services they recommend.

Don’t be afraid to ask questions

All too often, buyers are put off by the technical jargon of mortgages and are afraid to ask questions. However, as this is probably going to be the biggest financial decision you make in your life, it’s essential that you understand the ins and outs of the mortgages on offer if you’re going to find the product that suits your needs. Ask your mortgage advisor, or lender, about any extras that might come with the mortgage like valuation fees, arrangement fees and broker fees. Find out if you’re able to overpay on the mortgage and make sure you know exactly how much your repayments will be every month.

If you’re currently searching for your dream home, or if you’ve found a property you want to purchase and are looking for a mortgage, contact Musker McIntyre today.

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