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Why Should I Use A Mortgage Adviser Take 6
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Editor's Notes
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This will depend upon Your income
Your outgoings
Your deposit
Your credit rating
Your employment situation
So Let’s take your income and outgoings.
Generally speaking you can borrow about 3 times your gross income after deducting outgoings such as loan and credit card payments
But not all lenders are the same
Some will lend considerably more than this.
WOULD IT HELP TO KNOW WHO THOSE LENDERS ARE?
Now let’s take a look at your deposit.
At the time of making this video – February 2010 you will need at least 10% deposit.
If you’ve only got 10% deposit the number of lenders who will lend is extremely limited.
IT COULD SAVE YOU A LOT OF WASTED TIME IF YOU KNEW WHO THOSE LENDERS WERE.
So you’ve got the deposit and your income is OK.
Now let’s take a look at your employment situation.
If you’re in permanent employment or you’ve been self employed for over 3 years you’re looking good.
But if you are working on a short term contract or doing agency work most lenders will run a mile.
Or what if you’ve been self employed for less than 3 years or even less than 2 years. Most lenders will walk away
Maybe you work overseas.
Again even if your income stacks up most lenders will decline your application.
You see where I’m coming from? YOU NEED TO KNOW WHICH LENDERS WILL DO BUSINESS WITH YOU.
OK so you’ve got the deposit, your income stacks up and you’ve found a lender who will cater for your employment situation.
NOW COMES THE CREDIT CHECK
A credit check is where a lender checks your credit rating with a credit reference agency.
IF YOUR CREDIT RATING ISN’T HIGH ENOUGH THEN CHANCES ARE YOUR APPLICATION WILL BE DECLINED.
However, some lenders take a more lenient attitude than others towards a low credit rating..
WOULDN’T IT BE USEFULL TO KNOW WHO THESE LENDERS ARE?
And there are certain things you can do to improve your credit rating so maybe in 6 months time you can re-apply.
WOULD YOU LIKE TO KNOW WHAT THESE ARE?
Now For those of you who qualify for a mortgage What’s next?
Well what type if interest rate do you require? Do you want a:-
Fixed rate
Variable rate
Capped rate
Discounted rate
Tracker rate
Do you know the differences between these rates and the impact they can have on your mortgage.
WOULD YOU LIKE SOMEONE TO EXPLAIN THESE DIFFERENCES TO YOU AND HELP YOU CHOOSE THE RATE THAT’S RIGHT FOR YOU?
OK so now you’ve got the interest rate you require.
How are you going to repay your mortgage?
Yes that’s right I said how are you going to repay your mortgage?
Because even here you have a choice between:-
Capital and Interest
Interest only
A mixture of the two
WOULD YOU LIKE SOMEONE TO EXPLAIN THESE OPTIONS?
Start recordingAnd what about fees?
Valuation fee.
Lender’s arrangement fee.
Higher lending charge
Booking fee
Telegraphic transfer fee.
Early redemption fee
WHANT TO DISCUSS THESE WITH SOMEONE WHO KNOWS ABOUT THEM?
A discussion with a mortgage adviser can guide you through all of these things.
From this discussion your mortgage adviser can taylor a mortgage to your exact requirements.
Then search the whole of the market to find the BEST mortgage deal which matches your requirements.
Then make a recommendation in writing showing all the costs involved.
REMEMBER INDEPENDANT MORTGAGE ADVISERS HAVE TO STAND BY THEIR RECOMMENDATIONS
Now If you wish to proceed:- How would like someone to act as YOUR advocate during the application process?
This means:-
Helping you complete all the paperwork for the mortgage.
Gathering all the information the lender needs to support the application.
Using their experience to resolve problems during the process.
If required providing names of known and trusted professionals such as solicitors and accountants .
Helping you understand all the forms provided to you by the solicitor, lender, surveyor etc.
Liaising between all the interested parties making sure that everything is going well.
Keeping you informed of the progress of the mortgage and dealing with any questions or concerns you may have.
Helping you understand the formal offer issued by the lender and making sure you understand what you are getting into.
Making sure you are not paying too much for any insurance plans that you may have with your mortgage.
Again speaking to the providers on your behalf.
And talking to you in plain english, about the solutions to your needs.
When You Put This All Together Wouldn’t you just like someone to:-
Co mmunicate with everybody in the purchase or re-mortgage process.
A dvise on the most suitable scheme based on the your requirements.
R emind about all the risks involved in carrying out the transaction.
E nsure your family is protected should anything unforeseen happen.
I Hope I’ve Made My Case You can do it yourself but ask yourself this If your car broke down would you try and fix it yourself or would you employ a mechanic?
I Hope I’ve Made My Case You can do it yourself but ask yourself this If your car broke down would you try and fix it yourself or would you employ a mechanic?
If you had a problem with your central heating would you try and fix it yourself or would you ring for a plumber?
If you had an electrical problem would you try and fix it yourself or send for an electrician?
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