You don’t need us to tell you that finances have become much more challenging over the past few months. Here are six things to consider to save you money and make your life easier, just be asking T+G to speak to one of our mortgage advisors.
Saving money has never been more important than it is right now. You might think that one way of cutting costs would be to cut out the mortgage advisor when you’re arranging your next mortgage deal. In reality, though, that’s the last thing you want to do. Here’s why. 1. A mortgage advisor can save you money, not cost you money
There are lots of ways a mortgage advisor can save you money. Stick with the lender you’ve got (or stick with your existing bank) and it’s extremely likely you’ll end up with a mortgage that’s not only far from the cheapest on the market, but also one that isn’t particularly suited to your needs. 2. A mortgage adviser can access the right mortgage for you
The right mortgage for you probably isn’t the right mortgage for the next person we’ll talk to. You might want to fix your rate lower or for longer. Being able to pay off more without penalty might be important to you. So might being able to take a payment holiday.
You might need a mortgage with a lower deposit or which lasts longer than the ‘standard’ 25 years. You might be self-employed. You might be living off a pension. Your credit rating may be exceptional. Then again, it might not be.
Your circumstances determine which is the best mortgage for you. Of the (roughly) 12,000 UK mortgage deals available right now, only a fraction will suit your specific needs. A mortgage adviser can find all those needles in the haystack because, unlike most banks, they’re not tied to a single lender’s products, which drastically limits their view. 3. A mortgage adviser can access a cheaper deal
Cheapest may not always be best, but once they’ve helped you narrow your search to the best products on the market, they can then help you find the cheapest ones.
As we’ve explored previously, mortgage advisors can access deals the general public can’t. Often, they can even access deals from your own bank or mortgage lender that are better the ones you’re being offered.
That doesn’t prevent you from doing your own research (if you have the time) to find the cheapest, most suitable deal. But once you have, give us a call. We’ll usually be able to better it with a deal you simply won’t be able to access. 4. A mortgage advisor saves you time
Of course we’ll save you time if we’re doing the job instead of you. But it’s worth taking a moment to consider just how much your time is worth. With conditions challenging for so many people right now, we’d argue it’s never been more important to be able to delegate the job of finding your next mortgage to someone else. 5. A mortgage advisor can protect your credit rating
Mortgage advisors have the expertise to be able to target the lenders most likely to lend to you. That saves you wasting time, of course, but the effect is actually much bigger than that.
The more credit searches you make, the more likely you are to be refused credit, or refused the best offers. So having someone to help you target a lender who’ll say ‘yes’ first time could be crucial.
6. A mortgage advisor may not charge you a fee
Some mortgages available through mortgage advisors are fee-free for homeowners, meaning the lender pays our fee, not you. But even where there is a fee, you could find the amount you save – in terms of time, stress and long-term costs of the mortgage – makes any fee a drop in the ocean.
That’s why it’s so important to talk to an expert. So to find the right mortgage or remortgage for you, talk to Sharon and her team and let's see what we can save you.