Buying a house is one of the largest financial decisions you’ll make, so it is incredibly important to get it right!
Most people need a mortgage to buy their house and some people go on to need further mortgages to buy other houses, for example as buy-to-let properties.
A mortgage is simply a loan taken out to buy property that is secured against the value of that property. By secured we mean the bank or building society lending you the money keep an interest in the property. This means if you fail to pay them back, they can take possession of that property and sell it to re-pay the debt.
Getting it right is therefore one of the most important financial decisions you will make!
- Get it right and the mortgage should match your circumstances, your needs and help you achieve your goals
- Get it wrong and ultimately your home is at risk of repossession
The mortgage market is vast, with lots of different products and a vast number of providers. Each of these providers have different eligibility criteria, so it is important to be armed with the correct information before applying.
Just think about this:
How much time do you spend looking for the best deal for your annual holiday?
If you think that the cost of a house can be thousands of times more, you might want to ask yourself, do I want to commit to a deal without receiving some advice?
Apart from the need to get information, there are benefits and added security for you in getting advice. When a bank or a mortgage broker gives you a recommendation, they will assess your situation, needs and plans. This means you will get a mortgage that is suitable for you.
A mortgage adviser, also known as a mortgage broker, is a specialist with in-depth knowledge of the market. They’re able to look at a range of mortgage products from various providers not just the one bank or building society – and can help you get the most cost-effective mortgage that suits your needs. In addition, brokers often have access to special offers that are not available directly to the customer.
All mortgage advisers must offer you advice when recommending the most suitable mortgage for you. This means you’re protected and you can complain to the Financial Ombudsman if things go wrong.
Getting advice rather than choosing a mortgage yourself also means you have added protection. If the mortgage turns out to be unsuitable, you could make a miss-selling complaint.
Not taking any advice means you take the full responsibility for the mortgage you applied for and if you make the wrong decision, the responsibility lies with you.
In addition, the service we provide at Community Mortgage Services will ensure all the following are taken care of:
- We will thoroughly check your circumstances and needs and only recommend a mortgage that is suitable for you and that you are likely to be accepted for;
- We have exclusive mortgage deals that you may not be able to access elsewhere;
- We will complete the paperwork for you, so things should go faster;
- We will help you think about all the costs of the mortgage, so you understand the situation and can plan appropriately.