Buying your first home is a very exciting time, especially if you live at home with your parents, or if you flat share with friends and you are starting to crave your independence and a space that you can call your own.
Deciding to purchase your own home is also a very anxious time as it is a big financial commitment. As a first time buyer it is a huge step into an unknown world. Being a long-term commitment it is a decision that you want to get right.
You will probably have lots of questions that you need answered, and there will most likely be questions that you haven’t already considered. Your first meeting with a Mortgage Advisor is an ideal time to ask those initial questions.
Below is a brief overview of the type of questions (and the reasons for asking them) that you might want to ask at your first meeting with a Mortgage Advisor.
Questions to ask about your Mortgage Advisor
- Is your Mortgage Advisor an Independent Advisor?
An Independent Advisor can search the whole of the mortgage market to find the best mortgage deal available to you. A Mortgage Advisor that works for or on behalf of one or more mortgage companies can only search the products of those mortgage companies.
- What are their qualifications?
Mortgage advice is very specific and you need to be qualified to be able to provide this advice. Some Independent Financial Advisors can offer mortgage advice but they must have a mortgage qualification before this mortgage advice can be given.
- How do they charge for their services?
Some Mortgage Advisors work on a Commission basis and some will charge you a Fee. The commission is paid by the mortgage lender once their product has been sold to you (you do not pay this) whilst the Fee is paid by you and will be a percentage of the mortgage value.
- Do they offer other services in addition to mortgages?
Other services can include Insurance. It can be helpful to arrange Building and Contents Insurance at the time arrange your mortgage.
Questions to ask about the Mortgage process
- What are the different types of mortgage available?
There are several different types of mortgage available (fixed rate, capped rate, variable rate, buy to let, etc.) and having the differences explained to you will help you to make the right decision for you and your financial circumstances.
- How much deposit do I/we need?
Your deposit amount affects the amount you need to borrow on a mortgage. There are different mortgage deals depending on your deposit. Your Mortgage Advisor will be able to provide you with the latest market information.
- How much can I/we borrow?
This will depend on your income, your deposit and your financial situation. Providing your Mortgage Advisor with the correct documentation at your first meeting will help them to establish the right advice for you.
- What will my/our monthly repayments be?
This will depend on the mortgage value, the interest rate of your mortgage agreement and on the length of the mortgage agreement. Again, your Mortgage Advisor will be to provide you with the latest market information suitable to you.
Our mortgage advisors at Total Mortgage Network are here to make your first home buying experience that little bit smoother and to help provide answers to your questions and concerns. Contact us to find out how we can help you along your journey.
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