With Property Debt accounting for over 90% of total UK household liabilities, it probably makes sense to seek mortgage advice. (Source: Office for National Statistics, Household Debt Survey, December 2019)
For many of our needs, we happily do our own research and purchase online. With the myriad of mortgage products out there, and the fact that it is such a sizeable and complex purchase, why wouldn’t you seek professional help?
To reinforce this point, industry data shows that intermediaries (such as us) originate three-quarters of all ‘residential mortgages’ (by value). This is up from less than half in the 2009-12 period. With regard to the landlord ‘buy-to-let mortgage’ business, this figure increases to almost 90%. (Source: UK Finance, December 2019 report)
Work through the choices with our mortgage advice
We endeavour to deliver a human face to help make sense of the most suitable options on offer for you.
For example, the vast majority now opt for a fixed-rate mortgage, but a tracker rate may be better for your needs. Securing the introductory mortgage rate for five years is now more popular than the two-year deals. However, the flexibility offered by a two-year one may be more suitable.
In terms of the overall length of the mortgage, in the past, 25 years was the standard length. The 30 and 40-year terms are becoming more popular as they have a cheaper monthly cost. However, they are much more expensive in terms of the total interest charged over the term of the loan. That is why proper mortgage advice is so important.
We’re there for You
Additionally, we recognise that most of you have time-pressed lives. We will endeavour to reduce the hassle of filling out forms and applications.
We’ll help navigate you through the raft of tighter rules, which now apply to ‘evidencing of income’ and ‘affordability’ measures.
We also take a view of the wider marketplace rather than just what’s on offer from one high street lender.
Plus, we can highlight the insurance you should consider to cover the mortgage debt and your income stream(s).
Irrespective of whether you’re new to property buying, or an old hand, we have experience of dealing with all types of clients. This enables us to work towards identifying the most suitable product for you.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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The post Your house purchase is likely to be your biggest expense, so seek mortgage advice. appeared first on The Mortgage Bureau.
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