Halloween is here and bonfire is just right around the corner, so I thought I would give you an insight in what people think the 5 most scary things are when obtaining a mortgage.
1. Raising a deposit
Saving for a deposit will likely be the most frightening part of buying a home. Remember, there are options out there where you don’t need a deposit or as little as 5%.
Whilst this may seem like an unattainable goal of obtaining the deposit, there are plenty of options in place to assist first-time buyers to build up their deposit including Help to Buy, Shared Ownership and taking a gift or borrowing from the Bank of Mum and Dad can also help towards securing a deposit.
2. Choosing the right mortgage
There are now many price comparison websites that provide customers with various deals, but it’s easy to get lost in the maze of different percentages, fees, and choices of fixed or variable rates.
Speaking to a Mortgage Broker is therefore essential. Not only do I have access to thousands more products than going direct to a lender, but as specialists in my field, I am able to help find a mortgage that matches each borrower’s specific needs based on income, affordability, and credit score.
3. Navigating the process
Buying a home can be a complex and lengthy process, which scares some people off straight away. The scrolling through comparison websites can feel like a never-ending feat.
The mortgage industry is embracing new technology and using digitisation to automate a large proportion of the mortgage process. If you are going through a Mortgage broker then all of this is taken out of your hands as I will deal with everything from start to finish, taking away the stress and scrolling through the internet for the right mortgage for you.
4. The fear of rejection
People with complex financial circumstances often worry that they won’t be able to get a mortgage. Individuals that are self-employed, have a credit blip on their record, or have been rejected by a high street lender tend to be the most spooked in this regard.
Though, there are actually many specialist lending routes available for customers with complex circumstances. By assessing applications on a case-by-case basis, specialist lenders will take each borrower’s unique circumstances into account and identify the most suitable product.
Most specialist lenders can only be accessed through a mortgage adviser, though, so anyone interested will need to seek guidance in this area. I can review your whole circumstances and needs to see what's the most suitable lender.
5. Getting advice
No matter what stage a buyer is at, the mortgage process can seem frightening. But just like the monsters lurking under the bed, it’s the not knowing that’s the scary aspect of the mortgage process.
With so many options available, advice is key. Speaking to me as an independent mortgage adviser I can provide a number of benefits.
I can give borrowers access to far more products than going direct to a lender, and just as importantly, will receive guidance about which products best suit their situation and needs.
And I can also help borrowers better understand the costs, criteria and options associated with any product, as well as factors such as life or income protection that will help protect their future – and their families too.
So, if you are looking for some mortgage advice or know anyone looking for advice then please don't hesitate to contact us.
07791786265