Basic Mortgage Advice For First Time Buyers

Finding impartial mortgage advice might seem like an impossible task

, but there are many ways to get the information you need before committing to what will probably be the biggest loan of your life. However, if you are seriously considering taking on such a loan, it is wise to remember that a mortgage is a product, and someone somewhere will be trying to sell you their product. The best course of action therefore is to do you research and be informed before you take out a mortgage.

One if the most accessible sources of mortgage advice is the internet. Forums, blogs, news feeds and of course, websites of mortgage providers are jam packed with information, and it's all available at the click of a mouse. One of the best aspects of starting with the internet to do your research is that it is free, and the other bonus is the fact that there are many different points of view about the mortgage products available.

The volume of mortgage advice might well be completely overwhelming, but once you have picked up a few pointers, and grasped some of the jargon, you will be ready to approach a lender and ask more questions. There are two ways to get information about what type of mortgage might suit your needs and your budget, one is to approach a lender directly, and the other is to arrange your mortgage through a broker. Whilst you are shopping for deals, it is advisable to get mortgage advice from both as there are different benefits to be had.

Some banks offer competitively priced deals to existing customers that aren't advertised to the general public. In this instance, applying for a direct mortgage could save you money with a product you didn't know existed. There are actually lots of deals that can be struck with a direct mortgage, but it takes time to find the deals personally. The alternative is to approach a broker. Independent brokers have a wealth of information about different types of mortgage products, and can source some of the best deals available. Although they will not be able, except in rare circumstances, to arrange the direct deals on your behalf, they are capable of negotiating a bespoke mortgage on your behalf.

Independent brokers have the ability to make a mortgage application more appealing, and can help improve your credit score, which means you are more likely to be able to get a competitive rate. Having said that, if your bank knows you and your financial history well, they may well offer a better deal. This is why it is important to get mortgage advice from as many sources as possible. Being armed with the right knowledge could save you thousands of pounds in the future.

by: Anna Stenning

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