Harry and Sam have been staying with Harry’s dad in his two-bedroomed terrace for just over a year while they save up a deposit for their first house. The lack of space and privacy has proved challenging to say the least and would now like to start searching for their own house.
Despite having saved up a good deposit, friends have warned the couple they would have no chance of getting a mortgage due to their working situation. Sam is a self-employed, successful roofer, but has only been working for himself for two years. His friends have told him, he’ll need at least three years of accounts before a lender will go anywhere near him. They say any mortgage the couple can get will be based on Harry’s income alone. Harry works as a hairdresser and his salary is nowhere near enough to secure the kind of mortgage they’re hoping for.
The value of mortgage advice
Harry and Sam should resign from listening to their friends as when making such an important financial commitment like this, the only guidance they need is from a qualified mortgage adviser. Here are four ways they can make a difference to a mortgage search:
They know the market
If, like Harry and Sam, your needs or circumstances are ‘out of the ordinary’, your options may indeed be more limited than those of other buyers. However, this doesn’t mean you don’t have options. They know the lenders who are willing to consider buyers in your situation and will check you’re likely to meet their specific lending criteria before submitting a formal application. This will save you time and avoid unnecessary searches on your credit file.
They know what a good deal looks like
An attractive rate may seem like your best bet when choosing a mortgage but you also need to factor in things like fees, loan conditions and the mortgage term. They look beyond the headline rate and can help you understand how the length and type of loan will affect how much you pay in the long term. They’ll also highlight any additional expenses like administration and booking fees, and valuation costs.
They do the hard work for you
As well as helping you select the right mortgage, they’ll work with you to complete all of the necessary application forms and liaise on your behalf with solicitors, valuers and surveyors. They can also recommend products that provide financial protection should the unexpected happen.
They’re professionally qualified
They’re fully qualified to advise you on a wide range of lenders and products unlike high street banks and lenders. This way you’ll gain from genuine choice coupled with quality advice.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
OW4031 Exp. 17/03/2024 – Approved by The Openwork Partnership on 17/03/2023
