Whether you are looking to find your first home, take on a council property under your "right to buy", consolidate your debts, find property abroad or finance a self build, there is a mortgage advisor out there who will be able to help.
There are even specific mortgage arrangements for those who have an adverse credit rating such as those with a County Court Judgment against them. Mortgage advice should also range to related matters such as conveyancing, stamp duty, life assurance and income protection.
Different Types of Mortgage Advice
These days, you can find an increasing number of websites comparing different mortgage providers and advisors. While merely comparing different providers online will give you a general idea about the types of deal on offer, an independent mortgage advisor or broker will give you advice tailored to your specific needs, how much you can afford to borrow and repay each month, and is able to negotiate with a mortgage provider. While normally charge a commission-based fee depending on the amount borrowed, you will need to ensure that this is competitive: you should still be able to make a saving on the amount you pay for your mortgage. To avoid paying a premium on mortgage advice, you can find websites that will allow you to search all available mortgage advisors in your area and compare charges.
Different types of Mortgage Advisor
An independent mortgage advisor is able to offer a "whole of market search" in your area. You will want to find a mortgage advisor who has experience of the market in your area and the type of mortgage you are looking to take on. It is also worth having a look online at the types of mortgage available, before you go ahead and find an advisor.
Different Types of Mortgage
Mortgages can be interest only, where you pay off the loan at the end of the term using an endowment, pension plan or ISA savings plan, or repayment mortgage, where you repay both capital and insurance to your mortgage provider.
Both repayment and interest-only mortgages normally offer a variety of options for the way you accumulate interest.
A fixed-rate mortgage involves, unsurprisingly, paying monthly amounts that are agreed at the beginning of the mortgage term for a period of between two and five years, until which time they fall in line with the standard variable rate (SVR) for borrowers. Variable rate interest, as the name suggests, means that if the Bank of England puts interest rates up, your mortgage payment will also increase in proportion.
A discount mortgage offers a discount on the SVR for a set period - at which point it will remain in line with the SVR. A capped rate mortgage will guarantee that your mortgage payments do not go above an agreed figure, although they will fall in line with a decrease in the SVR.
Current account and offset mortgages mean that amount you have in your current account or savings account is taken off the total amount you owe and pay interest on. Flexible mortgages will allow you to make greater or lesser payments according to your present financial situation. You may also want to consider a 100% mortgage, where you borrow the entire amount of the mortgage, often for a higher interest rate, without needing to make a down payment.
It is worth talking to someone expert in your situation; the right sort of mortgage advice will make sure you don't take on more than you can afford.
Author Resource:-
Shaun Parker has been at the forefront of the Mortgage advice industry bringing the latest in advice to the public. The face of mortage advice is changing dramatically.
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