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Getting a mortgage is usually a tough decision you have to make, therefore it is important you make the best decision. There are several mortgage rates available in the market, so it is important you get a mortgage advisor and also contact your bank. Although lenders and mortgage brokers will offer advice in most of the cases, you still have the option of rejecting their advice and finding own deal based on your personal research. This is referred to as “execution-only” application. However, this doesn’t always go well because getting advice, instead of doing your own research, means that if the mortgage turns out to be unsuitable for you in the future, you will have the rights to make a complaint. Making the wrong decision on your own is a costly mistake. In addition to that, you might also end up being turned down by lenders due to your inability to clearly understand the circumstances the mortgage was mapped out for as well as the restrictions. You are advised to get a mortgage advisor because Lenders and brokers usually offer advice when they recommend a mortgage for you, which of course is very useful. They also look at your income, your debt repayments and day-to-day spending and assess the level of mortgage repayments you can afford. Not taking advice from them means you have to take full responsibility for your mortgage decision and won’t be able to complain. There are three main types of mortgage advisors available for you and they function differently. Some are tied to a particular lender, which means they can recommend only that specific lender to you. The second type of advisors look at deals from a limited list of lenders, which as well also limits the options available to you. The third type check the whole market for a wide range of mortgages, which is the best for you.

Below are the reasons why you should consult Independent Mortgage Brokers for mortgage advice.

  1. They will check your finances to ensure you can afford a mortgage
  2. They have in-depth knowledge of the market and will be able to look at a range of mortgage products which suit your needs.
  3. Some of them have have exclusive deals with lenders, which are not otherwise available to individuals who approach them directly.
  4. Most times, they complete the paperwork for you, thus making your application faster
  5. They usually recommend only mortgages that are suitable for you and advise you on which ones you are likely to get
  6. They also help you to take all the features and costs of the mortgage into account, beyond the interest rate
  7. Most of the first of all tell you about their own mortgages, so you can check how their products stack up against the competition in the market before making a final choice.
  8. Most of them offer free advice (receive commission from the lender), although some may charge you for their service and this depends on the product you choose or the value of the mortgage, and you are protected and can complain to the Financial Ombudsman if things do not go the way you wanted them to.

After your broker makes a product recommendation, they will give you a mortgage illustration document called keyfacts illustration. By the year 2019, the European Standard Information Sheet (ESIS) will replace the current Keyfacts Illustration document (KFI) and it is similar to the KFI but come with some additional details about the mortgage you are being offered. Some of the lenders and mortgage advisors in UK will give you the ESIS when they recommend a mortgage to you while others will continue to give you an improved version of the existing KFI document or provide additional documents which contain the additional information as needed. While looking for a mortgage, you should check the Annual Percentage Rate of Change which takes the interest rate and some of the mortgage fees into account and expresses it as a percentage. Also check the deposit size. The higher the deposit, the lower the interest rate. The standard rate is also important. Consider how often the interest is charged. Also find out how flexible they payments are. Can you take a break from making payments for your mortgage and can you also overpay without being charged. The length of fixed or variable rate deal should be checked too.[/vc_column_text][/vc_column][/vc_row][vc_row el_class=”seo-link-sec hide”][vc_column][vc_empty_space height=”50px”][vc_column_text][slick-slider category=”28″ design=”design-5″ speed=”2000″][/vc_column_text][/vc_column][/vc_row][vc_row el_class=”call-out-sec stretch-sec” css=”.vc_custom_1568018042545{background: rgba(0,0,0,0.88) url( !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;*background-color: rgb(0,0,0) !important;}”][vc_column][vc_column_text]

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Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of our Independent Mortgage Brokers to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisers working for or with Independent Mortgage Brokers are fully qualified to provide mortgage advice and authorised and regulated by the Financial Conduct Authority. All our independent Mortgage Brokers will offer advice specific to you and your needs and circumstances. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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