Don't DIY!

The Internet is a very powerful and helpful tool when it comes to many things in life. More and more lenders offer online calculations, quick decisions in principles and quoting systems so what could go wrong if you wanted to sort out your mortgage this way?!

In many cases it may be possible to get an online indication of a mortgage affordability or to check interest rates but, unless you wish to take all responsibility for any issues in the application process, and, unless you are absolutely sure you have a thorough understanding of lenders’ requirements and criteria, you may get a very unpleasant surprise and not quite the outcome you want.

Buying a house is a serious financial transaction and perhaps best to leave this to a qualified advisor to deal with the mortgage application.

By doing your mortgage application yourself, you might end up with a more expensive rate, you might lose money and time by going for the incorrect lender and getting declined, you might damage your credit score and finally you might completely jeopardise your purchase.

You would probably not extract your own tooth as certain things be best left to professionals;)

Nowadays when lenders keep changing criteria and when nothing is guaranteed to not change unexpectedly, it is too much of a gamble to Do It Yourself.

If you have any mortgage related enquiries, do get in touch and we will be happy to help.

I have made an offer and it’s been accepted – what do I do next?!!!

Buying a house is surely something that we plan well in advance rather than a spontaneous shopping spree.

Of course, one can browse through properties online but, to make an offer, one should at least first have a consultation with a broker to know how much they can afford to borrow, to check their credit report and to know that their deposit is enough.

These are all individual factors that need to be taken into consideration before making an offer. Having no time to discuss your purchase is a very poor excuse which can cost you not only losing a dream home but can give you lots of stress and disappointment.

More often than not, estate agents want to see us as serious buyers who are prepared in advance and they expect us to present them with a decision in principle document on making an offer.

Best leave the preparation stage to a professional rather than DIY this step as you may harm your credit score and have no gain anyway. A broker knows all lenders and their criteria and will carefully select the one that meets your needs.

As market is very busy, there is lots of competitive buyers who may have already seen a broker and who are better prepared. Be one of them, be wise!

If you wish to discuss your circumstances in preparation for buying, feel free to contact us.

Does loyalty to your bank give you a better deal?

Is it easier to get a mortgage if you apply through the bank where your personal/business account is?

We are often asked this question and there is common perception that loyalty to your own bank pays off.

Whilst it can be worth checking their best products, it is very important to compare it to other lenders to see if it is indeed the best deal you can get.

Lenders may have exclusive products for their own customers, but it is not a guaranteed option.

Often, another lender may have a better interest rate for you and be sure that no lender will ever tell you that their competition may offer you something much better Each bank will only offer the best they have but is it the most attractive option you can get?!

If you contact a broker, they can collect all the details needed to do a thorough research to see how your bank’s deal compares to others.

Also, although verification checks may be easier sometimes with the bank where you have your own account, many lenders now access systems which can identify customers very quickly. Don’t assume that your own bank will be less thorough with their checks as any regulated lender has to do the due diligence checks to make sure customer’s circumstances meet their criteria.

Before you decide which mortgage lender is best for you, always speak to a suitably qualified broker.

Should you have any questions, do get in touch.