How your mortgage adviser can help you buy a home

October 6, 2015 by Brendan

Advice & Tips

With so many mortgage deals currently on the market – just over 15,000 according to the Mortgage Advice Bureau – you may find that some professional advice will help you secure the most suitable and cost effective deal. As mortgage advisers are required to attend and pass a course with a CeMAP training company, they are in the best position to help you find a mortgage that will be beneficial.

A mortgage advisor will look at more than just the interest rates to find a good deal. They will take into account application fees and any other costs associated with a mortgage. It is often easier to look at the lowest interest rate and forget that the fees that are added could increase the cost of your mortgage by thousands.

If you are looking for a fixed rate deal, do you take the two-year or five year deal? This is something that an adviser can help with. For some people, a short-term low fixed rate may be the most suitable option, but for others who intend to remain in a property for a considerable time, a longer period of fixed rate may be better.

The amount you have borrowed could also have an impact on the type of deal you sign up for. If your mortgage is £100,000 or more, you may be better to choose the lowest rate even if the fees are slightly higher, as the monthly repayments will be considerably less.

With such a large variety of mortgage deals, professional help is often required to prevent any costly mistakes.