When you are looking to purchase a property, there is a lot to think about. Assuming you’ve negotiated a purchase price, all you want to do is to buy the property that you’ve seen. However, you have to talk to a mortgage advisor to help decide what your mortgage options are, apply for the mortgage, find a solicitor, decide what sort of valuation to have, get a valuation done and all sorts of other things to think about for your own property.
On top of this, you need to think about when you can move in, sorting out your bills, etc so when your mortgage lender offers you a few optional extras that they’ll sort out for you, such as buildings and contents insurance, mortgage payment protection and other such items it may seem easier to just say yes.
These optional extras can often be bought cheaper elsewhere so you can save a significant amount of money by shopping around. Make sure you take the time to get alternative quotes.
Also, if you are self employed or you are on a short term contract for employment, then mortgage payment proection may not cover you so make sure you check the small print and don’t pay for it if it won’t work for you.
All these extras are also covered on a CeMAP training course.
