When you buy a property, it’s important that you have a complete understanding of the financial information, the type of mortgage you have and how much it will cost you. A mortgage adviser is specially trained, after taking a CeMAP course, to have this information available once they have asked you a few questions. To make the most of your time with an adviser, you may want to consider preparing yourself.

Do a little research into the types of mortgage available and how they differ from each other. This will help you to get an idea of which type of mortgage may be more suitable to your situation. Most people want a repayment mortgage, where you repay some of the capital each month along with interest on the loan. You may struggle to find an interest only mortgage, as many lenders will only offer them in specific circumstances now.

Before your appointment with the adviser, calculate how much you can reasonably afford to borrow. You may want to produce an income and expenditure statement which details all your income and everything you spend each month. This will produce a realistic figure for the adviser to work with.

Be completely honest with the mortgage adviser, so that they can help you as much as possible. If you aren’t prepared to make any cut backs in spending, be honest and admit that so that the amount you borrow is affordable. Being honest and doing a little work before your appointment with the adviser will help you maximise your time.

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