If you are planning on moving or purchasing your first home, then personal financial services can help in a number of ways. Perhaps you will want to consider life assurance or critical illness cover, for example? This would ensure your family will continue to have a roof over their heads if something happens to you which meant you couldn’t keep up with your mortgage payments. That said, one of the main reasons you might want a professional to help you with your finances prior to buying a home lies with what sort of mortgage you will take out. What are the main advantages of turning to professional mortgage advisors?
Finding A Great Value Deal
When you talk to your current mortgage lender about moving and borrowing a larger sum, they may well have a good deal available for you. However, operating in this way does not mean you have shopped around adequately. Even first-time buyers, who tend to check out the rates with more than one mortgage lender, don’t always find the best deals. This is because some specialist mortgage providers don’t have a big high street profile. When you seek a mortgage advisor’s help, on the other hand, the whole market is searched on your behalf to make sure your future repayment commitments are as affordable as possible.
The Best Deal for Your Circumstances
By looking at your financial position in the round, you will be able to obtain a mortgage that really suits your lifestyle. This might depend on whether you have children, your age and where in the country you want to live. Remember that mortgage advisors should not always be trying to find you the cheapest deal around but one that suits your future aspirations, as well. That might mean looking at other financial products, too, such as endowments to go alongside your mortgage borrowing.
When you turn to an independent mortgage specialist to help you navigate the mortgage market, you should always look for proper accreditations, such as with the Financial Conduct Authority, for example. When you get professional advice, you are better protected than simply going to a mortgage lender directly. This is because professionals who are properly regulated in the financial services industry should have indemnities against any errors that are made when you sign up. Please bear in mind, however, that such problems are extremely rare. Going through a financial advisor simply means that you are able to feel more confident that you will be properly covered if something goes wrong down the line. Therefore, it is the right option for anyone who wants to be able to sleep at night without worrying unduly about their finances.
Don’t Have Your Mortgage Application Rejected
Sometimes mortgage lenders turn down requests to borrow money based on what they know of your wider financial circumstances. This may mean your dream home goes back on the market if you cannot seal the deal. Alternatively, you may end up taking out a mortgage that costs you more from another lender. With expert mortgage advice, on the other hand, you application should always be seen in the most favourable light possible, thereby helping you to obtain the type of mortgage you really want.