Mortgage Broker Milton Keynes – A local touch
When you buy a property, you will need to put down a cash deposit. This is usually between 10- 20 percent of the value of the house, yet for first-time buyers, it can be as low as five per cent. To fund the remaining balance of the property, most people require a mortgage.
You need to pay the mortgage back, as well as interest, in monthly instalments over a set number of years. Most people opt for 25-year mortgages, yet there are other options available.
What sort of mortgage deals are available?
Virtually all mortgages are going to be classified as interest-only mortgages or repayment mortgages. The latter refers to mortgages whereby you pay back some of the loan and some interest every month. An interest-only mortgage means you are going to pay interest every month and then you will pay back the sum you borrowed initially at the end of the mortgage.
With these two categories of mortgages, you then have several options to select from, including offset mortgages, discount mortgages, tracker mortgages, and fixed-rate mortgages. We can help you to understand the different mortgage products that are available so that you can select the right one for you.
What impacts your choice of mortgage?
There are numerous factors that will impact the deals available to you and, ultimately, the mortgage that you select. This includes the following:
- Whether you use any schemes, such as the Help to Buy scheme
- How much you can afford in monthly mortgage payments
- The length of time you want to be paying off the mortgage, which is known as the mortgage term
- The type of property you are buying, for instance, a flat, house, or new-build
- How much money you have saved for the deposit
Why use a local mortgage broker?
A local mortgage broker is an experienced professional who can help arrange a mortgage between you and the lender. Moreover they are acutely aware of the local housing market and the advantages and potential pitfalls to avoid. There are many benefits associated with using a mortgage broker. These include:
- A broker will have better access – There are some lenders that work exclusively with mortgage brokers, as well as providing them with special mortgage deals. Because of this, you will have a much better range of mortgages to choose from when you use a broker rather than contacting lenders directly yourself.
- A broker will save you legwork – Mortgage brokers are in contact with a number of lenders on a regular basis. This knowledge of the mortgage market will enable them to handle the paperwork and your mortgage application hassle free.
- A broker could be able to manage your fees – There are numerous fees involved when taking out a mortgage and it can be complicated, especially for first-time buyers. This is another area that mortgage brokers can assist with.
What will a mortgage broker want to know?
When working with a mortgage broker, they will ask you a few questions. This is so that they are able to understand your current situation and match you to the most appropriate mortgage product for you, finding you the right deal.
They will want to know whether you have had a mortgage in the past, your income, your budget, and how long you have been in your existing job.
They will also ask about your deposit, i.e. how much you have saved and where this money has come from.
Aside from this, they will want to know if you have any dependents, what debts you have, where the property is situated, and the type of property you want to purchase.
They will use this information so that they can help give you the right mortgage advice.
Not just for first time buyers
Mortgage advisers and brokers don’t just help first time buyers. Their skills are also valuable for those coming to the end of a fixed rate period and looking to remortgage. The same mortgage process and access to the right mortgage offer apply.
Contact us today
If you have any questions about the mortgages that are available to you or you would like to discuss your current circumstances, please do not hesitate to get in touch with us for more information. We would be more than happy to assist you in any way that we can to find the best mortgage for you.