Getting Professional Advice from a Mortgage Broker

What a difficult time to get on the property ladder. We’ve got lenders that are being very cautious with their lending which of course affects consumers who two years ago would have no problem getting on the property market now either aren’t credit worthy enough or are unable to afford the deposit demands. For those that have recently taking a mortgage on a fixed rate deal may get put on a standard variable rate mortgage by their lender. With limited options they unfortunately may be stuck on this expensive rate.

The news regularly comments on the state of approvals and lending which recently has improved, marginally which could be a sign of improvement however it is too early to tell either way. You could wait it out until lending becomes more competitive again and rates improve or if you are set on buying now or can afford one of the better fixed rate deals and want to lock in now then here are a couple of suggestions to help you with the process.

If you are about to renew or want to get your first property my advice would be to seek expert advice from a mortgage broker. There are brokers that will charge a fee for the service however in my opinion you can get just as good a service from no fee mortgage brokers. To find a good one you could look for reviews on the internet or ask family and friends if they have had a good experience with a broker.

You can get personalised advice on the best products for you from a mortgage broker, the current market state and market trends from a broker who hopefully has had at least a couple of years experience in the market.

Ask about shared equity mortgages as an alternative to traditional mortgage types. To side step the huge mortgage deposits which for those with near perfect credit scores are still 10 to 15 per cent, the normal is 15 to 20 per cent. If you aren’t in a position to put forward this kind of equity you could ask your parents or friend if they would be willing to take a stake in your property to help you buy a home.