Guest Spot: Decoding The Mortgage – A Brief Guide
Cobb Farr works alongside the Mortgage Advice Bureau to help our clients finance their property moves. MAB have access to over 80 mortgage lenders and are able to check with each bank and building society their lending criteria, affordability calculations and interest rates, to help our clients find the most suitable mortgage for their circumstances.
Often using a mortgage broker will not only save time but also money! Brokers have exclusive rates with the banks and building societies which are usually better than those available direct.
When should I speak to a mortgage adviser?
The best time in the buying process to speak to the mortgage adviser is at the very beginning. Before you start viewing properties – check your budget, really is, your budget! If you have only spoken to your own bank, you may find other lenders who will lend more and allow you to buy that property with an extra bedroom. Or there could be rates available with other banks that could save you money every month.
Having full financial advice prior to viewing a property will make sure you have the comfort of knowing exactly what a property will cost you on a monthly basis too.
How do I get a mortgage?
The mortgage application process can be completed over the telephone, email or face to face. First, the adviser will complete the fact find, then present you with the recommended mortgage quotation together with the research of the other lenders and a list of documents required to proceed.
Once ready to apply, simply upload the documents to a secure online portal and the adviser will do the rest! The documents are certified and packaged alongside a full application and credit check and sent to the lender. The adviser will help liaison between yourself, the agent, lender and your solicitor right up to completion to help you get into your new home ASAP.
I am tied into my current mortgage, can an adviser help me port?
Yes. MAB can complete a full porting application with your current lender on your behalf to save you time. They can provide rates and monthly payments to top up any additional borrowing you may require as well as provide you with essential calculations to confirm if porting really is the best option or if your current early repayment charge can be saved back by switching to potentially lower rates available on the market.
For more information please contact our dedicated Mortgage Specialist at MAB;
M 07861 860462