Why take Mortgage Advice in 2024?
Wednesday 21 February, 2024
As we enter a new year, many people begin their hunt for a new home. If you are one of these people looking to either purchase or sell your home, contact your Lonsdale Mortgages local mortgage broking team in Lichfield and St Albans for appropriate mortgage advice.
Your local Lonsdale Mortgages brokers can offer mortgage advice
The mortgage market is always changing but our mortgage brokers are always up to date with any market developments and can talk you through your mortgage options. The mortgage process can be difficult, regardless of whether you are remortgaging your home or moving house. Our mortgage brokers will be able to help you save time, by finding the best mortgage deal for you in an ever-changing market. Call us on 01727 845500 for mortgage advice or complete our booking consultation form and a member of our mortgage broking team will call you back.
Why use a mortgage adviser?
Mortgage brokers can quickly check the mortgage market and cooperate with your mortgage lender and solicitor to organise the relevant paperwork. Our mortgage broking team can also analyse your financial position and help you decide how much money you can borrow before you start your property hunt.
We review your income and your average expenditure so you are able to see how much you can borrow to purchase a property. Furthermore, our mortgage brokers can help you choose what type of mortgage is best for you given your current financial position.
Our mortgage brokers have access to a range of different products from many mortgage lenders, and we can review them to find the best mortgage for your circumstances. We can review variable rate mortgages, fixed rate mortgages, capped rate mortgages and discount rate mortgages.
Using a mortgage broker could help you secure your property as our mortgage brokers can get a mortgage deal agreed in principle which allows you to move swiftly when you find the property you want to buy.
How mortgage brokers save you time
We understand that mortgage applications can be time consuming, but our mortgage brokers are used to completing applications.
We will ask you for proof of your income by providing your latest monthly payslips, as some lenders want to see up to three months of payslips and your latest P60. They also need the last three months’ bank statements. If you are self-employed, you will need to provide up to three months’ worth of bank statements and company accounts and tax calculations for the previous three years.
We will also need to see a current passport or a driving licence as proof of identity. We will be able to check proof of your address through a utility bill, council tax bill or bank/ credit card statement. These documents must be dated within the last three months. We will also require proof of your deposit from your savings statements.
What to do before purchasing a property?
1. Check your credit rating / file
Having a good credit rating, can help you secure a mortgage. Your credit rate changes depending whether you pay off your credit expenses on time and any other debts you may have.
You should order a copy of your credit file, as it allows you to check that all your other details are up to date and recorded, such as your address. Your credit file also shows outstanding loans, mortgages and overdrafts open for the previous six years.
If you are do have adverse credit, then you could get turned down by a mortgage lender. If this is the case, we may recommend you rebuild your credit score and wait a minimum of six months to twelve months before reapplying for a mortgage, but it is always best to call our experienced mortgage brokers for mortgage advice as there may be specialist options available
2. Research where you want to live
Research where you want to buy a property and check how much properties cost in the area, so you make the best decision possible.
If you know what type of property you want to purchase, you will be in a much better position to save up the money for a deposit or work out how much you can afford to borrow so you are able to put an offer in for the house when it is put up for sale. To increase the likelihood of you purchasing the property, you can sign up with the local estate agents to get the first call when a property in the desired area comes up for sale.
3. Get local mortgage advice as soon as possible
Finally, you should make an appointment with a mortgage broker as soon as possible so you know how much you can afford. Our qualified Lonsdale mortgage brokers in St Albans, Chippenham and Lichfield can assist you in securing a mortgage.
They will be able to help you navigate the mortgage process, so you are able to complete your paperwork and get an offer approved as soon as possible.
Amy Kadir, mortgage broker, St Albans, Hertfordshire said:
‘Our mortgage broking teams in St Albans, and Lichfield have considerable experience in organising mortgages for first time buyers, home movers and buy to let investors. Our qualified mortgage brokers and administrators deliver consistently high service standards, and we are committed to delivering an excellent customer experience. Call us on 01727 845500 or complete our booking consultation form. We have a 5* rating on google, to read our customer reviews visit the customer section on our Lonsdale Mortgages website.’
In Summary…
If you are thinking about moving, buying your first property, purchasing a buy to let investment or remortgaging in 2024 call our mortgage broking teams now for a free initial consultation.
As a mortgage is secured against your home, it may be repossessed if you do not keep up the mortgage repayments. The information contained in within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction.
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