It cannot be stressed enough that selecting the right mortgage type is crucial in ensuring timely mortgage payments and avoiding arrears that may lead to house repossession. You may take a special mortgage deal that has a lower interest rate than the other deals you have come across, but once the duration of the deal ends, your lender may start to charge the standard variable rate which in most cases is appreciably higher than the interest rate on these special deals. This could impact your budget in a big way and may lead to arrears. Many people also ignore mortgage related fees when they search for an appropriate deal and end up paying significantly more than they could afford. Hence, it is always prudent to take professional help before taking out a new mortgage.
An independent mortgage broker, commonly referred as a mortgage adviser, can provide you extensive information about various mortgage products available in the market and as per your financial condition will suggest the most lucrative deals. They may charge you fee for their services or take commission directly from the lender, but in any case they must inform you about the fee/commission right at the beginning of your discussion. It’s important that only FCA regulated mortgage brokers are used because if anything is not as you were told, then you have a solid case to make.
When you buy mortgage on your own, there are many important points that you may miss or find difficult to comprehend such as various fees & charges, future changes in interest rates, mortgage type optimal for you, etc. A mortgage adviser with a vast experience, will quickly assess your financial condition and provide you with the best possible options which also have high probability of getting approved. This will not only save you time & energy, but protect you from buying a wrong mortgage deal which could end up with repossession of your house. Also, check several comparison websites to get an idea about interest rates and fees charged by different lenders.