Fri 10 Feb 2017 View all news articles
When it comes to buying a property, it is important to be in a position to act when a property you are interested in becomes available. It happens often...a buyer views a property and puts an offer in. The offer may be accepted by the vendor, but without any mortgage lending arranged, the sale can not be progressed at this stage. By going through the mortgage lending process after putting an offer in, the property is at grave risk of being sold to an alternative, and better prepared, buyer. If you were selling your home, who would you sell to - the guy with the mortgage lending ready and approved, or the guy still to have it arranged? You would of course go with the former.
This often occurs with first time buyers, which is understandable given that if buying for the first time, the likelihood is that you have no understanding of the process involved. Our advice would be to get your mortgage lending arranged before you put any offer in so that you are ready to move quickly if a property you are interested in becomes available. This is important, particularly if you are wishing to move to a sought after area.
So what options are available when it comes to finding the best mortgage offers?
Some buyers approach their existing bank or building society for a mortgage, however they will only offer their own mortgage products and do not compare with other lenders. Consequently, other buyers try to use comparison websites to find the best deals. If you go down this route, be cautious of the speed which these deals change – by the time you arrange to get an appointment directly with that mortgage lender they may no longer have the best deal available for you.
Most buyers will approach a mortgage broker when they buy property. A broker will guide the clients all the way through the purchase process, plus they have direct access to the lenders to secure the best deals available on the day of application. Brokers also have access to many mortgage deals not available to buyers approaching lenders directly.
To speak with our recommended mortgage broker, please contact your local branch and we will be happy to point you in the right direction.
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