Chester has lots of local mortgage brokers to choose from and trying to decide who to get in touch with could just be a matter of who appears first whenever you use Google or see an advert. Your mortgage is a huge life commitment and really shouldn’t be taken lightly, that’s why not all mortgage brokers Chester offers should be contacted on a whim either.
Chester Mortgage Brokers – How To Pick The Right One
What many people don’t realise when they first take on a mortgage is just how long they are likely to keep having to pay it off each month.
It’s also pretty normal to think that bad things never happen to you, it’s always someone else they happen to. With these two points in mind can you imagine if you lost your job and couldn’t keep up with the repayments? Or perhaps if you went the other way and built up enough equity to be able to realise some of it for something useful?
You may even want to take advantage of a new interest rate to reduce your monthly repayments or perhaps you are on a government help to buy scheme and your first five years are up?
All of this points to the same thing – your personal circumstances will not stay the same.
Your mortgage (literally meaning life pledge) is likely to be the biggest financial commitment you will make throughout your whole life. You will also need to change it to suit the changes that come along.
This is why you need a mortgage broker that you can trust and will continue to guide you throughout all of those changes.
A mortgage broker with your best interests at heart should be there for many years to come, guiding and offering you the best deal for the circumstances you now found yourself in; you don’t have to keep the same mortgage until it’s paid off, simple.
Appropriate Mortgage Protection
Everybody needs proper mortgage protection, the same is true of life insurance.
Life doesn’t stay the same and if circumstances didn’t go in your favour then you may just end up having to rely upon your insurance for a situation that you didn’t see coming.
It’s all too simple to take the most convenient insurance deal because you saw an advert on your lunch break or because your bank sent you an email or leaflet but this is a huge mistake.
A good Chester mortgage broker will have access to not only a wide range of mortgages but also protection that is right for that mortgage and you too.
The mortgage broker that you end up trusting to get you the best deal for your mortgage also has a responsibility to guide you when it comes to selecting the best insurance deal too.
Make sure that you talk this through with your broker and weighing up your options before diving head first into something you may later regret.
Ask About Payment – Fee or Commission
Mortgage brokers work either on a fee or commission basis. You should be able to ascertain which would work out best for you and not the other way around.
When You Should See A Mortgage Broker
First Time Buyers
There is a huge market for first time buyers and a good mortgage broker in Chester should have access to a lot of them if not the whole of the market. This means they are not tied down to a particular lender and therefore can use your personal circumstances as a guide to the best available deal at the time.
Buy To Let
If this is your first time venturing into the world of commercial property then enlisting the help of a good mortgage broker will prove invaluable but if you are not new to the landlord world and have several properties already under your belt you will need a mortgage expert even more!
Running multiple commercial properties is a business venture and to make savvy decisions you need the right information at hand. Nobody can be an expert in everything and that’s why you need an expert in the latest mortgage offerings so that not only do you get the best deal when you buy the property but also renew it when it makes to do so should better deals come to the market.
There are lots of reasons why people remortgage it could be that you are releasing equity, looking for a better deal, changing your personal circumstances etc.
There are so many different things to consider that could go right or wrong that you really do need the backing of an expert in this area so that your new deal stands firm and supports you as required.
Moving up the property chain? When it’s time to look for a new mortgage your situation will more than likely have changed since your last one.
Not only are there are lots of different types of mortgages available (more so than the high street banks will show you) but you also may now need additional insurance cover.
Consult with a broker and get the right deal for you.
Here’s Some Other Things You Should Consider About Your New Mortgage Brokers
Communication. Just because your broker knows his or her stuff it doesn’t mean to say that you understand what they’re talking about.
You have a responsibility to understand your financial commitments as thoroughly as possible, although you need to have a degree of faith in your mortgage adviser ultimately it is you who lives with the deal.
If your broker does not regularly communicate or explain in clear English so that you now understand your commitment you should look elsewhere until you find a broker who does.
Professional but friendly. A good mortgage adviser will be with you for years to come advising you of the latest deals. What good is this is you can’t stand the person?
Being professional is a necessity but being friendly is also a requirement, make sure you get along otherwise it may prove to be a stressful relationship.
Whole Of The Market Mortgages
Some brokers don’t have full access to the wide range of mortgages available and as such are limited to offering the deals that they have access to.
This is not in your favour if there are better deals to be had with other lenders. Ask your new mortgage adviser if they have access to the full market or if they are tied to particular lenders.
Ask The Right Questions
Here are some example questions that you can ask a mortgage broker before making your mind up:
- How do you charge, is it on a commission or fee basis?
- Do you have access to all lenders (whole of the market) or a limited selection?
- My credit score isn’t the best, could you still help me?
- Are you able to get mortgages for the self employed?
- Who will be handling my case, is it yourself or someone else in your company?
- How long will the whole process take?
- How long does a mortgage offer last once made?
- Are you based in Chester?
- What evidence will I need to give you to move forward?
- What happens if I don’t get the first mortgage you apply for?
People Also Ask:
No. As long as you are comfortable dealing with a broker who can cover Chester then there is no real reason why you could not work with a broker from another part of the country unless you plan to see them in person. However, most deals these days are done over the phone and email so don’t count on many meetings!
It depends on what you are after. A comparison site is unable to deal with you on a personal level and communicate to the extend that you may need. Remember you have to submit legal evidence to apply for a mortgage and deal with lenders and understand the implications of a mortgage deal.
You may not get this level of detail with a comparison site.
The most recent housing crash was caused by mortgage that had been put together badly. They were issued on the basis that you qualified using a multiplier of your income and not affordability.
Mortgages these days are based upon your ability to afford them and the risk levels you may present to lenders.
This is not to say that mortgages are without fault because your circumstances could take a turn for the worse or the better and you may need to react to this, but on the whole you should understand what you are getting into as much as you are able and be prepared for changes whilst assessing your risk level.