The reasons why you should involve an independent advisor in your mortgage application
You must realise that getting a mortgage is an exclusive project that will greatly affect your social and personal life over a long period and thus, it is highly necessary to do as much research as possible on the suitability of the mortgage products on offer. When making a mortgage decision, most people and mortgage companies look at whether you can afford the monthly repayments usually resulting in repayment challenges in the future as personal expenses increases due to lifestyle changes. With the assistance of Glasgow mortgage brokers, you will be able to factor all likely future factors that may affect your repayment ability such as raising a child and thus, make better individual decisions that will make your mortgage repayments in future suitable for your needs.
Furthermore, by utilising the vast market knowledge of an independent mortgage broker Glasgow based expert, you will not only get the best mortgage product that is best suited for your needs, but you will also enjoy a seamless application process. The best mortgage advisers Glasgow clearly understand what you need during the application process to get your mortgage approved by lenders, which guarantees quicker mortgage application and approval. You also need to realise that the best mortgage advisors Glasgow usually have exclusive offers that target a specific group of individuals that may not qualify for the general products. The Glasgow mortgage broker will also help you get special mortgages such as bad credit mortgage among others.
Guide on the things that a first time home buyer needs to buy a home in Glasgow
Do you have a considerable budget?
Buying a home is not cheap even when you are using a mortgage as there are additional costs that you must pay for before you can get a mortgage. While it is very much possible to get a mortgage without savings, raising a certain percentage of your home before looking for properties will give you access to wider range of cheaper mortgages available on the market. Generally, you need to raise anything from 5-percent to 20-percent of the cost of your home to enjoy a wider range of cheaper options.
Talking to a mortgage advisor Glasgow will give you access to the best mortgage deals based on your savings. In addition to the savings, you should also be able to pay for additional costs that include survey costs, removal costs, solicitor’s fee, valuation fees and stamp duty among other expenses that you may experience. You can learn about the costs associated with owning a home at www.trustedmortgagebrokers.co.uk.
Can you afford the monthly payments?
Before you can start hunting for the best mortgage product in Glasgow, it is important to ensure that you can afford the monthly payments. Today, lenders use a strict guideline to check whether you can afford the mortgage than it was some years ago when all you needed was to show that you can afford the mortgage. Today, lenders use the stress test to check whether you can afford to make the monthly payments under different market situations such as changes in interest rates.
During the mortgage affordability check, lenders look at your basic income, income from other investments or part jobs, and maintenance income from ex-spouses. To proof your income, you will have to show bank statements, business accounts and details of your income tax. In addition to the earnings, the lenders will also factor expenses such as credit card repayments, maintenance payments, bills and other credit agreements. Lenders also consider whether you can afford the monthly payments if the interest rates are increased or if your personal expenses for having a baby among other likely situations.
Are you eligible for affordable home-buyer schemes?
To help people buy homes, the government has initiated several government-backed schemes to help people afford homes. Some of the schemes that you may qualify for include help to buy, right to buy, starter home scheme and shared ownership. The help to buy scheme is ideal for people with a small deposit through an equity loan scheme that targets first-time buyers and existing homeowners while the right to buy is for people who rent their home from the local council. The shared ownership is a scheme that targets people who want to buy a share of the home from the housing association or council and rent the remaining share. You can learn more about government housing schemes at trustedmortgagebrokers.co.uk.
Trusted Mortgage Brokers in Glasgow
83 Carlton Place
Which mortgage is best for you?
While the ability to pay monthly payments is usually the most important factor in getting a mortgage, the type of mortgage you can choose can have a great impact on your life. Different mortgages are best suited for certain situations and thus, it is necessary to ensure that you have the right mortgage product for your situation. The best way to go about the different types of mortgages is to use the services of a highly experienced mortgage broker Glasgow based expert who clearly understands what is available in the local market. The common types of mortgages include variable rate mortgages, fixed rate mortgages, tracker mortgages, and standard variable rate mortgages, offset mortgages and discount mortgages among other special feature mortgages.
It is important to note that different mortgages offer different benefits and challenges and thus, it is important to talk to an independent local mortgage broker to learn how a different mortgage will impact your life. It is also important to look for mortgage advice Glasgow from advisers who understand the area you are interested in such as buy to let mortgages, bad credit remortgage, and self employed mortgage among other individuals needs.
The fear of losing a home that you have been paying for years because you can no longer afford to make the monthly payments should be a reason enough why you should involve an experienced mortgage broker Glasgow based expert before getting a mortgage. Another reason why you should not get a mortgage without seeking the help of a Glasgow mortgage broker is to ensure that you are getting the best product for your situation.
Useful Glasgow websites:
- Glasgow City Council
- Official Guide to the City of Glasgow
- University of Glasgow
- Visit Scotland
- Glasgow Airport
- Glasgow Daily Record
- Glasgow Weather