With the rising housing rent in Manchester, realising that you can actually qualify for a mortgage is usually exciting and thrilling especially if you are not on a high paying job but that should not stop you from seeking the services of an experienced mortgage broker Manchester based expert. Unfortunately, most people get to trust the first lender they come across resulting in them going for a product that is not best suited for their situation. The mortgage is a long-term investment and the dangers of getting the wrong deal for your situation can be very costly in the long run both in monetary and psychological forms, which makes consulting a Manchester mortgage advisor more of a necessity than an option for low earning mortgage buyers.
It is important to note that since getting the mortgage is usually the largest investment that you will ever make and which will have an effect on every other aspect of your life for a very long period, the cost of seeking Manchester mortgage advice is far less than the risk of getting it wrong. Therefore, even if you are cutting costs and making sacrifices in order to afford the mortgage, you should not get into any mortgage deal with any lender without seeking the services of an independent mortgage broker in Manchester.
The risks of failing to get an independent mortgage advice
Every institution that offers mortgage products is mandated to offer advice to clients before recommending any product to them. Unfortunately, most of these lenders are usually interested in selling their mortgage product to you and hence, they are only likely to tell you the positive aspects of their product and why you should buy it commonly resulting in a mortgage that will eventually turn unsuitable for you. On the other hand, getting advice from the best Manchester mortgage advisors will inform you about every available mortgage product in the market from different lenders that you can qualify to get and hence, a wider range of options.
Furthermore, by seeking the help of an independent Manchester mortgage advisor, you will not only increase your chances of getting a better mortgage but it also means that you will have more rights to make a complaint if the mortgage turns out unsuitable for you in the future. The cases of misselling products by mortgages companies are high in the market and failure to get advice from an experienced mortgage broker Manchester based expert means that you will have to take full responsibility for your mortgage decision. Some of the common problems people experience when they get a mortgage without consulting an independent mortgage advisor include:
1. Choosing the wrong mortgage product for their situation
While most lenders will want to make you believe that the best products for your situation are what they are offering, the truth is that the best mortgage product for you is the one that best suits your financial and life needs. Getting a mortgage should not only factor whether you can afford the monthly payments but should also factor other situations that might occur in the future such as the rise of the interest rates and personal expenses as well as the type of mortgage. In addition to the interest rate and fees that you will pay for your mortgage, the type of mortgage that you choose can have a major effect on your life as every type of mortgage has its pros and cons.
Normally, the main types of mortgages are fixed and variable rate mortgages but others such as standard variable rate mortgage, tracker mortgages, discount mortgages, offset mortgages and capped rate mortgages also exist. You can read in detail how these types of mortgages differ on trustedmortgagebrokers.co.uk. The reason why you should mind about the type of mortgage you are getting is that some of the mortgages come with special features that can help your cash flow. For example, with the offset mortgages, you will pay the interest rate on the mortgage amount while your savings will go towards reducing the mortgage capital.
Another special feature type of mortgages that you can get is the current account mortgages that merge your current account with your mortgage. With the current account mortgage, the interest rate fluctuates through the month based on the rise and fall of the amount in your current account. You may also get a mortgage that offers you an option to overpay and underpay as well as take payment holidays.
2. Payment problems
When you take a mortgage without the advice of a mortgage advisor in Manchester, you are more likely to encounter payment problems in the future. Based on their experience, the mortgage advisors in Manchester will help you calculate your future needs as well as help you make informative decisions that will help you overcome cash flow problems in the future. There are several ways a Manchester mortgage adviser can help you plan for future cash flow issues especially when involved from the onset. Some of the things that you can do include taking mortgage payment protection insurance, cutting back on non-essential spending and taking buy to let mortgages as well as choosing a home that will increase in value.
Buying a home that will increase in value will put you in a favourable situation in case you experience financial difficulty as you will be in a better position to take a further advance. Taking a further advance on your mortgage is ideal if your lender’s further advance is competitive and you do not want to switch lenders or remortgage. Remortgages are ideal if they offer you an option to save more money than you may pay during the application process.
Without the services of an experienced mortgage broker Manchester based expert, you are more likely to experience miss-selling from the lenders as they take advantage of your excitement. A local mortgage broker can protect you from being mis-sold mortgages by scrutinising every detail of the mortgage. Some of the ways you can be mis-sold a mortgage include when the mortgage end date is after your retirement or if you were not informed of the total charges you would pay. You can read more about mortgage misselling at www.trustedmortgagebrokers.co.uk. If you are a victim of misselling, you can get compensation or a favourable compromise by lodging a complaint.
Trusted Mortgage Brokers in Manchester
64 Bridge Street
If you fail to get the services of an independent mortgage adviser in Manchester before getting a mortgage, you increase your likeliness of encountering problems. In addition to helping you make the right mortgage decisions, an experienced mortgage broker Manchester based expert can also help make your application smoother and quicker by helping you to fill the application form and gather all the necessary documents. The best mortgage advisers in Manchester can also help you get a special mortgage such as the bad credit mortgage or a special feature mortgage suitable for individuals with cash flow difficulty.
Useful Manchester websites:
- Visit Manchester
- Manchester Evening News
- Manchester City Council
- Manchester Weather
- The University of Manchester
- Manchester Airport
- Manchester International Festival