Gloomy housing data combined with concerns about the economy, job security and rising taxes have caused many potential buyers to put their plans on hold. However, despite stories of rejected mortgage applications amid strict lending criteria, there is funding available if you have a decent deposit and know where to look – this is where a good, independent mortgage broker can charter the choppy waters by helping secure the right mortgage for you.
A good mortgage broker helps you find the right solution for your specific requirements. You may be in a contract race and need to move quickly, or have complex income streams with a modest basic salary but large and reliable bonuses. Bridging finance may be required if you haven’t sold your existing property before buying another, or you may require offshore funding if you are a foreign national. Best of all, a broker assists you with the mortgage application, chases the lender and liaises on your behalf with the agent and solicitor, so the process is far less hassle than if you negotiated a loan yourself by contacting a high-street lender directly.
Independent mortgage broker, Private Finance, can arrange bespoke funding for buyers and those refinancing. This may be via one of the private banks with which Private Finance has excellent relationships, as rates can be more competitive than those offered by high-street lenders. For example, they currently have access to a two-year tracker at 1.69 per cent over Bank Base Rate from one of the private banks, with no maximum loan size.
Melanie Bien from Private Finance suggests some top finance tips for house buyers:
1) Check your credit rating
2) Get on the electoral roll
3) Pull together the biggest deposit possible
4) Get a mortgage agreed in principle
5) Register your interest
6) Barter hard
7) Consider buying at auction
8) Ask for free upgrades or repairs
9) Be ready to move quickly
10) Instruct a good solicitor
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