Step 2 Getting your Mortgage
Getting a mortgage in place and ready for your next purchase, is a key step, in successfully selling your home. Without the onward finance to make your own purchase possible, you wouldn’t probably want to sell and make the move you want to.
Where can you get a mortgage ?
In a recent survey of mortgages in 2017 – it was quite interesting to see how most people found their next mortgage deal;
25% - Went direct to their own bank
75% - Used a mortgage broker to find the best deal
Advantages of using your bank
Banks can offer some great deals. As an existing customer they may even make exceptions to certain situations. Using your bank to obtain a mortgage can be a really cheap route to your finance.
However they will only offer you ‘their’ deals, they are not obliged to tell you, that you could get a cheaper rate with another lender.
Advantages of using a mortgage broker
If you approach a ‘whole of market ‘ mortgage broker, they should be able to source you the best rate / deal from multiple lenders.
Equally if you have been declined by your bank, perhaps know that your credit rating is poor, or perhaps you have a complex income or just started self-employment in the last couple of years. A mortgage broker can simply factor that into account, and source you a mortgage from a lender that will accept your circumstances
Mortgage brokers tend to have access to products not normally available from all the high street banks including;
· Adverse credit history
· Self employed with just 1 year’s accounts
· Higher lending multiples
· Lending to age 85+
And many more deals………….
Top Tip !
Select a mortgage advisor that has a whole of market panel of lenders of at least 60+ lenders. Some brokers claim to be whole of market but only have 20 lenders on panel.
As you are reading this guide, simply ask your local nu-move agent to recommend a suitable mortgage advisor for you. Or email us at head office and we will get someone to call you back.