Whether you are a first time buyer, moving home or looking to re-mortgage your property, the right The Mortgage Clinic Advice Belfast will save you money. A good adviser will consider your entire financial situation including debts and expenses, to help you determine if you can comfortably afford a long term commitment of a mortgage. Advisers will also consider a wide range of mortgage products and lenders to make sure you get the best deal. They will also assist you in preparing all necessary documentation and liaise with the lender on your behalf.
Does it cost anything to talk to a mortgage broker?
Most mortgage advisers will charge a fee for their service but this can vary. It is advisable to choose an independent mortgage adviser who can provide a ‘whole of market’ service and potentially save you thousands of pounds in the long run. Restricted and bank advisers typically have access to their employer’s products but may not be able to compare the whole market.
Mortgage lenders will use your income as a multiple to establish how much you can borrow and your affordability. Generally they will only lend to you up to 4 times your annual salary, however some providers are able to go up to 5. It is a good idea to speak with a mortgage adviser to see what options are available to you.
Mortgage advisers are also able to advise you on schemes such as the Government co-ownership scheme which allows eligible people to buy a share of a property with a housing association. This can help buyers who cannot afford the purchase price of a property by allowing them to pay rent and repay their mortgage over time.