Looking for a mortgage? Going direct to the lender could cost you
Spring is just around the corner; that's the time when, traditionally, more sellers put their homes on the market. We've also recently seen that there is an ever increasing number of first time buyers coming to the market. It’s understandable, then, that lots of homeowners are thinking of making a move while the going looks so good.
"The going at the moment favours sellers. Those looking to put their home on the market haven’t been in such a strong position since before the recession." Read more from Your Move director Adrian Gill >
Many will book an appointment with their existing bank or building society to talk abour mortgages, perhaps just because that’s what their parents did or because it's convenient. But not everyone considers that there might be a better route to take.
Going to your bank or building society may seem easy, but it could significantly reduce the likelihood of finding the most suitable mortgage for your individual needs. In fact, you could face unnecessary higher mortgage repayments or an increased likelihood of losing your home if you were unable to make payments in the longer term.
Worryingly, many borrowers believe going straight to a bank or building society is the only route to take. Many don’t realise that going direct to the lender, either face to face or via the internet, limits the choice of mortgages available to them because the lender can only provide a handful of products. In comparison, in the market as a whole there are thousands of products potentially on offer1.
Of course many lenders will try to entice customers with attractive deals and sell their services on the speed that they can arrange mortgages. But borrowers need to be aware that these deals may come at a price. For example, it may be that borrowers have to accept compulsory, and often pricey, insurances as part of the deal or are faced with high up front arrangement fees. It’s certainly something potential borrowers should look out for and not automatically accept as standard.
If you don’t want to go direct the lender there is an alternative: seek professional mortgage advice from an adviser who is regulated by the Financial Conduct Authority and who is not tied to one particular lender and their limited product range.
Your Move can access an extensive range of mortgages*
At Your Move our mortgage advisers can sift through literally thousands of mortgage products which include those available from many of the high street lenders and those linked to government schemes. By considering the customers individual circumstances and budget, we use our in depth knowledge of the market to identify the most suitable and competitive products for their client. It’s a tailor made service.
We make it easy
We do all the hard work while you put your feet up. Because Your Move advisers are working from sophisticated databases that are automatically updated with an array of mortgage deals, our customers don’t have to waste the time visiting individual lenders themselves. We may also have access to deals that aren’t necessarily being offered elsewhere, even direct from lenders themselves2.
We're here to guide you through the whole moving journey
Our Financial Consultants give you ongoing support too. We will help you progress the mortgage, dealing with lenders, solicitors or even other estate agents on your behalf and identifying potential problems before they occur. Plus we'll keep you informed at all stages.
The good news is you don’t have to be buying from Your Move to take advantage of this award winning service3.
So, if you are interested in finding out how Your Move may be able to help you find a mortgage that fits – including advice about Government Schemes on offer like Help to Buy - simply click here to book a mortgage appointment.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Embrace Financial Services usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.
1 Council of Mortgage Lenders – Janaury 2016; 2 Because of our buying power, from time to time we have access to exclusive deals which are only available to Your Move and other companies associated with the LSL Property Services plc Group. 3 Your Move has won Sunday Times Awards for Financial Services 9 years running;