20 Jul Training for the Mortgage Olympics
The Olympic Games are considered the world’s foremost sports competition with over 200 nations participating. As the countdown to the Tokyo 2021 Games commences, we look at what it takes to get in shape for one of the foremost financial events of your lifetime – your mortgage.
Are you Mortgage-fit?
Clearly, the pandemic is still having a huge impact on our daily lives. The mortgage market is incredibly competitive and so confusing that it can be hard to understand what exactly is on offer. The property sector is changing frequently with many lenders changing their mortgage application criteria and product availability. Even in these turbulent times, there are so many different providers with a very wide range of products and rates available to suit a variety of personal needs. The cheapest rate is not always the most suitable – sometimes the bar is set higher for a reason.
Becoming a mortgage athlete is impossible, but working towards being mortgage fit and ready is easy with expert help. Think of your financial adviser/ mortgage broker as being like a personal trainer, helping you to work through your financial goals and navigate the best approach to suit your personal requirements.
Why your Mortgage Broker is like a Personal Trainer
A relationship with your mortgage broker is a marathon and not a sprint. Long term understanding of your unique aspirations and financial goals is very important, along with having team support by your side, every step of the way.
Financial advisers and brokers know the market, and assess the level of mortgage repayments you can afford, by looking at your income as well as your expenditure, as well as a variety of other factors relating to your personal circumstances. This ensures that end up with a recommendation of a mortgage that best suits your needs.
There are many other hurdles to overcome during the mortgage application process that may require endurance, expert help and support. An experienced broker can be a useful shortcut for these stages, providing motivation every step of the way.
Helping to overcome hurdles on the way
There are many different product elements that you need to be aware of and understand when looking for a mortgage. Aside from the headline interest rate, there are many factors that contribute to the total amount that you repay over time. Your mortgage broker can help you to understand the best combination of factors to meet your personal needs.
Brokers are also here to help ensure a level playing field in terms of running through the application. The application process may require financial training and team support to get you into prime shape and ensure that you complete the course. If your circumstances change at any point during the process, the mortgage application will need to be reviewed and your broker can help you with this. Often the broker will also have access to additional lender contacts, helping to solve problems that may arise, or clarify queries as quickly as possible. This can prove to save time, effort and heart-ache further down the process.
The whole process begins with a Mortgage Consultation – Book a FREE consultation when you’re ready – the sooner the better and no need to wait until an offer is made on a property. This will help to get the paperwork for a full application ready.
Make sure that you gather all of your financial information together when you are planning to talk to your mortgage broker. Use our 5-Step Mortgage Checklist to help you to get your information in order.
With offices in Torbay, Teignmouth, Exeter & Bristol, we’ve got the South West region covered and we also customers throughout the UK. Our team of award-winning mortgage advisers are on hand to provide you with tailored mortgage solutions that fit. We’re known for our excellent service that guarantees customers a simple and cost-effective process. Service should be seamless so we make sure our customers work with the same expert mortgage adviser from start to finish.
We offer an initial appointment at no cost or obligation to explore the options and can be done remotely or in person, contact the team at Howard Mortgages on 01803 554455 or contact us here.
Your home may be repossessed if you do not keep up repayments on your mortgage.