Despite having saved up a good deposit, friends have warned the couple they would have no chance of getting a mortgage due to their working situation. Sam is a self-employed, successful roofer, but has only been working for himself for two years. His friends have told him, he’ll need at least three years of accounts before a lender will go anywhere near him. They say any mortgage the couple can get will be based on Harry’s income alone. Harry works as a hairdresser and his salary is nowhere near enough to secure the kind of mortgage they’re hoping for.

The value of mortgage advice

Harry and Sam should resign from listening to their friends as when making such an important financial commitment like this, the only guidance they need is from a qualified mortgage adviser. Here are five ways they can make a difference to a mortgage search:

They know the market

If, like Harry and Sam, your needs or circumstances are ‘out of the ordinary’, your options may indeed be more limited than those of other buyers. However, this doesn’t mean you don’t have options. They know the lenders who are willing to consider buyers in your situation and will check you’re likely to meet their specific lending criteria before submitting a formal application. This will save you time and avoid unnecessary searches on your credit file.

They know what a good deal looks like

An attractive rate may seem like your best bet when choosing a mortgage but you also need to factor in things like fees, loan conditions and the mortgage term. They look beyond the headline rate and can help you understand how the length and type of loan will affect how much you pay in the long term. They’ll also highlight any additional expenses like administration and booking fees, and valuation costs.

They do the hard work for you

As well as helping you select the right mortgage, they’ll work with you to complete all of the necessary application forms and liaise on your behalf with solicitors, valuers and surveyors. They can also recommend products that provide financial protection should the unexpected happen.

They’re professionally qualified

They’re fully qualified to advise you on a wide range of lenders and products unlike high street banks and lenders. This way you’ll gain from genuine choice coupled with quality advice.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Approved by The Openwork Partnership on 17/03/2023.

Key takeaways:

• Get help from a professional. Don’t rely on friends’ advice. The market is constantly evolving. Things that may have been true when your friends bought a house may not be true now.
• Look beyond the headline rate when choosing a mortgage deal.
• When making such an important financial commitment like this, the only guidance you need is from a qualified mortgage adviser.
• A mortgage adviser can help with more than just choosing the right deal, they can ensure the whole house-buying process runs as smoothly as possible.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.