Before you apply for a mortgage, perhaps even before house hunting and especially if you have not taken a mortgage out before, you will likely be looking for mortgage advice. It is much better (and more fun!) to look for a home to buy when you have established what you can afford and what you will likely be able to borrow. This takes away uncertainty and time wasted looking at inappropriate properties.
This may be informal advice, from friends or family for instance, or more formal advice from finance professionals.
Professional mortgage advice
When speaking with lenders directly or a mortgage broker they must offer you advice, including if it’s affordable, suitable and so on. If you prefer to seek a mortgage without this it’s called an ‘execution only’ mortgage, although it does mean all liability falls with you, should the product you go for be or become unsuitable for any reason.
Financial experts can let you know what is affordable, what you can likely borrow and, in the case of brokers looking at multiple lenders and products, which of the available products might best suit your circumstances.
Mortgage advice from family or friends
Taking out a mortgage is a big undertaking, and can understandably be a cause for worry or uncertainty. Discussing the process with friends or family who have taken out a mortgage may help, but bear in mind that each individual case is different and regulations, types of products and terms etc can change quite quickly.
Take advice from those you know, but make sure you take this advice to a professional afterwards, who will be able to understand your unique position and needs.
When seeking mortgage advice, whether from a friend or a mortgage expert, remember any decisions are yours to make and so don’t feel forced to take out a particular product or stick to a particular lender. Mortgage brokers can discuss various options, their monthly costs and overall costs, the types of mortgages (e.g. variable vs. fixed, repayment vs. interest-only) however it is not their responsibility to choose for you.
Our mortgage brokers can offer you general advice, which is supported by our tools and quick application process. Utilising our mortgage calculators will also help you make informed decisions.