As a first time buyer, there’s ultimately going to be a lot of things going round your head! Buying your first home is a big step for anyone and, unfortunately, it comes with unnecessary levels of stress. Of course, buying your first home is an exciting and enjoyable time and getting your feet on the property ladder is a fantastic feeling, however things don’t always go to plan and there’s numerous things you’ll need to try and get your head around…one of these being a mortgage application.
Of course, a mortgage application doesn’t need to be stressful, however, especially given the fact that there are mortgage brokers out there who specialise in the field and who are able to reduce much of the stress and put through your application for you. In order to take a look at three reasons why you should use a mortgage broker when buying your first home, we’ve teamed up with Andy at Mortgageforce Worcester.
One of the main causes of stress when applying for a mortgage is not knowing the difference between various types of mortgage. Especially as a first time buyer, it’s hard to know whether the best mortgage for you is a fixed term one, a tracker mortgage, a variable mortgage or one of the many differently termed options out there. A mortgage brokers job is to advise you on the best options for you and ensure you’re taking out the best mortgage for your individual financial circumstances. The advice is out there so take it!
Get Exclusive Deals
Many mortgage brokers will be able to get exclusive rate deals from lenders meaning you’ll often find you get a rate through them which you simply couldn’t have got by going direct. When we’re talking hundreds of thousands of pounds, even a very small reduction in interest rates can make a huge difference to monthly outgoings so try and take advantage of any exclusive deals you can!
Reduce The Stress
When you use a mortgage broker, you won’t have to worry about filling in paperwork yourself and ensuring you’ve done it right…they’ll do it for you. You’ll simply have to provide various bits of documentation as you go through the process and sign on the dotted line. This, of course, leaves you free to find your dream home and get on with the things which are more important…like choosing your new furnishings!
Above all, using a mortgage broker won’t just save you a lot of stress and hassle but it can save you money and ensure you receive professional advice. In many cases, a mortgage broker won’t cost you a penny so do yourself a favour and leave your mortgage application to a professional!