A simple strategy when applying for a mortgage

A simple strategy when applying for a mortgage
Posted by James Hood

There’s an old saying that ‘nobody likes change’. But when it comes to mortgages, change is a great thing if it means that you get a better deal. As with most things, the path of change is not always clearly mapped out and making sense of the banks’ babble and jargon can be overwhelming.

When looking to buy or re-mortgage the good old Cub Scout motto "Be Prepared" is the best advice that you can get. Gone are the days when you can just ask for a rate - all banks and brokers must now ensure that the rates that they quote you are best for you and achievable (subject to credit scoring and valuation), and hence you will be asked many more questions than you may have been in the past. That said, this can all be done in a quick and painless process.

If you leave this all to the last minute it will delay your purchase, so the best thing to do is meet with a mortgage broker and review all of the necessary bits and pieces well in advance. It is especially important to deal with a broker who is not tied to any one bank, so that the advice that you are being given is comprehensive and covers all the mortgage and protection policies available to you, given your requirements.

For more information to help you find out what you can do to "be prepared" call the Outlet Money team on 020 3468 3138. Remmeber, that as well as mortgages, we also offer property insurance.

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