Purchasing a home is an exciting yet daunting time. Especially as these days, scraping up a deposit is an achievement in itself! However, there is the small matter of the mortgage that you’ll be tied to for 25 years. While the exact figure will vary depending on your location and your property, the average UK mortgage is £669 a month.
So before you sign on the dotted line, you need to know you have all the facts and that you’re getting the best deal. But is it worth hiring a mortgage advisor to help you do so? Let’s find out.
It’s a huge commitment
Life is full of commitments from relationships to parenthood. Buying property is no exception, especially as you can’t decide to suddenly skip a payment, even if it’s because you’re ill or you’ve lost your job. It’s going to be your life until you pay it off, or until you decide to move again! While most people only purchase a home once in their lifetime, a mortgage advisor spends every single day dealing with this exact matter. Experience counts for a lot, and when it comes to your mortgage, calling on that knowledge to know what you are letting yourself in for cannot be underestimated.
Getting the best deal
Understandably, the money involved is the biggest concern with any mortgage you wish to take out. There are several ways you can access mortgage advice either through a lender or a mortgage broker. However, a broker is not tied to any particular institutions and they may have special deals that are not available through your building society. Therefore, they are one of the best people to consult when it comes to getting the best deal. They will also tell you before you go ahead whether you’re in a good financial position to take out a mortgage in the first place which will save you time and effort too.
Mortgages are confusing
Mortgages are expensive but they are pretty confusing too. Especially if you’re a first time buyer! From interest rates to the different ways a mortgage can be calculated, it’s enough to puzzle anyone. Gaining some clarity before you jump in by consulting a mortgage advisor can be very reassuring. You need to know that you can comfortably afford the repayments and be aware of the hidden charges such as exit fees that nobody tells you about. A mortgage advisor will unlock all of the details so that you don’t get any nasty surprises.
To sum up
Paying your mortgage off will allow you to become a homeowner. But this can be a scary prospect given the average property price in the UK is £231,185. While mortgage advisors do charge a small fee, the money you could save in the long run is well worth it, especially if they can get you a better deal than what your local building society can offer.
If you are looking for some advice on your mortgage, it couldn’t be easier with Bark. Find the best local experts near you who can help you with everything you need to know. After all, it’s the biggest financial commitment you’ll ever make!