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5 Questions To Ask Your Mortgage Broker When Buying A Home

MORTGAGES | 21.04.2017

From guiding first time buyers through the mortgage application process to helping self-employed workers identify the most flexible lenders, mortgage brokers can save people time, money and stress. If you decide to use a mortgage broker when buying your own place, here are 5 questions to ask.

Do you cover the whole mortgage market?

Some mortgage brokers only offer products from one lender or a small selection. This could see you missing out on the best deals on the market and paying over-the-odds for your mortgage. When deciding which mortgage broker to work with, ask them whether they cover the entire market. Some brokers will compare thousands of deals from hundreds of lenders, helping you find the very best product for your own circumstances.

How do you charge for your services?

Before choosing your mortgage broker, find out how they charge for their services. It’s common for mortgage brokers to charge a set fee which will be laid out for you from the outset. Other brokers will offer you a free service and will be paid by the lender they recommend.

How much will my repayments be?

When applying for a mortgage, it’s crucial that you choose a deal that’s affordable to you. Ask your broker to explain exactly how much your repayments will be each month. Once you know how much a potential mortgage product will cost, you can factor this into your budget and ensure you can afford it.

How much will the loan cost me over the course of my mortgage term?

Ask your broker to outline the amount of interest you’ll be paying over the duration of your mortgage term. Even if the repayments are affordable, you may be shocked to discover just how much interest you’re paying on top of your original loan. For example, let’s imagine you’re taking out a £100,000 loan. If you were to borrow this money for 35 years at an interest rate of 3.92%, you’d pay back £438 a month. Although this might not seem like a lot of money, it means that you’re repaying a total of £183,995 over the course of the term. If you were to borrow the same amount of money but reduce the term to 25 years, your monthly repayments would be higher (£523) but you’d pay back £157,029 over the course of the term. This is a saving of £26,966.

Can I overpay on my mortgage?

Most mortgages give you the opportunity to overpay up to £10,000 annually. If you want to become mortgage-free earlier than originally planned, this could save you thousands of pounds in interest over the course of a few years. When looking for the right mortgage deal for you, ask your broker whether the products they highlight provide you with the opportunity to repay. Even if you can’t afford to overpay now, you might receive a pay rise or inherit money in the future.   If you’d like to learn more about using a mortgage broker when looking for your dream property or remortgaging your home, please get in touch with the team at TaylorMade Finance. We have a team of talented mortgage advisors ready to help you find the perfect product for your individual situation. Please give us a call on 0345 305 2540 or send an email to info@taylormade-finance.co.uk to learn more.
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