Brokers Shop Around to Offer Best Mortgage Deals and Excellent Value
Monthly payments for first-time buyers and homeowners looking to remortgage stood at an average of 27 per cent of disposable earnings in the fourth quarter of 2011, according to recent research from the Halifax bank. This figure is at its lowest since 1997 when it was 26 per cent. The average rate for the past 27 years has been 37 per cent. The average monthly mortgage payment is £494.
In the ‘Age of Austerity’ with budgets squeezed in these leaner times, home buyers should look to maximise savings as much as possible, searching the whole market to find mortgage deals for your circumstances. An independent mortgage broker will be able to help you do this.
A market savvy broker will be able to grab a good deal and suggest all the products on offer to suit you current circumstances, rather than you simply applying to the bank you have your current account or a loan with. They will be able to find products which limit your exposure to market volatility, yet still allow you affordability each month. Standard variable, tracker, or a fixed deal; your broker will guide you through each mortgage option.
Make sure you ask your broker to confirm that they recommend mortgages from the whole market, not just from a panel. Your broker should also advise you not just on the affordable mortgage deals based solely on your monthly repayment, but also of any additional costs, such as arrangement fees, legal costs, valuation fees, early repayment penalties and interest charged over a certain period of time.