Mortgages! Where to start? How much can I borrow? How much should I expect to pay in advice fees? Who should I use?
Whether you are buying for the first time or moving to your ‘forever home’ the home buying process can be a stressful time for everyone. Getting the right mortgage advice from the outset can help take the stress away leaving you to sort out the more important things like, picking out the sofa or choosing between a games room or a dressing room.
Where to start?
The first thing that you should do is to make sure that any mortgage adviser you use has the correct credentials and qualifications to be able to give mortgage advice. Mortgage advisers should be fully ‘CeMAP’ qualified or have a ‘Level 3 Certificate in Mortgage Advice’. They should also have achieved something called ‘Competent Advised Status’ meaning that your mortgage adviser will have been signed off as ‘competent’ to provide advice.
How much can I borrow?
The rule of thumb is that most Lenders will lend between four and four and half times your annual income. However, a specialist mortgage adviser may be able to achieve more than this as they have access to contacts and Lenders that the public do not. They may also be able to leverage their relationships with certain Banks and Building Societies to help achieve a mortgages that at first didn’t seem within reach.
How much should I expect to pay in mortgage advice fees?
This is the good part. Typically, mortgage advisers working within Estate Agents will charge upwards of £500 in ‘advice fees’ or ‘broker fees’. However, when you become a client of Emsley Mavor we will provide you access to our bespoke, specialist mortgage advisers on a ‘fee-free’ basis, providing you meet the qualifying criteria.
Finally who should I use?
Emsley Mavor provide direct access to our recommended specialist mortgage advisers ‘My Mortgage Finder’. You can be assured that you will be in safe hands and looked after on a ‘fee-free’ basis (qualify criteria applies) as part of the Emsley Mavor service. We have of course carried out all the due diligence on My Mortgage Finder, however, feel free to check them on their website and social media pages below. Alternatively speak to the Emsley Mavor team today and arrange for one of their friendly advisers to get in touch.