We all know how stressful the house-buying process can be right from the beginning. From finding and securing your ideal home and obtaining a new mortgage. Then comes the property valuation, conveyancing, exchange of contracts, buildings insurance and then finally you get the keys to your new home. Even for an existing homeowner, this process is complicated at times while for a first-time buyer this process can seem very daunting.

Mortgage products themselves can be complicated with a variety of different options such as interest-rates, deposit size, product flexibility, deal length and mortgage product set-up fees. It’s useful to have an Independent Mortgage Adviser to guide you through this process to support you in obtaining a mortgage that suits your own personal circumstances. 

Here are some of the main reasons why it may benefit you to obtain Independent mortgage advice next time you are thinking about purchasing your new home or re-mortgaging your existing home:

• Cost isn’t everything, but it’s certainly important. An Independent Mortgage Adviser can support you in finding the most competitive deal available in the market taking into account your personal circumstances. Just small changes in your initial mortgage rate can save thousands of pounds over the term of a mortgage. For example, take a £200,000.00 mortgage payable over 30 years, if you secured a five year fixed rate of 1.80%, you would pay £17,374.67 of interest costs in the first five years. For the same mortgage but at a lower five year fixed rate of 1.70%, you would pay £16.367.42 (a saving of £1,007.25 or £201.45 a year)
• An Independent Mortgage Adviser has access to the whole market and a range of different products and lenders, some of which are only available through intermediary channels which you would be unable to obtain directly. 
• An Independent Mortgage Adviser will take the time to discuss your mortgage requirements in detail and consider which lender may be most suitable. For instance, one high-street lender will currently only use 40% of any regular overtime payments whilst another will use 100%, this can make a substantial difference to the maximum mortgage the lender may calculate that you are able to afford.
• Minimising the risk of a declined mortgage application, this can prove very costly, as this may leave a mark on your personal credit file and furthermore you may have already paid some legal and valuation fees beforehand which may be non-refundable. We can help you prepare for your application to boost your chances of success.
• An Independent Mortgage Adviser will research the market, complete your mortgage application and be a useful sounding board throughout the mortgage process, this can save you significant time and provide assurance at certain stages of the mortgage process

At PJL Financial Services Limited, we do not charge you any application fees or completion fees throughout the mortgage process, instead we receive a procurement fee from the lender, meaning all the benefits above can be achieved with no cost to you. 

If you would like to learn more about this subject or require Independent Financial Advice from our local, experienced and friendly team, please feel free to contact us on 01788 57 11 22.

The information provided is based on our current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice. All references to taxation are based on our understanding of current taxation law and practice and may be affected by future changes in legislation and the individual circumstances of the investor. 

PJL Financial Services Limited are authorised and regulated by the Financial Conduct Authority. 

Your home may be at risk if you do not keep up repayments or other loans secured against it.