by Ron Sombilon Gallery

the Mortgage Advice centre

Image by Leo Reynolds
Wymondham, Norfolk, England, UK

Whether you are a first-time-buyer purchasing your first home or an existing home owner looking for a remortgage product, it is important to seek out expert mortgage advice to ensure you secure the right home loan for your personal circumstances.

Evolution of the UK Mortgage Market

The UK is often referred to as having the most sophisticated mortgage market in the world. A wide variety of mortgage products are now available from dozens of lenders where only a few lenders existed before.

Mortgages are now available to people with all kinds of credit histories and employment situations and are also available to purchase property for investment purposes. This situation is vastly different to several years ago when only a few lenders offered prime mortgage products to people with stable employment.

The UK home loan market has therefore evolved considerably in only a few short years and the need for expert mortgage advice has never been greater. Advice on mortgages is no longer the sole domain of overbearing bank managers and because of this the financial intermediary industry has flourished.

Mortgage Advice Providers

Because of the increased sophistication of the mortgage market it is wise to seek advice from either an independent mortgage broker or financial adviser when searching for your next home loan.

Independent mortgage brokers have specialist software that can scan the entire mortgage market in minutes, helping them to provide quality mortgage advice that will help you choose the right product for your individual circumstances. The right mortgage advice can help you save money over the term of the loan, whether it is for a buy-to-let property or your own home.

Likewise, independent financial advisers (IFAs) can sometimes provide advice on mortgages as well as ancillary finance products such as insurance and pensions. Often these products go hand in hand with mortgages so it can be a good idea to receive mortgage advice from an IFA if you have one already.

If, for example, you are looking to purchase or remortgage a buy-to-let property your IFA may be able to provide you with advice on which mortgage products to apply for in addition to any investment advice they may provide to you.

If you are seeking a mortgage for your own home your IFA may be suitable for providing you advice on both your home loan and your home and contents insurance. You may also use the opportunity to receive advice on life assurance product or mortgage and income protection insurance.

Where to Seek Mortgage Advice

Finding a mortgage broker or IFA who can offer you mortgage advice has never been easier. There are thousands of registered mortgage brokers and IFAs in the UK, many of whom advertise on the internet and in the local press. There is also a wide range of online and offline directories which contain listings of mortgage brokers in most local areas. However, with the ease of communicating over long distances these days, it is not always necessary to receive mortgage advice from a local mortgage broker.

You may also seek out referrals from friends of relatives. Mortgage advisers and IFAs sometimes specialise in different fields of financial advice which means that not all advisers will be suited to providing you with information on the specific issues you are seeking advice on. A positive referral from a friend or relative may therefore save you the time and hassle of finding an adviser yourself and reduce the risk of inappropriate advice.

Derek is joined by Ed Bowsher from LoveMoney.com who has the latest advice on property and mortgages. Visit our website – www.shine-tv.co.uk

Related Mortgage Advice Articles

by newbarnet

Not all people are skilled enough to take right decisions regarding mortgage and that is why proper mortgage advice is important. There are also certain people who do not have that much time to make decisions on right mortgage. These people turn to their friends or relatives to discuss the issues regarding mortgage or search various other sources such as mortgage based journals and magazines to get proper advice. Some even contact mortgage advisers to get help. Here we are featuring certain vital aspects regarding mortgage advice.

People those who are looking to avail mortgage must get advice on the type of mortgages available in the market. In the financing market of the Unites Kingdom, there are quite huge varieties of mortgage plans. Those who are buying home for the first time, for them there are first time buyer mortgages. In addition, there are mortgages of specific types such fixed rate mortgages and adjustable rate mortgages. The basic difference between these two varieties of mortgages is the rate of interest. Fixed rate mortgage means those mortgage plans where the rate of interest is fixed for the entire term of the loan. On the other hand, adjustable rate mortgages are those plans where interest rate varies. The importance of mortgage advice lies in helping the borrowers to select the most suitable type of mortgage plan. According to the requirements and financial capability of the borrower, mortgage advices are to be offered. Those who works of independent mortgage advisers they suggests and explains different mortgage plans to the borrowers. However, no adviser can force his or her decision to the borrower as the borrower is the ultimate authority to take the final decision.

Mortgage advices must also cover the mortgage options. These options combine the clauses like penalty of prepayment. When the payment of mortgage is made before its due date, the situation is termed as prepayment. Generally, lenders do not favor prepayment because they will make a loss on the interest. Some lenders allow paying back the mortgage in advance. If the borrower wants make prepayment of the mortgage, the matter must be properly and clearly discussed with the lender. It is essential that the borrowers read the terms and conditions clearly before entering into the contract.

Right mortgage advice is extremely essential in terms of mortgage fees. To successfully avail the loan, the borrowers need to pay several types of fees. With proper mortgage advice, the borrowers would be able to make out the difference between the fees that are appropriate and fees that are unjustified. In case of mortgage, fees are regarded as points. Take an example, when the value of mortgage is ?200,000 and the fee is 2 points, then the real fees that needs to be paid is ?4000. Borrowers must avail proper mortgage advice to settle with the points.

Actually, mortgage advice is required in every step of availing a mortgage loan. Apart from getting advice, it is also important to have certain knowledge about the mortgage market. In some cases, this helps to tally whether the advice given to borrower is fruitful or not.

Mortgage Advice
Mortgages Ireland

by Fergal OP

Mortgage Advice Agency – Newdegate Street

Image by ZacharyKent

Find a Mortgage Adviser for free Mortgage Advice online.
Mortgage is one of the biggest part of your financial life. Hence you need all the mortgage advice you can get when choosing the right mortgage product for you. Specially in today’s credit crunch market, when lenders are tightening their lending criteria and being choosy about who they lend to, an expert mortgage advice is a must when in this uncertain finance climate. We’ve an independent agent for panel of qualified and experienced independent mortgage advisers in the UK. All our Mortgage advisers are FSA regulated and have access to over 8000 mortgage products at their disposal to advice you on the most suitable mortgage product for you. They are ready and waiting for you to help completely Free of charge.
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House prices fell by 0.9% in October

House prices fell by 0.9% in October, the fourth consecutive monthly decline, Hometrack data reveals.

The extent of house price falls increased over October with prices down across 56% of the country, compared to 34% in September and 30% in August.

Rising supply and faltering demand off the back of concerns over the economy and cuts in government spending have led to deteriorating market conditions.

Demand for housing dropped by 2% in October – the fourth monthly fall in a row.

Despite the weakening outlook, the supply of homes coming to the market continues to grow with a 1.9% growth in October.

Over the past six months the supply of homes for sale has grown by 14% while demand has fallen by 8%.

Across the country the North West  saw the greatest extent of price falls, 71% of postcodes registered falls, followed by the West Midlands with 66%.

Weakening market conditions have resulted in the average time on the market rising to 9.6 weeks – the highest level since May 2009.

The East Midlands and Wales now have an average time on the market of over three months.

The proportion of the asking price being achieved has dropped to 92.7% the lowest level since September 2009.

Wales, at 91%, and the North East, at 91.3%, have the weakest underlying pricing in terms of the proportion of asking price being achieved.

Hometrack surveyed 5,100 agents and surveyors.

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