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Mortgage Advice

Mortgage advice from impartial brokers, lenders, property solicitors and other savvy professionals can help you avoid the pitfalls of home financing. Whether you're buying your first home or you're a seasoned investor, you can benefit from the advice of experts who know the current market. Take the opportunity to glean mortgage advice from a number of knowledgeable professionals before you make one of the most significant financial decisions of your lifetime.

Because you may hear conflicting mortgage advice in your search for a mortgage loan, it's important to consider the reliability of your sources. Look for trusted brokers or other experts who will provide objective opinions about your options in the market. Seek advice from experts who have your interests at heart, rather than their own financial concerns. Using the free resources on our site, you can request advice and mortgage rate quotes from a number of trusted professionals in your area.

Finding the Best Rates

Mortgage rates fluctuate with the economy, but no matter when you decide to buy a home, you'll always increase your chances of getting better deals when you compare rates from a number of banks or building societies in your area. The most popular mortgage in the UK is the variable mortgage, which is based on the Standard Variable Rate, or SVR. Banks and other lenders may adjust that rate at will, within certain margins, during the course of your loan.

When you're seeking mortgage advice, ask trusted professionals about the value of promotional introductory rates. Fixed rate mortgages begin with a promotional interest rate that will remain set for a certain period of time. In general, the fixed rate lasts for the first 1 to 5 years of your loan. During this time, a new home owner has the opportunity to adjust to the financial responsibilities involved with making repayments and maintaining a property.

With a capped rate, the maximum interest may not rise above a certain limit established in your contract. Rates may vary below the cap, but they will not fall below a minimum known as the collar. Discount mortgages offer introductory repayments that fall below the SVR. Capped and discount rates are generally offered on a promotional basis, after which the loan reverts to the SVR. Follow the advice of an expert to find lenders that keep their margins close to the SVR.

Popular mortgage advice has it that these promotional deals offer home buyers the opportunity to save money over the first years of their loan. With this savings, you can improve the property, pay off other debts or increase the amount of your monthly repayments. However, you should follow your lender's advice and the terms of your contract when it comes to repaying your loan early. Early repayment may result in penalties, in some cases.

Repayment Calculators

Many borrowers who have since lost their homes could have benefited from expert mortgage advice before taking on an obligation that exceeded their financial resources. A mortgage is a serious financial commitment, lasting up to 25 years of more. During this time, you may experience fluctuations in your income, a major injury or illness, the loss of a job or the death of a spouse. Joyful events like the birth of a child can also affect your ability to afford your repayments.

A repayment calculator offers a source of mortgage advice when you're estimating how much you can afford to repay each month. These free online tools prompt you to enter the property value of the home, the percentage of the cash deposit you intend to make, the amount of interest you'll pay and the length of the repayment. You can adjust the values to determine whether you would be able to repay mortgages more easily under different terms, or whether you might have difficulty making repayments if your income were to decrease in the future.

Use the figures from your calculator to supplement advice from impartial professionals when you evaluate the terms of different contracts. Review a contract with a solicitor, if necessary, before you make this commitment. The more carefully you explore your options and consider the potential outcomes of an agreement, the better equipped you'll be to face financial changes in the future.

Free Mortgage Advice

The most reliable mortgage advice may be the free counsel you receive from trusted experts when you make preliminary enquiries and request quotes. Look for brokers and lenders that are regulated by the Financial Services Authority, or FSA. The FSA oversees the activities of financial services providers in the UK and serves as an advocate for consumers. FSA regulated professionals have established a record of upholding high ethical standards in business transactions. With recommendations from reliable professionals, you'll be better prepared to avail affordable financing for the property of your dreams.

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