MortgageDrive - YouDrive Thinks...
Whether choosing an interest only, repayment or offset mortgage or renting,
I'll make the decision myself,I'll seek professional advice
to get the right answer
I'll sort it myself
Doing it yourself Is a good thing if you feel you are well informed enough and up to date with all the latest offers.
You won’t see all of the mortgages on the market and will need to carefully read the fine print for clauses and penalties etc.
Gathering all the information and being an educated buyer is a good thing but it’s always advisable to get someone to check your thinking and give contracts a second glance.
You could go to the bank or building society but they don’t always have access to the whole of market and you could lose out.
The Guardian have a video which has Rupert Jones explaining the different types of mortgage and cutting through the jargon involved – to see this click the link here.
I'll seek professional advice
It does not really matter what mortgage you’re going for. Every one is different and will can be tailored to meet your needs. The type of mortgage you take now might not be suitable in 5 years time.
It’s a big commitment and often can lock you in for a long time. Many lenders have hidden charges that are not always easy to spot, which an advisor will know.
Using a professional advisor can save you money in the long run and give you peace of mind that you have taken professional help. They have access to the whole of the market whereas a comparison site may not show all mortgage offers.
Mortgage advisors also know which mortgage suits your particular need
If you’re buying to let and need a buy to let mortgage most advisors have access to that specific market and will recommend the best deals.
We advise everyone to read up and gather facts and understand terminology and get professional advice. Even if you finally make your own decision a second opinion from a professional is wise.
We would say never take a mortgage advisor’s total word for it. If there is something you don’t understand or something was said your not clear about don’t stay quiet and think well they know – they are the professionals. Also ask for clarification if there’s anything at all you’re not sure about. See the video by the Mortgage Advice Bureau.
You’ve seen more detail on the different points of view, and also what YouDrive’s view is. You can go back to MortgageDrive by clicking the button here.
The Citizens Advice Bureau have information on managing your mortgage
The Money Advice Service give some guidance on mortgages
The Financial Conduct Authority have some tips and advice on finding an adviser
Scope provide advice for disabled people on getting a mortgage
The Personal Finance Society have a Society of Mortgage Professionals for advisers
MoneySavingExpert have a mortgage guide for first time buyers – download it here.