Jake Powell No Comments

6 common mistakes to avoid before trying to purchase a property

6 common mistakes to avoid before trying to purchase a property

Buying a home for the first time can be an exciting and intimidating experience. It’s important to approach the process with caution and avoid common mistakes that can cost you time, money, and headaches. In this blog article, we will discuss the 6 most common mistakes that first-time homebuyers make and provide tips on how to avoid them.

Whether you’re in the market for a new home or just starting to think about buying, this article will help you navigate the process with confidence and ease. So sit back, relax, and get ready to learn how to avoid the most common pitfalls of first-time homebuyers.

If you have any questions or concerns about the home-buying process, don’t hesitate to reach out to us. We are here to help you make informed decisions and guide you through every step of the way.

You can contact us via 03455 120 125, use our contact form, or you can even use our online chat feature. We are happy to hear from you and provide any assistance you need.

Failing to establish how much you can borrow

Before you start viewing properties, you should establish how much you’re able to borrow. Once you’ve worked this out, you will have an accurate price range and begin to view properties.

Not working out a monthly budget you can afford

There’s no point buying a house if you cannot afford to leave it. Knowing how much you can borrow will help you understand how much your mortgage payments are likely to be, so you can budget accordingly.

Not having the correct documents ready

To accurately work out your affordability, you should ensure you have payslips/tax returns and your credit report to hand. Without these documents, no adviser will be able to provide accurate figures and things become guesswork. There’s nothing worse than viewing a property you love, then realising you cannot afford it. Your adviser will confirm exactly what you’ll need.

first time buyer mistakes

Not getting an AIP, or Agreement in Principle

When you make an offer on a property, an estate agent will ask for your Agreement in Principle – a piece of paper that confirms a mortgage lender has provisionally approved the amount you would like to borrow. If you don’t have this in place, they may not take your offer seriously and move onto another buyer.

Choosing a solicitor based on cost

It can take more than three months to complete a purchase – it’s the legal work that takes the greatest amount of time. There are lots of solicitors that may appear extremely cheap, but they can be very slow to respond, update or communicate, which adds a significant amount of time and stress.

Sometimes, if you can pay a little bit more and obtain a solicitor who will be proactive, experienced, great with chasing the other side and will communicate their updates with you. Choosing the right solicitor can remove a lot of stress.

Choosing the wrong mortgage broker

Choosing the right mortgage broker is crucial. Read reviews from previous clients to ensure they are the right fit for you. They should help you understand the pros and cons of each option. A good broker will update the estate agent on your behalf, liaise with the solicitor for progress reports and keep you updated each step of the way. They will discuss the importance of life assurance, home insurance and any other relevant insurances and discuss the importance of writing a Will. 

Essentially, the right adviser will guide you from the start, through to the finish – and beyond.

kent mortgage advisors

We’ve covered some of the common mistakes that first-time homebuyers should avoid, but there may be others that we haven’t mentioned. If you want to learn more about how to avoid these pitfalls and make informed decisions, please don’t hesitate to contact us.

At Thameside Mortgages, we have a dedicated team of professionals who are happy to help you navigate the home-buying process. You can reach us by phone at 03455 120 125, use our contact form on our website, or via our online chat feature. 

We look forward to hearing from you and helping you achieve your homeownership goals!

The Team @ Thameside Mortgages

Jake Powell No Comments

Mortgage Advisors Kent – Do I Need One?

Mortgage Advisors Kent – Do I Need One?

Getting a mortgage is a huge financial commitment, and it’s important to take it seriously and make informed decisions. That’s why it’s a good idea to get advice from mortgage advisors in Kent, like Thameside Mortgages. 

These advisors have access to more than 90 lenders in the market and can find the best deal for you based on your unique situation.

So, let’s talk about the top SIX reasons why you should consider seeking the help of a mortgage advisor in Kent.

Thousands of products at their fingertips

A mortgage broker can save time and effort for a client in several ways. Firstly, brokers have access to a wide range of mortgage products from different lenders, which means they can quickly narrow down the options and present the most suitable products to the client based on their needs and financial circumstances.

Extensive knowledge and expertise

Mortgage brokers possess extensive knowledge and expertise in the mortgage industry that can only be acquired through experience. This enables them to offer valuable insights that can aid in shaping a mortgage recommendation that suits your unique circumstances. 

By seeking their services, you can effortlessly navigate the complexities of the mortgage process and have all your queries answered with ease.

It can save lots of time

Using a mortgage broker can save time because the broker is responsible for researching the various mortgage products available from multiple lenders, comparing their features and costs, and presenting the most suitable options to the client. 

The broker can also handle the administrative work associated with the mortgage application, such as filling out paperwork, gathering necessary documents, and liaising with lenders, solicitors, and other parties involved in the process. 

This allows the client to focus on other aspects of their life, such as work or family, while still ensuring that their mortgage needs are being taken care of in a timely and efficient manner. 

Additionally, because brokers often have existing relationships with lenders, they may be able to expedite the application process and secure faster turnaround times than if the client were to approach lenders individually.

mortgage advisors kent

Greater chance of approval

Mortgage brokers possess extensive knowledge of lender criteria, enabling them to understand each lender’s specific requirements and guide borrowers towards the most suitable lenders for their specific circumstances. 

They have a keen understanding of what each lender will accept, including varying income types, and what documentation is required to obtain mortgage approval, increasing the likelihood of approval. 

Additionally, brokers can offer guidance on improving creditworthiness, such as paying down debt or resolving credit report errors, which can also enhance the chances of securing a mortgage.

You’ll receive qualified advice

Using a mortgage broker can be better than going directly to a lender because brokers are required to provide advice that is in the best interest of the borrower. They are regulated by the Financial Conduct Authority (FCA) and must follow strict guidelines and rules to ensure that they act in a fair and ethical manner, even though most BTL mortgages are not regulated by the FCA. 

In contrast, if you go directly to a lender, they may only be required to provide information about their own products and are not obligated to offer advice or help you compare other lenders in the market. This can result in a more limited range of options and potential biases towards their own products.

Using a broker also means that you have an advocate on your side who can help you navigate the complexities of the mortgage process and answer any questions you may have. They can provide you with valuable insights and expertise that you may not have access to otherwise. This can lead to better-informed decisions and potentially better outcomes in terms of interest rates, fees, and overall mortgage terms.

Personalised service and on-going support

Brokers are often flexible and can work around your schedule, offering appointments at times that are convenient for you.

They can provide ongoing support throughout the mortgage process, from the initial application to completion and beyond, taking time to understand your financial situation and tailor their advice to your specific needs. 

This can help ensure that you get the right mortgage product for your individual circumstances. 

A mortgage broker will offer a personalised and ongoing service to ensure clients receive the best possible advice throughout the mortgage process. 

Firstly, they will take the time to understand each client’s unique financial situation and goals, and provide tailored advice based on this. They consider various factors such as credit history, employment status, income, and debt, among others, to find the most suitable mortgage product for the client.

In addition, the service shouldn’t stop once the mortgage has been arranged. A good broker will continue to provide support and advice to their clients throughout the life of the mortgage, including the renewal process when it becomes due. 

The ongoing service means that clients can have peace of mind knowing that they are receiving up-to-date and relevant advice from an experienced and knowledgeable mortgage broker.

kent mortgage advisors

If you’re looking for a mortgage advisor in Kent that will genuinely listen, seek to understand your situation and advise you on the best options, get in touch with Thameside Mortgages today by calling us directly on 0345 512 0125 or use our online contact form and we’ll get back to you promptly.

Our small, but friendly team will take the time to understand your unique situation and provide personalized recommendations that are tailored to your specific needs.

With services that include first-time-buyer mortgages, home mover mortgages and remortgages, we have a proven track record of success and have received over 150 5-star reviews from satisfied clients.