Mortgages are a significant financial commitment for most people, and protecting you, your family, and your lifestyle is crucial. Mortgage protection is a form of insurance designed to safeguard your home and your family’s financial well-being in the event of unforeseen circumstances.
Investing in a Buy-to-Let (BTL) property can be a lucrative way to generate a steady income and build wealth over time. However, before you dive into the world of BTL mortgages, it’s essential to be aware of some common mistakes that can hinder your success. To help you make informed decisions, we’ll discuss six common mistakes to avoid when applying for a BTL mortgage.
Key mistakes that we’ll discuss in this blog post cover;-
Remortgaging is a financial term that involves switching your existing mortgage to a new one, often with a different lender or on renewed terms with your existing lender. People choose to remortgage for various reasons, such as securing a better interest rate, releasing equity on their property, or consolidating debt.
In this blog, we’ll explore several ways to help you improve your approval chances when remortgaging.
If you would like to speak to an experienced and helpful team about your remortgaging situation, please see our contact details at the bottom of this article.
Key points covered to improve remortgaging approval chances include;-
Obtaining a mortgage can be both a stressful and extremely rewarding process. In order to get there, you must adhere to a set of processes and steps that can be assisted in a couple of ways including using online mortgage tools, or using a mortgage broker.
But, is one way better than the other?
This blog will look at the pros and cons of both sides and offer some guidance on how these factors may affect your overall buying experience.
If by the end of this article you still have questions or would generally like to know some more information about mortgages, we’d love to assist you here at Thameside Mortgages.
Thameside Mortgages, a well-trusted mortgage broker covering Kent, Bedfordshire and the surrounding areas, is proud to introduce a new initiative aimed at assisting clients whose mortgages are set to end within the next six months – the Remortgage Tracker Service.
This exclusive service reaffirms the company’s commitment to delivering exceptional customer care and ensuring that clients continue to receive the best mortgage deals available in the market.
Understanding the importance of timely and beneficial financial advice, Thameside Mortgages is pleased to offer its valued clients an opportunity to secure a new mortgage deal six months before their existing mortgage term expires.
By taking proactive measures, clients can avoid potential uncertainties and leverage favourable market conditions.
If you are in the early stages of obtaining a mortgage, it can often be a stressful experience. However, the process can be made easier if you ask your mortgage broker the most important questions at the beginning of your journey.
Asking even a select few of the most important questions will help you gain clarity, better understanding, and put you in a great position to obtain the most suitable and desired mortgage deal for you.
In this latest blog, we’ll be covering the top eight questions to ask your mortgage broker (feel free to ask us right away!).
The top questions we’ll be covering include;-
What types of mortgage loans do you offer?
What is the current interest rate and how does it compare to other lenders?
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.
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.
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!