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Mortgages for Beginners: What you Should Know

So, you and your partner are finally ready to make a commitment and are looking at buying your first home, which is a milestone in everyone’s life. It might seem a little overwhelming when you first enter the property ownership world, with many aspects that are new to you; obtaining a mortgage is one of those hurdles to overcome.

The mortgage broker

If you approach a lender directly, they will try to sell you one of their rigid packages, whereas the mortgage broker has associations with many lenders and can therefore tailor their service to suit the client. One of the leading UK independent mortgage brokers can be found at ascotmortgages.co.uk, where you will be expertly guided through the process and find a home loan that works for you. It is best to use the services of a totally independent broker, as they are not limited to lenders and they have your best interests at heart.

Expert advice

When you approach an independent mortgage broker, you get the best advice from top professionals; every situation is unique and once they know what you are ideally looking for in a home loan, they have thousands of lenders on their books. Most independent mortgage brokers specialize in helping first-time buyers and they make the entire process smooth and efficient, keeping you informed at all times. One of the team would be happy to have a 30-minute Zoom call with you to discuss your needs and with digital tech, everything can be done online; indeed, getting a mortgage has never been this easy. The broker also offers rental property loans at 100%, plus they will loan the money for renovation, which is great.

Multiple occupants

It is not uncommon for 3-4 young professionals to come together and purchase a property, which they will share. This is ideal for those who don’t qualify for a mortgage and there’s no reason you can’t hook up with a couple of friends and plan to purchase a home. Only the independent mortgage broker can offer such a loan package, as they have working relationships with lenders who are willing to extend property loans to multiple owners.

Low deposit mortgages

If the deposit is an issue, the mortgage broker can probably find the right lender that is happy with a lower deposit; we all know how hard it is to save money these days and for some couples, their income doesn’t allow for much in terms of savings. Your best chance is to make contact with a leading independent mortgage broker and see what they can come up with; in most cases, they help the client achieve their aims and with pre-approval, you can start looking at properties.

Mortgage protection

You will need to take out a mortgage life insurance policy and should the mortgage holder pass away, the mortgage is fully paid by the insurer. Talk to the broker about mortgage protection and they will show you a range of policy packages, enabling you to select the one that works best for you.

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