Education, Education, Education...
Ask ten people what they know about mortgages and you get eleven different answers...
At least that's our experience which is why Find My Mortgage is based on two things.
Of course we work hard to find the right mortgage for our clients but we also work extremely hard to educate them (and anyone else who will listen for that matter) about mortgages in general and the process they are going to go through in particular.
And education means different things to different people...
Our long standing landlords who are adding another property to their portfolio probably don't need us to explain the ins and outs of the house buying process. They're probably more interested in changes to the law or tax rates since they last made a purchase.
First Time Buyers on the other hand need to know the process they are about to follow and what's going to be required at each step.
They probably also need to have a conversation early in the process about how much this whole thing might cost them... and this is often where we are most surprised.
Generally speaking the First Time Buyers we meet under-estimate the costs of buying their first home and can be quite shocked about what they have to pay for.
Think about it for a bit.
Of course, there's the property itself to be paid for - the purchase price less the deposit gives the amount of borrowing that's needed.
But the cost of the property is the pinnacle, the peak if you like of the process. First Time Buyers often see the peak and the fact that they are at the bottom of the valley but they don't see the mountain between!
In other words there are a few costs to be taken into consideration before you even get to the peak...
(And, by the way, this is just an example, it's not intended to give you a definitive list of the costs you will have to pay - it's a guide to the costs you might face when arranging a mortgage.)
So, property costs, less deposit gives the mortgage amount.
But there are some initial outlays to be taken into consideration. Things like a survey fee and solicitor's fees... and don't forget Stamp Duty if the property is costing more than £145,000. (Although the Scottish government has increased this to £175k for first time buyers from June 2018)
The lender may charge a fee as well as an arrangement fee. Your mortgage broker may also charge a fee.
Remember to budget for the ongoing costs - repayments to the lender, your protection costs - life cover, income protection and buildings and contents insurance.
There's a quite bit to think about which is why we at Find My Mortgage believe that education is so important.
We believe that you shouldn't just be expected to blindly pay whatever is asked of you... you should understand what each payment is for and the part it plays in the house buying process.
So, if your looking to buy a house for the first time - or even if you're just thinking about it and want to know a bit more - call us. Education is important to us, which is why we'll explain everything to you at an initial meeting - free of charge.
Call Find My Mortgage on 0131 44 11 000 to book your appointment.
At least that's our experience which is why Find My Mortgage is based on two things.
Of course we work hard to find the right mortgage for our clients but we also work extremely hard to educate them (and anyone else who will listen for that matter) about mortgages in general and the process they are going to go through in particular.
And education means different things to different people...
Our long standing landlords who are adding another property to their portfolio probably don't need us to explain the ins and outs of the house buying process. They're probably more interested in changes to the law or tax rates since they last made a purchase.
First Time Buyers on the other hand need to know the process they are about to follow and what's going to be required at each step.
They probably also need to have a conversation early in the process about how much this whole thing might cost them... and this is often where we are most surprised.
Generally speaking the First Time Buyers we meet under-estimate the costs of buying their first home and can be quite shocked about what they have to pay for.
Think about it for a bit.
Of course, there's the property itself to be paid for - the purchase price less the deposit gives the amount of borrowing that's needed.
But the cost of the property is the pinnacle, the peak if you like of the process. First Time Buyers often see the peak and the fact that they are at the bottom of the valley but they don't see the mountain between!
In other words there are a few costs to be taken into consideration before you even get to the peak...
(And, by the way, this is just an example, it's not intended to give you a definitive list of the costs you will have to pay - it's a guide to the costs you might face when arranging a mortgage.)
So, property costs, less deposit gives the mortgage amount.
But there are some initial outlays to be taken into consideration. Things like a survey fee and solicitor's fees... and don't forget Stamp Duty if the property is costing more than £145,000. (Although the Scottish government has increased this to £175k for first time buyers from June 2018)
The lender may charge a fee as well as an arrangement fee. Your mortgage broker may also charge a fee.
Remember to budget for the ongoing costs - repayments to the lender, your protection costs - life cover, income protection and buildings and contents insurance.
There's a quite bit to think about which is why we at Find My Mortgage believe that education is so important.
We believe that you shouldn't just be expected to blindly pay whatever is asked of you... you should understand what each payment is for and the part it plays in the house buying process.
So, if your looking to buy a house for the first time - or even if you're just thinking about it and want to know a bit more - call us. Education is important to us, which is why we'll explain everything to you at an initial meeting - free of charge.
Call Find My Mortgage on 0131 44 11 000 to book your appointment.
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