What am i looking for? (type of mortgage)

Gorgeous_George

riverboat2001 wrote: »

I'm buying another property to move into, but i'm confused as to what i am with regards to mortgage comparison sites etc.

I already have a mortgage, so not FTB, i'm not remortgageing.

I have emboldened the big clue

GG

GMS

To save any worrying over terminology speak to a 'Whole of Market' broker.

Likely to be no charge for an initial consultation and if you get a deal that way there is a lot less for you to do. The broker will do all the running around for you.

riverboat2001

GMS wrote: »

To save any worrying over terminology speak to a 'Whole of Market' broker.

Likely to be no charge for an initial consultation and if you get a deal that way there is a lot less for you to do. The broker will do all the running around for you.

GMS, you seem to be a very knowledgable person, and i thank you for taking the time to answer many of my questions over the various forum threads.

Do you have any views about meeting them in person, or just talking with them via the net/phone?

I've looked for some "whole of market" advisors in my area, and they all seem to offer pretty much the same service. I assume they are all legally obliged to give a certain level of service, so does it just come down to whether you like them or not?

Also, as i have another property and a resonable pension to come...about ten years away, i reckon i/we should speak to a financial advisor to make the most of it, and have a "plan" to work towards....Can i find someone to do this and be a whole of market advisor?


Many Thanks

GMS

Thanks for the kind words.

Whether to conduct the process over the phone or in person is really a personal choice. From the adviser point of view, home visits cost more money and may reflect on any fees charged.

All advisers should operate to the same level of compliance but some will have access to lenders others would not. Whole of Market means not a restriced panel, but this does not necessarily mean ALL lenders are accessible.

Some IFA's will operate as mortgage advisers also, or have a mortgage adviser linked to their business. Similarly, mortgage advisers often have an IFA they can refer customers to.

A phone call to a mortgage broker should be sufficient for you to get moving along with your mortgage.

JimmyTheWig

riverboat2001 wrote: »

I had just assumed, that as we weren't selling our other property, and are not FTB, that "moving home" wasn't us.

Will this mean two mortgages?
Or is your existing home owned outright?
Or is the existing one on a BTL mortgage?

I'd say go for the "moving home" option to get a feel for the sort of rates that are out there. But it sounds like an unusual situation and so a broker is probably the best bet.