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As ever with all these financial commentaries, there seems to be a complete disregard for why people need a mortgage or to put it another way, the mortgage is discussed without any consideration of the other factors involved. You get a mortgage because you want to buy a property. Cheap no cost brokers and going direct to banks mean that you compromised on the end to end advice and support you can only get from a good face to face broker. When a broker ensures you don't use a duff solicitor, don't get an inappropriate survey, supports you to exchange of contracts... most people are more than happy to pay a fee. I've not even mentioned making sure that brokers will also tailor the appropriate insurances to protect the debt, income and the property. You pay peanuts you get monkeys and is it worth cutting corners on one of the most important decisions you're ever likely to make.
It is very important to shop around and compare the different options available. We spoke with 2 brokers however ultimately used the-mortgage-site.co.uk. They compared all the lenders and gave quite a few illustrations based of our circumstances. More importantly they were very thorough making sure we could afford the mortgage in the first place, definitely not pushing a mortgage for the sake of a sale.
Shop around, find the best deal then and make sure you can afford the repayments!
