Newspaper article The Journal (Newcastle, England)

The Expert Way to a Hassle-Free Mortgage

Newspaper article The Journal (Newcastle, England)

The Expert Way to a Hassle-Free Mortgage

Article excerpt

Byline: By Maxine Lindsay

Funding the right mortgage can be as frustrating as it is time-consuming. Maxine Lindsay explains how mortgage brokers can help.

Whether it's a fixed rate, a discount, a tracker, a current account or offset mortgage, the variety can seem endless.

Even when you have chosen a mortgage type, there are still many important decisions to make. If it's a fixed rate, for example, how long should you fix for?

One way of cutting through the confusion is to use a mortgage broker or advisor, who can search the market place and help find the best mortgage for your needs.

Some charge a fee, while others offer free service to a borrower but take a commission from the lender.

Mortgage brokers will have access to a panel of lenders, from which they can search the market for the best products for customers.

Obviously, borrowers can carry out their own market research but, given today's busy lifestyles and the number of products available, it is easy to miss the best deals. Signing up to one lender only to later find you could have saved hundreds of pounds elsewhere is frustrating.

There are also many borrowers who are on excellent rates secured a few years ago but who will soon see a jump in their repayments as these schemes end and revert to the lender's standard variable rate.

The sudden increase in costs can come as a shock. Mortgage advisors can remind borrowers in plenty of time of a need to change then do the hard work so they can re-mortgage and avoid a sudden payment shock.

Mortgage brokers frequently offer a `whole of market service', so if you need a specific type of mortgage, such as a buy-to-let or commercial or loan, or if you have previously been refused a mortgage for having an adverse credit history, help is still available.

Changing lifestyles also means fewer people fit the traditional lending criteria laid down by many high street providers. …

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