Mortgages can be tricky to get your head around, especially for first time buyers. It can be difficult to know how much money you’re allowed to borrow and also how much you can afford to borrow. Then there’s also the deposit. Ideally you should be saving as much money as possible to save up for your mortgage, and this is where a mortgage financial advisor can help.
A good advisor can cut out the mortgage jargon and explain to you simply what you next steps are. Mortgages vary and an experienced mortgage financial advisor will have a wealth of experience on the subject, knowing repayment mortgages, interest only mortgages and Endowment mortgages. To help you get a clear mind, we’re providing you with 5 important mortgage related questions that a financial advisor should answer.
- Which mortgage is best for me and my income?
- How should I repay it?
- What happens if (for some unexpected reason) I can’t pay it?
- What does the small print mean?
- Can I make lump payments to speed up the process?