Why Should I Use A Mortgage Adviser Take 6

Why Should I Use An IndependantWhy Should I Use An Independant Mortgage Adviser Mortgage Adviser

Music – Bright Wish by Kevin McLeodMusic – Bright Wish by Kevin McLeod

What’s In It For Me?What’s In It For Me?

This is a question I’m often asked This is a question I’m often asked

So let’s take a look –So let’s take a look –

What’s in it for you?What’s in it for you?

Do you qualify for a mortgage?Do you qualify for a mortgage?

This will depend upon:-This will depend upon:-

Your incomeYour income

Your outgoingsYour outgoings

Your depositYour deposit

Your credit ratingYour credit rating

Your employment Your employment

situationsituation

Let’s take your income and outgoings.Let’s take your income and outgoings.

Generally speaking you can borrow Generally speaking you can borrow about 3 times your gross income about 3 times your gross income after deducting outgoings such as after deducting outgoings such as

loan and credit card paymentsloan and credit card payments

• But not all lenders are the sameBut not all lenders are the same

• But not all lenders are the sameBut not all lenders are the same• Some will lend considerably more than Some will lend considerably more than

this.this.

• But not all lenders are the sameBut not all lenders are the same• Some will lend considerably more than Some will lend considerably more than

this.this.

• WOULD IT HELP TO KNOW WHO THOSE WOULD IT HELP TO KNOW WHO THOSE LENDERS ARE?LENDERS ARE?

Now let’s take a look at your deposit.Now let’s take a look at your deposit.

Now let’s take a look at your deposit.Now let’s take a look at your deposit. At the time of making this video – At the time of making this video –

February 2010 you will need at least February 2010 you will need at least 10% deposit.10% deposit.

Now let’s take a look at your deposit.Now let’s take a look at your deposit. At the time of making this video – At the time of making this video –

February 2010 you will need at least February 2010 you will need at least 10% deposit.10% deposit.

If you’ve only got 10% deposit the If you’ve only got 10% deposit the number of lenders who will lend is number of lenders who will lend is extremely limited.extremely limited.

IT COULD SAVE YOU A LOT OF IT COULD SAVE YOU A LOT OF WASTED TIME IF YOU KNEW WHO WASTED TIME IF YOU KNEW WHO THOSE LENDERS WERE.THOSE LENDERS WERE.

So you’ve got the deposit and your So you’ve got the deposit and your income is OK. income is OK.

Now let’s take a look at your Now let’s take a look at your employment situation.employment situation.

If you’re in permanent employment If you’re in permanent employment or you’ve been self employed for or you’ve been self employed for over 3 years you’re looking good.over 3 years you’re looking good.

But if you are working on a short But if you are working on a short term contract or doing agency work term contract or doing agency work most lenders will run a mile.most lenders will run a mile.

Or what if you’ve been self employed Or what if you’ve been self employed for less than 3 years or even less for less than 3 years or even less than 2 years. Most lenders will walk than 2 years. Most lenders will walk awayaway

Maybe you work overseas. Maybe you work overseas.

Maybe you work overseas. Maybe you work overseas. Again even if your income stacks up Again even if your income stacks up

most lenders will decline your most lenders will decline your application.application.

You see where I’m coming from?You see where I’m coming from?

YOU NEED TO KNOW WHICH YOU NEED TO KNOW WHICH LENDERS WILL DO BUSINESS WITH LENDERS WILL DO BUSINESS WITH YOU.YOU.

OK so you’ve got the deposit, your OK so you’ve got the deposit, your income stacks up and you’ve found a income stacks up and you’ve found a

lender who will cater for your lender who will cater for your employment situation.employment situation.

OK so you’ve got the deposit, your OK so you’ve got the deposit, your income stacks up and you’ve found a income stacks up and you’ve found a

lender who will cater for your lender who will cater for your employment situation.employment situation.

NOW COMES THE CREDIT CHECKNOW COMES THE CREDIT CHECK

A credit check is where a lender A credit check is where a lender checks your credit rating with a checks your credit rating with a credit reference agency.credit reference agency.

IF YOUR CREDIT RATING ISN’T HIGH IF YOUR CREDIT RATING ISN’T HIGH ENOUGH THEN CHANCES ARE YOUR ENOUGH THEN CHANCES ARE YOUR APPLICATION WILL BE DECLINED.APPLICATION WILL BE DECLINED.

However, some lenders take a more However, some lenders take a more lenient attitude towards a low credit lenient attitude towards a low credit rating..rating..

WOULDN’T IT BE USEFULL TO KNOW WOULDN’T IT BE USEFULL TO KNOW WHO THESE LENDERS ARE?WHO THESE LENDERS ARE?

And there are certain things you can And there are certain things you can do to improve your credit rating so do to improve your credit rating so maybe in 6 months time you can re-maybe in 6 months time you can re-apply.apply.

WOULD YOU LIKE TO WOULD YOU LIKE TO

KNOW WHAT THESE ARE?KNOW WHAT THESE ARE?

For those of you who qualify for a For those of you who qualify for a mortgagemortgage

What’s next?What’s next?

What’s next?What’s next? Well what type if interest rate do you Well what type if interest rate do you

require? Do you want a:-require? Do you want a:-

require? Do you want a:-require? Do you want a:-• Fixed rateFixed rate

require? Do you want a:-require? Do you want a:-• Fixed rateFixed rate• Variable rateVariable rate

require? Do you want a:-require? Do you want a:-• Fixed rateFixed rate• Variable rateVariable rate• Capped rateCapped rate

require? Do you want a:-require? Do you want a:-• Fixed rateFixed rate• Variable rateVariable rate• Capped rateCapped rate• Discounted rateDiscounted rate

require? Do you want a:-require? Do you want a:-• Fixed rateFixed rate• Variable rateVariable rate• Capped rateCapped rate• Discounted rateDiscounted rate• Tracker rateTracker rate

Do you know the differences between Do you know the differences between these rates and the impact they can these rates and the impact they can

have on your mortgage.have on your mortgage.

Do you know the differences between Do you know the differences between these rates and the impact they can these rates and the impact they can

have on your mortgage.have on your mortgage.

WOULD YOU LIKE SOMEONE TO WOULD YOU LIKE SOMEONE TO EXPLAIN THESE DIFFERENCES TO EXPLAIN THESE DIFFERENCES TO YOU AND HELP YOU CHOOSE THE YOU AND HELP YOU CHOOSE THE

RATE THAT’S RIGHT FOR YOU?RATE THAT’S RIGHT FOR YOU?

OK so now you’ve got the interest rate OK so now you’ve got the interest rate you require. you require.

OK so now you’ve got the interest rate OK so now you’ve got the interest rate you require.you require.

How are you going to repay your How are you going to repay your mortgage?mortgage?

OK so now you’ve got the interest rate OK so now you’ve got the interest rate you require.you require.

How are you going to repay your How are you going to repay your mortgage?mortgage?

Yes that’s right I said how are you Yes that’s right I said how are you going to repay your mortgage?going to repay your mortgage?

Because even here you have a choice Because even here you have a choice between:-between:-

• Capital and InterestCapital and Interest

• Capital and InterestCapital and Interest• Interest onlyInterest only

• Capital and InterestCapital and Interest• Interest onlyInterest only• A mixture of the twoA mixture of the two

WOULD YOU LIKE SOMEONE TO WOULD YOU LIKE SOMEONE TO EXPLAIN THESE OPTIONS?EXPLAIN THESE OPTIONS?

And what about fees?And what about fees?

And what about fees?And what about fees?• Valuation fee.Valuation fee.

And what about fees?And what about fees?• Valuation fee.Valuation fee.• Lender’s arrangement fee.Lender’s arrangement fee.

And what about fees?And what about fees?• Valuation fee.Valuation fee.• Lender’s arrangement fee.Lender’s arrangement fee.• Higher lending chargeHigher lending charge

And what about fees?And what about fees?• Valuation fee.Valuation fee.• Lender’s arrangement fee.Lender’s arrangement fee.• Higher lending chargeHigher lending charge• Booking feeBooking fee

And what about fees?And what about fees?• Valuation fee.Valuation fee.• Lender’s arrangement fee.Lender’s arrangement fee.• Higher lending chargeHigher lending charge• Booking feeBooking fee• Telegraphic transfer fee.Telegraphic transfer fee.

And what about fees?And what about fees?• Valuation fee.Valuation fee.• Lender’s arrangement fee.Lender’s arrangement fee.• Higher lending chargeHigher lending charge• Booking feeBooking fee• Telegraphic transfer fee.Telegraphic transfer fee.• Early redemption feeEarly redemption fee

WHANT TO DISCUSS THESE WITH WHANT TO DISCUSS THESE WITH SOMEONE WHO KNOWS ABOUT THEM?SOMEONE WHO KNOWS ABOUT THEM?

A discussion with a mortgage adviser A discussion with a mortgage adviser can guide you through all of these can guide you through all of these things.things.

From this discussion your mortgage From this discussion your mortgage adviser can tailor a mortgage to your adviser can tailor a mortgage to your exact requirements.exact requirements.

Then search the whole of the market Then search the whole of the market to find the BEST mortgage deal which to find the BEST mortgage deal which matches your requirements.matches your requirements.

Then make a recommendation in Then make a recommendation in writing showing all the costs involved.writing showing all the costs involved.

REMEMBER INDEPENDANT MORTGAGE REMEMBER INDEPENDANT MORTGAGE ADVISERS HAVE TO STAND BY THEIR ADVISERS HAVE TO STAND BY THEIR RECOMMENDATIONSRECOMMENDATIONS

If you wish to proceedIf you wish to proceed

How would like someone to act as How would like someone to act as YOURYOUR advocate during the application advocate during the application process?process?

This means:- This means:-

Helping you complete all the Helping you complete all the paperwork for the mortgage.paperwork for the mortgage.

Gathering all the information the Gathering all the information the lender needs to support the lender needs to support the application.application.

Using their experience to resolve Using their experience to resolve problems during the process.problems during the process.

If required providing names of known If required providing names of known and trusted professionals such as and trusted professionals such as solicitors and accountantssolicitors and accountants..

Helping you understand all the forms Helping you understand all the forms provided to you by the solicitor, provided to you by the solicitor, lender, surveyor etc.lender, surveyor etc.

Liaising between all the interested Liaising between all the interested parties making sure that everything parties making sure that everything is going well.is going well.

Keeping you informed of the Keeping you informed of the progress of the mortgage and progress of the mortgage and dealing with any questions dealing with any questions or concerns you may have.or concerns you may have.

Helping you understand the formal Helping you understand the formal offer issued by the lender and offer issued by the lender and making sure you understand what making sure you understand what you are getting into.you are getting into.

Making sure you are not paying too Making sure you are not paying too much for any insurance plans that much for any insurance plans that you may have with your mortgage. you may have with your mortgage.

Again speaking to the providers on Again speaking to the providers on your behalf.your behalf.

And talking to you in plain english, And talking to you in plain english, about the solutions to your needs.about the solutions to your needs.

When You Put This All TogetherWhen You Put This All Together

Wouldn’t you just like someone to:-Wouldn’t you just like someone to:-

Wouldn’t you just like someone to:-Wouldn’t you just like someone to:- CC ommunicateommunicate with everybody in the with everybody in the

purchase or re-mortgage process.purchase or re-mortgage process.

purchase or re-mortgage process.purchase or re-mortgage process. AA dvisedvise on the most suitable scheme on the most suitable scheme

based on the your requirements.based on the your requirements.

based on the your requirements.based on the your requirements. RR emindemind about all the risks involved in about all the risks involved in

carrying out the transaction.carrying out the transaction.

based on the your requirements.based on the your requirements. RR emindemind about all the risks involved in about all the risks involved in

carrying out the transaction.carrying out the transaction. EE nsurensure your family is protected your family is protected

should should anything unforeseen happen.anything unforeseen happen.

I Hope I’ve Made My Case. You can I Hope I’ve Made My Case. You can do it yourself but ask yourself thisdo it yourself but ask yourself this

If your car broke down If your car broke down would you try and fix would you try and fix it yourself or would it yourself or would you employ a you employ a mechanic?mechanic?

If you had a problem If you had a problem with your central with your central heating would you try heating would you try and fix it yourself or and fix it yourself or would you ring for a would you ring for a plumber?plumber?

If you had an electrical If you had an electrical problem would you try problem would you try and fix it yourself or and fix it yourself or send for an send for an electrician?electrician?

Using a professional saves you Using a professional saves you money in the long runmoney in the long runTo discuss your mortgage To discuss your mortgage

requirementsrequirements

Call Alan WynneCall Alan WynneOnOn

0800 328 2080 0800 328 2080 OrOr

Leave your details belowLeave your details belowYOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR YOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR

MORTGAGE OR ANY OTHER LOAN SECURED ON IT.MORTGAGE OR ANY OTHER LOAN SECURED ON IT.

Why Should I Use A Mortgage Adviser Take 6

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