Research The Market – Know Your Mortgage Options
Before you make a decision to purchase a new mortgage, enlist the help, knowledge and information of an Independent Mortgage Broker.
There are so many Mortgage Products available on the Market these days, that any one person, who takes it on all on board themselves, has a very good chance of not getting it right.
Whether you are a First Time Buyer, Trading Up, Equity Release or Consolidation of Existing Loans, getting an overview of the Market and the products available to you, is the key to purchasing the right Mortgage.
The job of the Independent Mortgage Broker is to discuss with the potential Customer the amount of money they wish to borrow, based on a number of different factors, including the individuals or couple’s salary, their savings, the term of the mortgage, the type of interest rate and their prior credit record.
While most Lenders use similar criteria, it is important for customers to explore all options as every Bank assesses the customer’s ability to repay the mortgage in different ways.
When Choosing an Interest Rate, this can very often be clouded with Jargon. Is a Tracker Mortgage, a Variable Mortgage or a Fixed Rate Mortgage the best option? The answer ultimately depends on each Customer’s circumstances, their attitude to risk, plans for the future and their position in the lifecycle.
The Irish Mortgage Market is currently very competitive and with this competition comes considerable choice and exceptional value for money to the well informed client. This market offers the Customer exciting benefits, flexible features and introductory offers for new business. Such benefits include Free or Reduced Legal Fees, or even Cash Back to entice you to switch from your existing Mortgage Provider. Features such as Interest Only, Discounted Mortgage Rates and exceptionally Low Interest Rates based on the value of your property versus the Mortgage you require.
Given the complexity, choice, jargon and cost involved in choosing the right Mortgage Product, it is a good idea for the purchaser to ensure that they get the best possible advice each and every time.
Banks will always insist that you, the customer, take independent Legal Advice, when finalising your Mortgage. We at Advocate Financial Services would argue that Independent Financial Advice should be a pre-requisite before you decide on which Mortgage to choose.
Advocate Financial Services and Advocate Mortgage Store are regulated by the Financial Regulator to give independent advice.
