A tailor made mortgage advice Grimsby saves money for you
Posted: Aug 02, 2017
Mortgage is an important decision for any home buyer and considering all the options they have and then selecting the right one is not that easy. It is better to seek mortgage advice Grimsby from an expert mortgage advisor Grimsby so that you know where you can save money.
Have you ever heard of cash back mortgage? It is a mortgage in which your lender gives you a lump sum amount back after completion of your mortgage. This amount can be a fixed one or a percentage of the amount you have borrowed. Your mortgage advisor Grimsby will not only tell you how you can avail this mortgage but will also specify the conditions in which you may not receive its benefits. For example, if you go to a new lender during early years of the mortgage, you may have to repay the cash back amount received, either fully or a part of it.
You should also be aware of your credit scoring. While you apply for the mortgage, the lender will check your credit score to decide on the amount to disburse or the rate of interest at which you will pay back the amount. With credit scoring you get points on the basis of which the lender takes these decisions. For example, you score higher, when you are working for a long period or if you have your own home. Have you paid all off all your loans on time in the past? A good credit history improves your score and hence you have a better chance to avail the mortgage at a lower interest rate.
The lenders have their own system for checking your credit score. While asking for mortgage advice Grimsby the advisor will also check your credit score from reference agencies like Equifax, Experian or Call Credit. They will do so to check it and advice you accordingly. Their advice will be tailor made for you and that will be drawn only after going through your particular situations. The advisor will also tell you about the early repayment charge that some lenders impose on the borrower, if they repay their mortgage before a set period.
All the homes that are bought, sold or rented out, Energy performance certificates or EPCs are now mandatory for obtaining mortgage. This certification ensures that the property is energy efficient and minimum carbon dioxide emissions. It is granted after visiting the property physically by the authority. The recommendation report issued by the authority has to be followed as well. The certification is valid for ten years. The home buyer should obtain this certificate before applying for mortgage.
Your mortgage advisor Grimsby also guides you to lenders that offer the cost of completion of legal work involved in arranging the mortgage and in buying the home. This reduces the amount you pay to some extent. If the mortgage amount is higher in comparison to the value of the property the lender may ask for a fee. This higher lending charge can be avoided by reducing the amount you need to borrow and increase the deposit, if possible. All these will keep you protected against unnecessary financial burden.
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