I’m still gob-smacked that this April will mean we’ve been in our first home for 3 years. 3 YEARS. Where has that time gone? In that time, we’ve planned a wedding, had COVID, moved the wedding, and got a Cockapoo puppy. I mean, talk about a full 360. We’ve also got our property up on the market and unfortunately, COVID and this recent lockdown has definitely slowed down our ability to get anyone through the door. However, never fear, patience is a virtue. It had me reflecting though on the process of buying our first property and how out of our depth we felt. One of the things that we really benefited from and have advised our friends and family since, is to get a mortgage broker.
*This is a collaborative post.
*This is a collaborative post.What Is A Mortgage Broker /Advisor?
A mortgage broker has access to the lender’s market that you might only find a limited amount of with your own research. Like a ‘compare the market type‘ of thing, a mortgage broker will collate the best lenders for you, depending on your financial circumstances.
When we first started our mortgage search, we went straight to the banks that we banked with. In order to view properties, a lot of agencies will require you to get a mortgage in principle. To be honest, it’s best to just get one regardless because it may help to speeden up the process of your house buying.
Access To A Wider Market
The main benefit that comes with using a mortgage advisor is the fact that you get access to a wider market. This is something that perhaps you might not have gotten when finding lenders yourself. We quickly realised that the banks we were approaching, were five or six positions down the list that our mortgage advisor offered us. It really does pay to get that financial support in the initial period of your house buying so that you can benefit from the best mortgage deals.
Getting money from a lender is a loan and with such high amounts, you want to try and curb the interests and fees that are added onto it where possible.
They Help In Unpacking The Complexities
One of the things that can be challenging when buying a property for the first time is that there’s so much complex jargon and complexities in the mortgage-buying process. The actual process is quite simple and it’s something that a mortgage advisor and broker can help you to understand.
I remember feeling totally out of my depth when it came to understanding mortgages but it’s something that’s important to be aware of so that you know what’s involved, whether you buy your first property alone or with a partner. My advice if you’re doing it with a partner, look over everything together. Even though one of you might take overall responsibility, it’s good for both parties to know. After all, you are a single entity going into a joint contract.
Help With Future Property Sales
Property sales are something that is going to happen likely more than once unless you find your dream home the first time around. On average, you’re likely to move around 2-4 times in your lifetime when buying property. That’s not counting the times you’ve moved when renting.
For us, from the time we moved to London until the property we’re in now, we rented three other properties over a span of five years. As far as our mortgage advisor goes, we’ve used them again for advice on our mortgage this time around too. It’s nice to have someone familiar and who has your best interests at heart, after all.
Don’t Go Into It Blindly
Buying property is an investment and just like any investment, it’s important that you’re not going into it blindly. If you go into it blindly, then chances are you are going to come out with a deal that you eventually aren’t happy with. That’s not something that you want when it comes to buying your first property.
Get a mortgage broker or advisor and do it properly. Let me know in the comment below, if you used a mortgage broker for your property purchasing.
*Disclaimer – This is a collaborative post with Mortgage Light. All words are my own.
