Tips for Picking the Right Mortgage Advisor

When you make the choice to buy a home instead of renting, you think that the hardest decision has been made. However, the hardest decision is yet to come.

Finding the right mortgage and picking one that is right for you, is going to be the hardest decision for you because you might not know what you are looking for.

You might think that it is as simple as walking into the bank, once you have found a home, and then asking for a mortgage. But, it is not as simple as that. A lot of thought needs to go into the process.

If you are thinking about buying a house and you want to choose a mortgage, then you should read ahead for some tips on choosing the right mortgage for you.


1. Bank – The first tip is that you should not use a bank. You might be shocked at this but this is what people usually do, but then, they haven’t got all the information about the financial services that are available to them. A bank advisor will want you to choose the financial services that they offer. They have to meet targets and sell the banks services. So, they might not listen to your requirements as much as an independent advisor. They will just be interested in selling the banks financial services.

2. Independent Advisor – Your best bet would be to go with an independent Mortgages northern Ireland advisor. This is because they will have access to everything that is available to you. They don’t have any allegiances to one service over any others, so they will listen to the requirements that you need, and then put you in touch with a service that is right for you. They won’t push you in one direction over another because it is better for them, or they get more commission. They will do their best for you, to make sure that you have a mortgage that is better for your circumstances.

3. Interest Rates – One of the most important things about your mortgage will be the interest rates. You need to make a choice between having fixed interest rates or variable interest rates. With fixed interest rates, you will pay the same amount of interest on your mortgage, so the monthly payments will be the same for the duration of your mortgage. This is better for some people because they are able to better plan their budget because they know how much will be coming out each month. However, other people will opt for variable interest rates. This is where the amount of interest that you will pay, will change depending on the market. So if the market is going well, then the interest will be lower. Therefore, your payments will be lower. But, if the market is bad, then you will pay high interest and your payments will be higher. Therefore, you won’t know how much the payment is per month. Some people choose variable rates because they think that they will have lower interest and so their payments will be less. But, they are taking a gamble because they might find that one month, their payments are incredibly expensive.

4. Comparison – It might be easier for you to use a comparison company because they will have access to all the services that are available to you. They will be able to key in your requirements, to their computer and with a simple push of a button; they will be able to find you the exact service that you need.

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