Where Can You Get a Mortgage From?
posted in Mortgage News
For anyone wanting to purchase their first property, the process can seem more than a little daunting, and knowing who to turn to for help and advice, not to mention your mortgage, can be confusing. To help you, here are the 3 main places to get your mortgage from:
Banks
Many people automatically go straight to the bank they have an account – or multiple accounts – with, and while this may be the best option, it’s rarely as simple as that if you want to get the best deal. It might be convenient for you to have all your finances in one place, but it doesn’t necessarily mean that you’ll get the best rate.
Call in to your local bank branch and talk through your options with an advisor, before visiting any other banks in the vicinity to see what they can offer you, too. There are also an increasing number of virtual, or online banks, who don’t have a physical branch, but whom may be able to offer more competitive mortgage deals due to their limited overhead costs.
Mortgage brokers
Independent mortgage brokers are fantastic for giving unbiased guidance, and they have access to many different lenders. While it may be that they guide you towards your own bank, you’ll at least be safe in the knowledge that you got a good, competitive deal. To begin your mortgage conversation, drop into your local mortgage brokers for an informal chat.
Online mortgage brokers
While local brokers can be hugely helpful, an online mortgage broker may have access to even more lenders, giving you multiple options to choose from, and a variety of rates that will best suit your financial circumstances and current budget. Another bonus of working with an online mortgage broker is that even if you’ve previously been denied a mortgage from your bank, you can still search for one with them through your broker.
There are several reliable digital mortgage solutions that offer their service for free, and take care of the entire process online, 24/7.
Now that you know where to go to get a mortgage for your first property, all that remains is to make sure you have the funds! While a mortgage is a big financial commitment, when you find a great deal through your broker, the costs can be manageable, and need not leave you penniless at the end of every month.