Be smart, shop around - some mortgage advice from GFS
11th April 2008
You’ve all seen the news or read the papers, it may all look a bit grim, but we think if you’re smart about it, it’s actually a great time to be shopping around.
The demise of the Northern Rock and the collapse of Bear Sterns have caused a ripple in the banking sector, which concurrently affects mortgage lenders interest rates. But what you might not know is some lenders have the funds and can offer competitive rates whilst others clearly don’t or are holding back.
Therefore the rate of interest you have already been offered on a mortgage might not be as competitive as what is readily available on the open market. If you need a mortgage in excess of 90% of the purchase price the impact on the interest rates is even higher! Which means there is no better time to seek independent financial advice.
Look at this example, if you get a mortgage for £300k and the difference in the interest rate is 0.5%, this would reduce or increase your monthly payments by £125. So, the interest you pay often has a greater impact than a small reduction in the purchase price.
It’s a vital time for buyers to speak to a broker as early as possible in the process. Get help as early as possible to find a lender to suit your circumstances.
We have specialised in this market for some considerable time and can discuss and tailor a Mortgage product to your own circumstances. We are fully independent and unlike a number of London brokers we DO NOT charge a fee for our services. For further information or advice email email us visit our website.