Mortgage Broker East Kilbride

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Guide to Mortgages in East Kilbride

If you are thinking of getting in touch with a mortgage advisor East Kilbride based to get some more information about whether you could get a mortgage at the moment, then you may feel as though you would like a little more information about mortgages in general before you start. Buying property is always a major decision in life, possibly the biggest one that you will ever make, and for this reason it is vital that you are able to get as much information as possible before you start the process. Before you contact your mortgage broker , this article should tell you the basics that you need to know about the process of actually getting the mortgage that is right for your needs.
Preliminary steps
The first step of getting a mortgage is to find a mortgage provider that offers the exact service that you are looking for. There are several ways in which you can do this, including online comparison websites, and by asking the bank who are already responsible for your money. Some banks will offer special rates for loyal customers who have used their services for a number of years. Once you have decided upon the provider that you would like to take a mortgage out with, you can then ask them for an offer in principle – which will let you know exactly how much money they will allow you to borrow when the time comes. When you know how much money you can borrow, you will then be able to start looking at properties that you might like to buy. The amount that you can borrow will depend on many things, the main thing being your wage, and may also differ depending on the situation that you’re in with regards to dependents, education status or job stability.
The types of mortgages
 When taking out a mortgage, you will be offered two different options – either a repayment mortgage or an interest only mortgage. With a repayment mortgage, you will be asked to pay an amount each month for a certain amount of time (typically between ten and thirty-five years) and at the end of that term the property will be yours, and you won’t owe anything else on the mortgage. With an interest-only mortgage, however, the money that you pay each month will simply take care of the interest on your account without actually touching the lump sum that you borrowed to pay for your home. If you take out this type of mortgage, you will need to have some other savings scheme in place to ensure that you can pay back the full amount at the end of the mortgage term – and your mortgage provider will almost always check that you are able to do this. It is important to know whether there are any early repayment charges on the mortgages that you are taking out, too. This means that you will know what is likely to happen if you want to pay a lump sum off your mortgage in the future.
Your deposit
The amount of deposit that you are able to put down on your property will vary depending on your own personal situation, however you may find that the deposit that you have can have a great impact on the rate that you are offered on your loan. Typically, mortgage providers will offer mortgages with as little as a 10% deposit – however the lower your deposit is, the higher the interest rate is likely to be on your loan. Being able to provide a higher deposit means that the interest rate will be lower, which will mean that your monthly repayments will be lower, too.
Hidden charges
 When taking out a mortgage, there may be other charges that you hadn’t considered when calculating the costs of your mortgage. One of the main costs will be legal fees, which almost all lenders will insist upon. This basically includes checks on the property that you’re buying to make sure that it is worth the amount that it is being sold for, and that there is nothing wrong with it that is likely to pose a problem in the near future. Other costs that need to be taken into consideration are the charges from removal companies, and any loss of wages from time taken off work.
Conclusion
 Once you have the right information about mortgages, you should find that this enables you to get a deal that will suit you much better in the long term, meaning that you can focus on finding the home that is ideal for your needs. It is certainly worth making sure that you know exactly what you’re doing before you take out your mortgage, as any mistakes could turn out to be relatively costly in the long term.

 


ADDRESS
35 Fitzroy Grove,
East Kilbride
G745PQ

CONTACTS
Email: admin@mortgagebrokereastkilbride.co.uk
Phone: 01355443526

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