Which type of mortgage should I choose?
Today there is more choice than ever when it comes to choosing a mortgage. Fixed rate, variable rate, capped rate the list goes on and on, but which one to choose?
A mortgage is probably the largest financial commitment most of you will make in your lifetimes and it is vital that you take professional advice before committing to any one mortgage deal. A mortgage is in reality a loan from a financial body or institution to you in order that you may secure the purchase of a property. This loan is generally secured against the property and is repaid over a period of time, usually twenty five years.
But how do you decide which type of mortgage to go for? You may be in a stable job and have no intention of moving, or you may be like so many of us these days, expecting to make regular changes of employer during our working lifetime. The modern workplace is very fluid and it is not realistic to expect a "job for life."
The good news is that along with the extensive choice of mortgages available there is a huge choice of companies wanting to lend you money. Most of you have a bank or building society account that your salaries are paid into and it is always a good starting point to talk to a company that knows your financial history.
There are very strict rules that all financial companies must adhere to when they offer you a mortgage which is designed to ensure you receive the best of advice. Do not accept the first deal you are offered, shop around and be sure the deal on offer meets your work and lifestyle commitments.
Choosing the wrong mortgage can be a costly mistake and is definitely an experience you can do without. There are banks, building societies, loan companies and independent mortgage brokers all ready to help you. Take their advice, but do not rush into a decision.
Please ask to speak to our own independent financial adviser who is vastly experienced and can often find very competitive quotes.
Important points to remember when you view a property..
It is a fact of life that there are very few home buyers who buy the home of their dreams and do not have to change any part of it. There is always something we would have done differently, these may be small and easily corrected changes, for instance, the wallpaper, the colour scheme or the carpets.
Sometimes the changes we want to make involve larger work, such as the windows need replacing, the kitchen needs refurbishment, we need a new bathroom or bedroom or perhaps the garden needs a makeover. The changes may even involve building or renovation work.
All too often when you view a property you see the house in its current state and this can put you off. What is important, is to remember that you must try to envisage how it can be and not how it is. Think of the brilliant transformations which take place in programmes like "Changing Rooms" and the tremendous effect it has on the overall layout of the house.
The best way to view a property is to make a list all the positive points of the property, all the things you do like, then list all the things you don't like. Then in your own time, sit down and work out how much it would cost you to alter the property to your own tastes and requirements.
If the cost is inhibitive, but you really like the property, it may be worth while talking to Thompson & Partners to see if the selling price could be negotiated to accommodate your needs and desires, after all you have nothing to lose. At the end of the day the choice is yours, however in our many years, we have seen so many property transformations which have taken a sad and dilapidated property and turned it into a home anyone would be proud of. Think ahead, and view to the future, not the present.