All There Is to Know About Applying For A Mortgage

Are you looking to apply for a mortgage on your first home, but you haven’t got a full understanding of the financial commitment which you are about to make. Winstree Financial Services are a professional Mortgage Brokers based in Colchester, Essex. We want to teach you all there is to know about mortgaging your property.

Did you know in 2020 the average mortgage size for first-time buyers was £170,301, let’s dive into all the information you need to know when applying for a mortgage, we’ve got some essential mortgage guidance for you!

What is a Mortgage?

A mortgage is a loan which is used to buy or refinance a property. From the day that the loan completes you will begin to pay back the mortgage over a chosen term. The monthly payment will generally consist of capital and interest. For most houses in the UK, you will need to pay an upfront cost for the deposit on the property, the deposit requirement starts at 5% with help to buy schemes. You can put down as much deposit over 5% as you can. The deposit size will depend on the lender and your financial circumstances.

A typical mortgage term is around 25 years but can be up to 40 years with some lender. The term is the amount of time you are given to pay back to loan to your mortgage lender

If you decide to take on the mortgage over a long period of time, this will increase the interest payments which you will be paying in addition the original cost of the loan. However, having a longer term could increase the amount that you can borrow.

Who Needs A Mortgage Broker?

Everyone…. Working with a mortgage advisor when buying a new property can be beneficial for everyone, but I want to talk about the specific mortgage services our team can help you with.

You will receive professional advice regarding the mortgage options available. We have access to an unlimited number of products and lender – and have a great understanding of the market. In addition to this, we will offer you specific advice and guidance throughout the whole process. including which lenders are suited to scenarios.

Did you know that we are able to have a conversation with you, record the information that you need and then bring the market to you. Using a bank or advisors that do not have full access to the market could mean going through many applications before you find the right mortgage

Save time and money by using our services – we only need to do the process once and give you more time to look for your first home.

We advise and arrange mortgages for you for free

Why you Should Work With A Mortgage Broker.

If you are currently looking for professional help and guidance when it comes to buying your new property, our team can help you here at Winstree Financial Services. We can help you find the best mortgage rates on the market, whilst offering our professional guidance through the process of buying your new home. Our team have years of experience in the industry with expert knowledge. We also know Colchester very well.

We want to work with you to make sure the whole process runs smoothly, so for more information get in touch today!

An important note to make, the lowest mortgage rate isn’t always the best value deal, let us do the research for you before you commit.

Understandably, loans with the lowest rates can seem like the best deals, but this isn’t always the case. These deals are more likely to have higher fees attached and you end up paying more money in total.

For more information, contact our team today. We want to make the whole process easier for you, talk to Winstree Financial Services, Mortgage Brokers in Colchester today!