When it comes to choosing a mortgage, you can’t rush things or try to cut corners. Such a major investment requires a great deal of thought and planning, and no stone should be left unturned. When meeting with a mortgage lender there are a few questions that should be asked to ensure you are working with the right professional.
- How much of a deposit is required?
You should already have established how much you can afford, but now it’s time to discuss this with the lender, and determine how much will actually be required.
- What rates are being offered?
Make sure you are well aware of the interest rates of your loan, and have taken the time to compare them to other loans and lenders to be confident that you are getting a competitive rate before committing.
- Are there any fees associated with the mortgage?
There will be fees associated with your new mortgage, and it is important to understand exactly what they are, and how they will be paid out. Brokers may have extra costs associated, so be aware of any broker fees or commissions that may have to be paid.
- What are the features of my loan?
It is important to understand every aspect of the new loan, including any features it may include, like income loss protection or life insurance. Before signing, be fully aware of the loan features, including any benefits it offers.
- What additional services are provided by the lender?
It is important to know what, if any, additional services are provided by the lender, and whether there are any perks to having a mortgage, such as a higher interest savings account for mortgage customers. Be sure to ask what details they handle in regards to titles and such, and be aware of what aspects you are responsible for, and whether they should be handled personally or by a solicitor.
Asking all the relevant questions will ensure that you get the mortgage that’s right for your unique situation.