It doesn’t have to be a headache to find yourself a mortgage! If you’re looking for a mortgage and would like advice or help then they are many mortgage advisers, lenders and independent financial advisors who will be happy to assist.

The following is a list of suggested things you should ask an advisor:

• Ask the advisors if they are independent or will they be recommending their employers mortgage.
• If there are any additional cost and if they could be tied in with the mortgage or paid upfront. If tied in then what will the monthly payments be.
• What are the charges for valuations/surveys?
• If the mortgage was repaid early, what are the charges?
• If the application was not to go ahead am I liable to pay arrangement fees if any? If so, what are the fees
• If in the future I was to move to another property, is the mortgage portable?
• Would I be allowed topay off my mortgage early by making higher monthly repayments?

Make sure the people you talk to are regulated by the FSA- that way you know the information which is given is trustworthy and meets certain standards.

If you believe you are sold mis-sold a mortgage by an adviser, you can complain to the financial ombudsman service (www.financial-ombudsman.org.uk)

The main places that offer mortgages are:

• Brokers
• Banks and building societies
• Insurance companies
• Finance houses and specialist mortgage companies

It depends on your personal circumstances on the type of mortgage you choose. Looking at your options and the best one for you, it would be an idea to contact an Independent financial Advisor. It is also worth finding out what each lender has to offer as many mortgages are available only if you go to them directly.

Online comparisons tools

Online comparison tools have often easy to use and have become increasingly popular. By entering a preference and some details is will provide you with a number of possible mortgage deals. This normally allowsyou to compare interest rates, loan-to-value, overall cost.

How much can you really afford?

It’s all good getting a mortgage approved but how much can you really afford to pay on a monthly basis?

Budget

Many things need to be considered when taking on a mortgage; these are your salary, other income and savings. The other is your outgoings; things such as insurance, travel, fuel, food credit card payments, utility bills etc.

If you add all your outgoings and take them away from your income, then you will have an idea of how much you could really afford on monthly payments and remain within your budget.

How much can you really afford? >>>