Mortgage Lenders Your Options

Mortgage Lenders Your Options

Mortgage Lenders – Your Options
Finding your dream home is​ usually the​ simplest part of​ the​ house buying process! Once you​ see somewhere you​ want to​ put in​ an​ offer for,​ you’ll want to​ move fast .​
It helps,​ therefore,​ to​ have your mortgage sorted before you​ find somewhere you​ want to​ buy.
You can choose a​ lender and mortgage,​ apply for the​ loan and get your mortgage ‘approved on​ principle’ before you​ even start looking for a​ house .​
This means that you​ know what your budget will be and can be fairly certain that your mortgage will be accepted .​
The lender will still want to​ see the​ valuation survey,​ however,​ and there may be other checks that have to​ be completed before the​ deal is​ closed.
While most people used to​ take out their mortgage with a​ building society or​ bank,​ these days there are a​ number of​ other options to​ consider .​
Smaller,​ specialist mortgage providers can offer good deals and are sometimes more flexible about terms .​
Banks and Building Societies
Since the​ market has become much more competitive,​ the​ larger finance houses have adapted their practice to​ become much more flexible with their mortgage deals .​
You will have the​ advantage of​ knowing that a​ reputable lender provides your mortgage,​ and local branches can make your day-to-day banking more convenient.
Insurance Companies
Some companies now offer their own range of​ mortgage products,​ which can give good terms,​ along with insurance products and investments .​
Legal and General are a​ well-known example .​
Check that you​ are not committed to​ taking out insurance policies with the​ lender along with your mortgage.
Specialist and Centralised Lenders
Generally this type of​ lender operates from one location – you​ won’t be able to​ visit a​ local branch,​ but they may offer lower rates as​ a​ result of​ having fewer overheads to​ cover .​
Virgin Direct and Mortgage Trust are two lenders who can offer particularly flexible mortgages .​
Telephone and internet banking make this kind of​ borrowing more convenient.
Local authorities
Council house residents may wish to​ apply to​ their local authority for a​ mortgage .​
There are also some mortgages available from some authorities for people who wish to​ renovate derelict houses – contact your local council for more information.
It’s good practise for a​ lender to​ subscribe to​ the​ Mortgage Code – this is​ a​ voluntary scheme that means the​ lender has promised to​ uphold commitments to​ good service.

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