Mortgage Borrowers Profile

When you are looking for a mortgage, whether it is a mortgage for a new purchase or a re-mortgage for an existing property, the type of mortgage you select is really a function of your profile. So the question to you when you are looking to get a mortgage is to assess your specific needs, describe your self and analyze what your borrowing practices have been in the past.

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Assess your general levels of income have been or will be in the future and work out what your financial plan and goal. These are the fundamental questions that a borrower should ask themselves before deciding on the type of mortgage product that you use

For example, if you are buy to let investor and are purchasing a property in a rising market and need a mortgage that offers lower monthly repayments then you will need to consider an interest only mortgage where you only re-pay the interest on the loan every month. These payments will not clear any of the loan balance but if you have made an assessment that the property market is rising and you plan to buy and resell the property at a higher price then an interest only mortgage usually helps obtain a buy to let mortgage successfully. The monthly re-payments are usually lower when compared to a repayment mortgage and that means that the lenders are a bit more comfortable to lend as it usually means that the monthly rental income is usually sufficient to repay the monthly repayments.

Matching your specific financial objectives is very important to ensure that you pick the best mortgage products for your needs. We can help you make valuable suggestions to ensure that you end up with a mortgage that suits your current and future financial plans. An educated consumer for us is the best client and it is really important for us to ensure that you know what you are doing. If you have had a number of mortgages already then the chance is that you understand the process well. However, there might be areas that you still do not understand and we can help you with that. We will work with you from start to finish to offer the kind of advice that you can expect from experienced mortgage brokers.

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