Choosing between different mortgage lenders and their products will largely depend on your personal and financial circumstances. There are many different factors you should take into account before deciding the way forward.
When choosing between different mortgage lenders and their products the following factors you should take into account:
For an Action Plan 'Choosing the Right Mortgage', click here and for a checklist of points to consider click here.
Top tips for choosing a mortgage can be found at MoneySupermarket.
First Time Buyers
If you are a first time buyer you can find tips and advice at the following sites:
How much to borrow
An expalnation of how a lender decides how much you can borrow can be found at this link.
A mortgage affordability tool designed to give you an approximate idea of how much a lender might offer you for a mortgage, and if you could afford it, is available here.
Mortgage Calculators to work out what your monthly payments might be are available at the following links:
Compare Mortgage deals
Details comparing mortgage deals that are available to suit your requiremen are available at the following links:
Professional Mortgage Advice
Unbiased and qualified advice on mortgages can be obtained from Independent Financial Advisers (IFAs) who specialise in this market. They are the only sources who are legally obliged to offer independent advice that is not on a commission basis, and are not affiliated or tied to any company or product.
To help you choose a Financial Adviser, click here.
The Financial Conduct Authority (FCA) is a regulatory body in the United Kingdom that regulates the conduct of financial firms providing services to consumers including the regulation of consumer credit and maintains the integrity of the UK’s financial markets.
The FCA have brought in new rules, known as the Consumer Duty, which set a higher standard of consumer protection in financial services. The Duty means you should get: the support you need, when you need it. communications you understand. products and services that meet your needs and offer fair value.
Further information on the Consumer Duty is available at the following links:
Almost all firms offering financial services in the UK must be authorised by The Financial Conduct Authority (FCA).
You should only deal with a financial services firm that is authorised.
If you deal with an authorised firm you will be covered by the Financial Ombudsman Service (FOS) or Financial Services Compensation Scheme (FSCS) if things go wrong.
You can check whether a firm is authorised by searching the FCA authorised register.
Unfortunately there are firms that operate without authorisation and some knowingly run scams like share fraud.
If you are unsure check the FCA List of unauthorised companies.
To acces a step by step guide to make sure you are dealing with an authorised firm, and to protect yourself from fraud and unauthorised activity, click here.
Mortgage guide
A complete guide to all aspects of Mortgages is available at this link.
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