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Navigating the mortgage maze

By John Lineham - 13 November 2013

Mortgage Maze

The recent undercover investigation on Channel 4’s Dispatches programme reminded us once again about how important it is for buyers to know their rights and to be aware of what mortgage options are legally available to them and to deal with a reputable and professional mortgage adviser.

Since 2008 mortgage lending criteria has been tightened, and borrowers must adhere to these new restrictions or face severe penalties for mortgage fraud.

Nowadays anyone applying for a mortgage must prove they are creditworthy and also provide evidence of their income. For those who are employed this would be by way of pay slips and bank statements and for the self-employed, accounts and/or tax assessments.

For those who want to improve their credit rating then there are a few things you can do before you apply for a mortgage:

•             One of the crucial things to do is get onto the electoral register via the About My Vote website.

•             Make it a point to pay off any credit on time including credit cards and store cards.

•             If you find yourself in the position where you have little or no existing credit, take out a credit card but make sure you pay the full amount at the end of each month. This should gradually improve your credit score.

It is vital that when you enter into a mortgage you choose the right product for your circumstances now, and in the future. We have the most current mortgage rates and products available to view on our website.  However, we would always recommend that you see one of our independent financial advisers who cannot only show you the best rates available but can also steer you through each of the lenders criteria and explain any other costs associated with buying and selling a home.

Our team of highly experienced mortgage consultants have access to, and full knowledge of, the whole mortgage and protection markets. Regardless of whether you purchase a property though us or not, we are on hand to provide you with free, impartial advice which is best for you, not the bank! We are able to provide advice and access to all the options of ‘High Street’ lenders and specialist providers who offer exclusive rates which are often unavailable to the public directly.

If you are looking for more information on getting a mortgage, whether you are purchasing, re-mortgaging or buying to let, feel free to contact one of our advisers on: 0800 389 9986, call into your local Beresfords branch or enquire here.