Mortgage Broker Bristol

With hundreds of mortgage deals on the market, it’s hard to know where to start. You can use a Mortgage Broker Bristol, or shop around yourself and go direct to the lender. This however, can take ages and its always useful to talk to an expert who can steer a path through the bewildering variety of available products.

Mortgage brokers must be authorised by the Financial Services Authority (FSA) or must be agents for authorised firms. The FSA is the UK’s financial regulator set up by government to regulate financial services and protect your rights. Its standards require firms to be competent, financially sound and to treat their customers fairly. A good Mortgage Adviser Bristol will comply with these factors.

Mortgage Adviser Bristol

Make sure your Mortgage Broker Bristol or Mortage Advisor Bristol is registered. This means mortgage firms have to give you certain documents with the ‘Keyfacts’ sign. Keyfacts documents are set out in a standard format to help you compare different services and products with each other. The two mortgage keyfacts documents are: ‘Keyfacts about our mortgage services’ and ‘Keyfacts about this mortgage’ (sometimes called a key facts illustration or KFI).

If you get written information about mortgage products, it doesn’t mean you’ve had advice. Getting advice means that the adviser looks at your particular circumstances and recommends a mortgage that’s suitable for you. This is why we recommend a good local Mortgage Adviser Bristol

Keyfacts – there to help you get the best deal

Step 1

When you contact a lender or mortgage adviser they must give you details of the service they offer. It will be in a Keyfacts logo about our mortgage services document. It will tell you:

* whether they offer mortgages from the whole market, a limited range of lenders or a single lender;
* whether they’ll give you advice and a recommendation, or just ask you some questions to narrow down the selection of products they’ll provide information on;
* whether you’ll have to pay a fee for their service; and
* whether any or all of any upfront fee may be refundable.

Step 2
When an adviser makes a recommendation, or the Mortgage Broker Bristol provides you with personalised information, they will give you a second document called Keyfacts logo about this mortgage. This is also known as a Keyfacts illustration or KFI. You’ll get this whether you’re getting advice or not. It will be a personalised illustration for you and will set out things like:

* confirmation of the service you’re getting;
* what you’ve told about how much you want to borrow plus the type of mortgage you’re interested in;
* a description of the mortgage – who the lender is and the interest-rate deal;
* overall cost of the mortgage, as well as the fees you’ll have to pay;
* how much you’ll have to pay each month;
* how much your payment would be if interest rates went up
* whether the mortgage has early repayment charges, and if so details of these; and
* any other additional features, for example overpayment and additional borrowing facilities.

Make sure you get this and that you read and understand it. Ask the Mortgage Broker Bristol to explain anything you don’t understand.

Mortgage Broker Bristol

When you shop around, it’s important to know what sort of help you’re looking for. You may:

* know exactly what you want, or have an idea but need information from the Mortgage Broker Bristol to help narrow down the mortgages for you from which to make your own choice; or
* need the firm to decide on and recommend suitable mortgages for you.
If you take out a mortgage over the internet, by phone or by post you might not have the option to get advice. This is why we recommend a local Mortage Broker Bristol. Consider whether you need to get advice before you buy.

Repayment methods

There are the two main ways you can pay off your mortgage. These are called ‘repayment’ or ‘interest only’.

Repayment mortgage

With a repayment mortgage you make monthly repayments for an agreed period (the term) until you’ve paid back the loan and the interest. A good Mortgage Broker Bristol will be able to assist in selectiomn that is appropriate to your own circumstances.

Interest only mortgage

With an interest only mortgage you make monthly repayments for an agreed period but this will only cover the interest on your loan. You’ll normally also have to pay into another savings or investment plan that’ll hopefully pay off the loan at the end of the term. Your Mortgage Advisor Bristol will be able to assist in selectiomn that is appropriate to your own circumstances.

Top tips

1. Read your Keyfacts logo documents – it’s information you need to know.
2. Give the full facts to the adviser so they can recommend the right mortgage for you.
3. Ask questions if something is not clear.

For your reference, here’s the link to the Global Wikipedia article on Mortgages; Mortgage Adviser Bristol

Find out more on our About page regarding Mortgage Adviser Bristol and get professional advice today

Important
Information sourced Crown Copyright/DirectGov

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