Do you understand the full commitment of a mortgage?
What are your plans for the future? Do you plan to change jobs, move area or start a family?
Do you understand the Difference between fixed and variable rate mortgages?
Do you understand that your deposit is at risk and also what is your attitude to risk?
Do you clearly understand all of the fees involved in setting up a mortgage, including any early repayment penalties?
Remortgaging your home can save you a lot of money if the right deal is chosen. In some cases though the fees involved can far outweigh any financial benefits, make sure you’re clear on the following points before committing to a new mortgage deal.
Do the fees involved with the set up of this mortgage outweigh any monthly savings I might make on my repayments?
Have the benefits and pitfalls of fixed and tracker rate mortgages been fully explained to me?
Does the mortgage advice I’m being given take into account my future plans and my attitude to risk?
Have the benefits and pitfalls of long term fixed rate deals been fully explained given the current interest rate climate?
Have you given your mortgage advisor the correct figures regarding your outstanding mortgage and deposit amount?
Is the property you are looking to buy of a non-standard construction?
Have all the implications of the housing chain been explained?
A Good Advisor Goes The Extra Mile
Many of the questions or points outlined above do not fall into the job description of most mortgage advisor’s as they are not required to cover such areas. From my experience though any good mortgage advisor will go the extra mile to ensure that the mortgage deal you end up with fits your needs and that the morgage process runs as smoothly as possible.