Independent Mortgage Advisor In Edinburgh: Why Advice Is Crucial Before Applying For A Mortgage

An independent mortgage advisor in Edinburgh should be sought early in the process of looking for a mortgage, regardless of whether you are a first-time buyer or looking to re-mortgage your property. An experienced mortgage advisor cannot only ensure you get the right type of mortgage, but can also make sure that you fully understand the commitment you are making; the process you need to go through; and the potential risks that are involved. You need to understand that your home may be repossessed if you do not keep up repayments on your mortgage.

One area a financial advisor in Edinburgh can walk you through is the application process itself. Taking out a mortgage is not like any other loan application you may have previously made. It generally involves a two-stage process. At the first stage, the lender asks a range of questions to determine the type and length of mortgage you want. If you have already taken professional independent mortgage advice in Edinburgh, then this stage is much easier, as you will already be prepared. This gives an early indication of the loan amount the lender would be willing to give to you. At this stage, the mortgage provider should also make you aware of any fees or applicable charges. The second stage involves a more detailed affordability assessment. You will typically be required to produce evidence of income, and various stress tests are carried out on your financial situation.

This second stage also assesses the impact of future changes to interest rates on your ability to afford repayments. To ensure that this process runs as smoothly as possible, seek mortgage advice in Edinburgh from our experts at Rowanbank Financial Consultants Limited at the earliest opportunity. We can provide independent mortgage advice in Leith Walk and the surrounding areas. This includes advice on every aspect of mortgages, investments, and savings. To learn more about how we can help you plan for your future home and financial wellbeing, visit: https://rowanbank-ltd.co.uk.