There are plenty of times in life when you should do things by yourself. There is a lot of praise on offer for people who are handy at DIY, but equally, there are times when you need to call on the experts for help. A great example of this is applying for a mortgage.
It seems as though many people are of the same opinion. A recent study carried out by the Nottingham Building Society found mortgage levels are at a five-year high, and that over 97% of completed mortgage applications are advised.
A mortgage is a major commitment
This makes perfect sense. A mortgage is one of the biggest, if not the biggest, commitment people make in their life. If there is one decision people turn to the experts in order to receive support and guidance, it is arranging a mortgage.
The study indicates that advised mortgages are far more common now than they were in the past. In 2009, only 690% of mortgages were advised, in 2014 the level stands at 91% and the 2019 figure was 97%.
With so many mortgages to choose from, it is perfectly understandable for people to call on the experts for help. Saving time is one thing, but many people fear they will miss out on a great mortgage offer if they don’t consider all their options. The most effective way to review all the available options is to rely on a leading specialist who has expertise in this area.
It is possible to improve your mortgage
However, while it is good to know people seek out advice and guidance from experts in finding a better deal, there is still a chance for people to improve their mortgage. It is believed around 800,000 customers can benefit from switching their mortgage, which may help them save around £1,000 in the first two years after the switch.
The Senior Manager at the building society which carried out this work, Ben Osgood, said; “My recommendation would be to get some expert guidance and cast your net further with a broker that will search the mortgage market and you could be pleasantly surprised with the outcome. Buying a property is most people’s biggest financial outlay and reputable mortgage advisers have a duty to advise and support them through the process and help make sure they understand what they are signing up for.”
Ben also said; “We’ve all heard the ‘advice isn’t cheap’ line from family or friends but whilst there can be a charge for mortgage advice, it is often worth considering what this equates to compared to the savings that could be had across the life of the mortgage.”
While it is true there is often a cost associated with calling on experts for support, this money is often money well spent. If a homebuyer finds a more affordable or attractive mortgage, helping them to save money in the long-term; then it is a sensible outlay.
With mortgages, it is vital people consider the long-term implications, and advice from an expert can help people make an informed decision which benefits them in years to come.
