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02 Dec 2019

Common Mortgage Pitfalls: Time & Cost

Completing a mortgage application can be a minefield full of potential pitfalls. Choosing the wrong mortgage or applying through the wrong company can be a costly mistake in terms of both money and time.

With what is likely to be the biggest financial commitment you’ll ever make looming; these are all stresses that you could do without. Taking your next big steps into the future of homeownership should be an exciting time and, ideally, as smooth as possible.

At Mortgages.Online, we have created our mortgage calculator around exactly that; making the potentially daunting much more enjoyable.

Below we have listed some of the most costly pitfalls to look out for when it comes to your mortgage application, and how we at M.O can help you steer clear of them all.

 

1.   The Waiting Game

Meeting with the bank or building society can often be a job in itself. Sometimes you’ll have to wait weeks for a meeting that is based around their schedule, and not yours. In fact, by the time your meeting with the bank actually comes around, you could have already had your application accepted.

Here at M.O, we appreciate that your time is important; which actually leads us nicely onto our next point.

 

2.   Time-Consuming Errors

When it comes to choosing the right mortgage, the time you spend is often as important as the money you spend.

The last thing you want is to find the perfect house based on an estimate of how much you can borrow, only for you to find out the estimated figure was completely wrong. This is often the case with many high street advisors and can cause a lot of needless stress and disappointment.

With M.O, our mortgage calculator does not use a ‘one-size-fits-all’ approach. We realistically gain live affordability data from the lenders before one of our professional advisors take care of your ongoing application.

 

3.   Mortgage Fees

The final pitfall we’ll focus on is overall cost. It’s all too common for mortgage applicants to have to pay large mortgage fees, to qualify for a lower interest rate. Although this can seem appealing, by adding a large mortgage fee to your loan, you’re actually paying interest on this amount for the entire term of the mortgage. Short term saving could be a long-term cost.

 

Final Thoughts

These pitfalls, whilst common, are simple enough to avoid with the right advisors. At M.O we have based our entire business around helping you do just that.

If you have a spare 10 minutes, take a little time to call through & speak to one of our advisers who will complete your personal affordability calculator & forward you the full list of all the banks that could potentially lend to you & the amount they’re likely to loan.

PaulFlavin

Paul Flavin

Paul Flavin is the Managing Director of Mortgages Online and has been working in the mortgage industry for over 20 years. Running a successful independent mortgage broker since 2010, Paul oversees Mortgages Online and creates articles regularly – drawing on his years of mortgage experience.

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