Ask the Experts: First Time Buyers

Buying your first house is never an easy task. We've been speaking to Independent Financial Advisor Sanjay Badhan to give you some fantastic advice, from a true industry expert, to help make the process that little bit easier.

Question: What advise can you give to first time buyers? 

Since the Mortgage Market Review in April 2014, with so many mortgage providers claiming competitive rates however making obtaining a mortgage increasingly difficult, how do you know where to find great mortgage deals? It's simple, if you are looking for your first home then costs, financial literature and understanding the process are examples of how an Independent Advisor can help first time buyers in achieving their first home, using an analysis of the whole of market to help ensure that you have an affordable property for the long term. 

It is likely to be the most expensive purchase of your life so receiving trusted advice from experienced friendly professionals, can only mean it will be a reassured, easy and value-for-money process.  Gone are the days where going into your local bank is the best strategy as this will often mean you are paying thousands more in interest over the life of your mortgage, along with potentially unnecessary and expensive products. 

Consolidating debts to reduce monthly payments and the term:

We feel real life examples best illustrate and evidence how an Independent Advisor can help consolidate debt to help improve cash flow. It has been tough for many people since the recession almost a decade ago and with an increase in revolving debt through credit cards, personal loans and even payday loans, this can build up quickly.

Real life example: The Milnes had amassed revolving debt of £14,360 on several credit cards.  By adding this debt onto their mortgage (consolidating), they were able to reduce their monthly outgoings by £500 and reduce the overall term by 7 years! 

Here is where an Independent Advisor can help; they analyse each situation independently. After an initial meeting they will recommend ways to improve your finances, working closely with all lenders. 

Near and Sub Prime:

Adverse credit can hamper your chances of a high street bank considering you, even missing a mobile payment in the last 3 years can be pivotal in deciding how much you can borrow and how much you pay back. How Independent Advisors help borrowers in this specialist field is by working closely with lenders willing to look at these situations - and offer competitive rates. They can also go the extra mile by creating a strategy, so that once credit files are repaired, they can then place you back to a high street lender on normal terms and the lowest possible rates. 

Save as much money as you can:

Slashing Standard Variable Rates. Lenders can raise their variable rates at any time, even if the Bank of England’s base rate does not rise! Many clients do not review their mortgage and thus stay with the same lender. An Independent Advisor can cut out the jargon, find the best rates and by cutting the monthly payment or reducing the years remaining, or both, can provide a positive experience and help clients use the savings for their life goals! 

Other ways we an Independent Advisor can help:

There are many niche mortgages they can assist with, whether this is a self-build home, for buy-to-let properties or raising capital to finance a business, property extension/renovation or inter-family sales. An Independent Advisor will advise and use the whole of market to find you the best deals. 

Insurance:

Should you wish to review or ensure that your home insurance, life/critical illness/unemployment cover, or any other protection policies are in place and fit for purpose should the worst happen, your Independent Advisor will help you make sure you have the most cost effective and appropriate cover in place for you.

For more information, or if you'd like to ask Sanjay a question, you can contact him by email at [email protected], by phone on 01793 441440 or visit his website here.