When looking for a mortgage in todays market you are swapped with information, products and deals. This can make the whole process very daunting and confusing. For this reason it is good to be prepared with a set of questions to ask your mortgage broker, so that you do not get ripped off and you know where you stand.
1. What are different types of mortgages and in what way do they work?
There are a mass of different types of mortgage products on the market, so make sure that your broker explains the differences between the different types of mortgages and how they can benefit you. For example may lender these days offer fixed rates, discounts and cashback over a number of terms. Also make sure that you get an outline of the varying ways of paying the capital off. This at first might seem to be a complicated area, but once you have the basics explained everything will become a lot clearer and you will start to see how different products will suit your personal circumstances better than others.
2. What is the Annual Percentage Rate (APR)?
In accordance to regulations the APR is meant to appear in all adverts alongside the headline mortgage rate. The...
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