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My estate agent is offering to arrange free mortgage advice - should I take it?

Posted 10/11/2016

When buying a house, one of the first questions to ask is how much you can afford. Fortunately, some estate agents - including Preston Baker (via Preston Baker Financial Services Ltd) - offer a free initial mortgage advice* to give you that exact knowledge going into the process. Whether you are a first-time buyer or are moving to a new property, this advice can be instrumental in ensuring clarity during your property search. 

Why it’s important to take the advice on offer

A chat with someone experienced can give you an early insight into the things you should be looking for when it comes to a mortgage. This can save a lot of time and can be the best way to find the right mortgage to get you moving quicker. 

What you need to consider when buying a home

Of course, there are a number of different parts to settling on what mortgage suits you. And, along with this, there are many handy calculators across the web that can aid you in getting to the conclusion. 

  • How much can I borrow? - Imperative to any purchase, you can’t get anywhere without knowing exactly what a bank or building society will be happy to lend you. By entering the earnings of yourself (and partner, if applicable) you can get an estimate online from places like Which?.
  • How much will the mortgage be? - If you’re happy that you can borrow the amount you need, the next step is to see just what the monthly repayments are likely to be. We have a handy tool to help you with that. On our mortgage calculator, enter the property price, your deposit, the interest rate and term (if you have them), and you will be served with two figures - one for repayments and one that’s just interest only.
  • What Stamp Duty can I expect to pay? - House prices are rising in general, and this means that the duty you have to pay is going up. Fortunately, usually for first-time buyers, there is no stamp duty to pay on the first £125,000. After that there’s 2% over £125,000 - up to £250,000, and 5% there after. For example, a £152,000 property would be £540 in stamp duty. 

What happens after a mortgage advice meeting?

Once you’ve had a meeting, you should have some solid guidance that maps out the steps you need to take next. At Preston Baker Financial Services Ltd, we charge a broker fee between £199 and £399 to formally apply for a mortgage - depending on the research and admin required.*

Alongside your earnings, you will need to gather other financial information. This includes showing any credit card debts, loans, direct debits and disclosing if there’s anything likely to be purchased in the near future that might affect your ability to pay a mortgage - e.g. buying a car.  Other than that, it will be a case of what sort of mortgage you’d prefer – take a look at our handy guide on choosing a fixed or variable mortgage rate.


Your home may be repossessed if you do not keep up repayments on your mortgage.

*We will charge a broker fee of between £199 and £399, payable on application. The amount we will charge is dependent on the amount of research and administration that is required.

Preston Baker & Associates Ltd introduces to Preston Baker Financial Services Ltd for the provision of mortgage and protection advice. Preston Baker Financial Services Ltd is an Appointed Representative of First Complete Ltd, which is authorised and regulated by the Financial Conduct Authority.

Posted 3 years ago

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