| Before you start shopping around for a mortgage in | | | | have to deal with this lender for many years to come.) |
| the UK, it's important to understand how mortgages | | | | Ask your friends or family for recommendations of |
| are regulated and sold. There are some things you | | | | potential mortgage lenders or brokers. Then contact |
| need to know and consider before you can go out | | | | some of the lenders and discuss your needs with |
| looking for a mortgage. | | | | them. Using keyfacts to compare different mortgage |
| The Financial Services Authority (FSA) requires | | | | packages and services will help you get a better deal. |
| lenders to show you a special document called | | | | Read expert opinions in national newspapers and |
| keyfacts. Make sure you read the keyfacts before | | | | magazines. These publications usually publish editorials |
| getting a mortgage or choosing a financial advisor. The | | | | that rate mortgage and loan deals from various banks |
| key facts will help you see the features of the | | | | and lenders. This information will give you a better idea |
| mortgage product, how much it will cost you and also | | | | of what to expect when you start shopping around for |
| help you understand what service you are being | | | | a mortgage. |
| offered. You'll also be able to use this document to | | | | Take time to choose a lender so that you can save |
| compare mortgage products or services from | | | | money on your mortgage. There are hundreds of |
| different lenders. | | | | mortgage deals available out there so don't be |
| Also, check that the firm you are dealing with is | | | | tempted to settle for the first offer before finding out |
| authorised by the FSA. If they are not authorised you | | | | what deals are available elsewhere. Shopping around |
| will not have access to complaints procedures and | | | | for a mortgage will help you to get the best financing |
| compensation schemes if things go wrong. | | | | deal. If you don't have the time to do it yourself, you |
| Some of the things you should consider when | | | | can use the services of a broker or use an internet |
| choosing a mortgage lender includes: | | | | site that offers a mortgage comparison facility. |
| - Competitiveness of the lender's rates, | | | | Finally, think carefully before securing other debts |
| - Mortgage fees and penalties, | | | | against your home. Your home may be repossessed if |
| - Customer service and the lender's reputation. | | | | you do not keep up repayments on your mortgage. |
| - Trust (You'll want a lender you can trust, and a | | | | Disclaimer: Information in this article does not constitute |
| company you can work with effectively since you'll | | | | financial advice and should not be used as such. |