In order to purchase a property, the majority of us will need to borrow a percentage of the money required. This is a mortgage which is essentially a loan that is secured against the property.

As you can imagine this is a pretty fundamental element in the house buying process and needs to be dealt at the earliest opportunity. To look at properties for sale without establishing how much you are able to borrow or whether you can even get a mortgage could be a dreadful waste of your time and quite probably lead to a lot of heartache when you see a dream house that you cannot then afford.

We would recommend that you speak to at least two different people to gain the necessary advice, your own bank and an independent financial advisor. This way you will get a thorough understanding of the options available to you. Your bank will take into account your personal banking history but will be limited to offering the best of their own products. An independent financial advisor will be able to fill in the gaps by looking at a broader range of lender. Between the two of them you should find a number of options to suit your needs. Bear in mind that there will usually be survey and arrangement fees to be considered which will be advised by your bank or broker.

Over the last eleven years we have developed a good working relationship with local mortgage advisors Prospect Mortgage Services. If you have any queries regarding mortgages we would recommend a call to them and we know they will be only too happy to talk you through the mortgage process and answer any questions you may have. Based in Ryde they can be contacted as follows:

Prospect Mortgage Services
The Old Piggery
Cheeks Farm
Isle of Wight
PO30 3DE

Tel: 01983 616666

Prospect Mortgage Services is authorised and regulated by the Financial Services Authority. Prospect Mortgage Services is not responsible for. Nor does the Financial Services Authority regulate advice given with regard to taxation matters. Your home may be repossessed if you cannot keep up the repayments on any mortgage or loan secured upon it.

Are you looking to sell your property?