Being the capital of England you can expect there to be a large demand for real estate and mortgage brokers in London. “But I can’t afford to see a mortgage advisor, London is far too expensive and I can barely afford my deposit let alone someone else’s commission” – not anymore, thanks to the influx of no win no fee, and commission based institutions, there are now plenty of establishments offering free mortgage advice in London.

That being said, always make sure you read the small print on each document as some companies are more ruthless than others. You can split the advisors into four groups:

  • Social Housing Advisors / Government Assisted Mortgage Advisors or Housing Allowance.
  • Free Mortgage Advisors with commission on completion from the broker.
  • Mortgage Advisors with a charge on completion and commission from the broker.
  • Advisors with upfront fees, charges and commission.

Obviously you can pick and choose which advisor to go for depending on your own situations as you may not qualify for benefit related advice, or you may be earning enough that fees aren’t really a concern.

When looking for a property it would be advisable to visit numerous advisors as not every broker has access to the same deals, using a mixture of independent, business and your own research can sometimes yield amazing differences.

I recently applied for a mortgage and the best variable price an independent broker was able to manage was 5.0% with a 20% deposit. This seemed rather high considering the current base rate and through my own research I was able to acquire a much more reasonable 2.99% + BBR with no fees effectively cutting my monthly payment by £125. This over the course of 35 years would result in extra payments in the region of £52,500. Obviously mortgage rates are susceptible to change and to assume this rate will stay the same throughout the mortgage life would be foolish but always search for the best deal, and contact your local brokers for free advice as they might have something better up their sleeve.

One should also bear in mind the steep increases and decreases that London property prices are more accustomed to, as shifts in price are usually felt more in the capital. Unfortunately there never seems to be a ‘good time to get on the ladder’ as property prices are currently out of the grasp of many new buyers, but the sooner you get on that ladder the sooner you will own that property.

If you’d like to use our mortgage calculator before contacting an advisor please feel free, we also have a collection of advisors that would be more than happy to try and find the best deal for you today. Alternatively if you would like an advisor to call you back please fill in our free mortgage quote form.