First-time buyers urged to seek professional advice
First-time buyers have been urged to seek professional advice when taking out a mortgage by one industry expert.
According to Catherine Hearnden, director of MyMortgageDirect, there are so many products available to potential buyers that people need expert advice when choosing a deal.
"They should consult an independent broker so they will get advice on the whole of the market and it will all be explained to them," she said.
She added that it was impossible to fully compare deals by searching online and in newspapers or by using price comparison sites.
Professional mortgage advisers will also help borrowers get to grips with mortgage terminology, she claimed.
The announcements follow a recent study by Halifax which suggested many borrowers do not understand all the terms used in their mortgage deal.
Almost a fifth was unable to explain what a mortgage completion date was.
“As a property is one of the biggest things people invest in. It makes perfect sense to get as much advice as possible. It worries me that so many people do not understand the basics regarding their own mortgage. This indicates that some people do not have the best mortgage or loan for their needs”
