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The mistake that cost me £75,000: What I wish I’d known about mortgages before I started working for an estate agent

8 Oct 2013

They say that “What you don’t know can’t hurt you”.  But in my case, what I didn’t know about mortgages before I started working at Northfields hurt me – or at least it hurt my bank account. 

When I got my first mortgage, I thought I was being very smart about it.  I read financial advice webpages and used comparison websites to compare rates. I had used more online mortgage calculators than I’d like to count.  I read Which magazine.  So I thought I was ahead of the game.

Colleen Babcock bio photo
Colleen Babcock, Marketing Manager at Northfields admits what she wishes she had known about mortgages before working for Northfields
I arranged my first mortgage confident that I had the best deal.

Boy, was I wrong.

Only 6 months or so later, I ended up working for Northfields.  That’s when I learned what I wish I had known 6 months earlier.  If I had gone to an independent, whole of market financial advisor, they could have saved me £250 per month on my mortgage.

£250 per month = £3,000 per year = £75,000 over the 25 year life of the mortgage

I had made a very expensive mistake.

Here’s what I learned:

1. All mortgage brokers or financial advisors are not created equal

High street and many other advisors are tied to specific products or a specific range of products which means they can only recommend the products to which they have access. There may be better deals out there for you, so you need someone who can look at every mortgage product and every lender across the whole market if you want the best deal.

2. Independent, whole of market financial advisors have access to rates and deals that are not available via the high street

Lenders will often incentivise independent advisors by giving them great deals that you won’t find on any mortgage comparison sites no matter how good your internet research skills are.

3.  Independent, whole of market financial advisors can steer you through the murky waters of lending criteria

Independent mortgage advisors know which lenders will lend to the self-employed, which products are best for keyworkers and much more about the application process.  They can eliminate lenders based on their lending criteria and your suitability for their particular product.

4.  The advice of many independent, whole of market advisors is often free

Independent mortgage advisors will explain how they get paid, as the Financial Services Authority requires that advisors make this clear, but to seek out advice is free of charge.

Live and learn

When I was arranging that very first mortgage I wish I had known Anthony Cusack, an independent, whole of market financial advisor.  Luckily, Anthony was able to provide me with advice when I sold my first home through Northfields.

Anthony Cusack Resized
Anthony Cusack is an independent, whole of market financial advisorhome. 

Want to avoid making the same mistake I did?

Call Anthony Cusack, our independent whole of market mortgage advisor on 020 8280 9600 or click here to e-mail Anthony to take advantage of Anthony's free advice and expertise.