Seeking advice is "vital" - buy to let mortgages

02 February 2009

It is "vital" for those obtaining buy to let mortgages for the first time to seek advice from a broker, it has been claimed.

Catherine Hearnden, a financial advisor and director of MyMortgageDirect, recommended that property buyers should consult somebody with knowledge of the business before attempting to purchase a home or apply for a loan.

Those who are "not aware of the terminology" and "have never been through the process before" will have difficulty in understanding the language used during property transactions and to describe mortgages, she noted.

People should use the media to compare deals, she said, adding that discussing the situation with an independent broker will aid them in making a decision.

If buyers seek the opinion of an expert, "they will get advice on the whole of the market and it will all be explained to them", Ms Hearnden remarked.

Recently, Halifax stated that many first-time buyers were unaware of the meaning of certain mortgage terminology.