Monday 20th March 2006
Potential homeowners hoping to buy a property should take advantage of online tools to assess their finances, according to the Halifax.
Online mortgage calculators, the bank advises, should be used to calculate how much is likely to be offered before visiting a mortgage advisor in person.
Although a face-to-face discussion can help to iron out questions about specifics such as interest rates, calculating how much is likely to be lent can help to save time and reduce any disappointment from unrealistic mortgage lending expectations.
A spokesman for Halifax advised that it is vital for people to gain an idea of what they are likely to be lent.
"[Online calculators]…will set expectations about what you can borrow. You should then sit down and work it all out with an advisor," said the spokesperson.
As well as using online tools to gain realistic lending expectations, shopping around online can help people to find the best mortgage offer for them.
Emma-Lou Montgomery, editor of Moneywise magazine, advised: "When you are borrowing thousands, if not hundreds of thousands, of pounds, then that apparently tiny 0.03 per cent can make a huge difference to your monthly repayments."
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