The most common mortgage mistakes London buyers make
Buying property in London is a massive financial commitment, and the mortgage process can feel like a maze. Over the years at Oportfolio, we’ve seen many clients come to us after running into avoidable mistakes. Here’s what we believe are the five biggest mortgage missteps Londoners tend to make and how to avoid them.
The 5 Biggest Mortgage Mistakes London Buyers Make
- Underestimating Total Costs
It’s not just about the deposit and monthly repayments. Many buyers forget to budget for stamp duty, legal fees, valuation costs, and potential renovations. Always factor in the full picture when planning your mortgage.
- Not Getting a Mortgage Agreement in Principle (AIP)
House-hunting without an AIP can lead to heartbreak. Sellers and agents take you more seriously when you have one, and it can speed up your offer being accepted.
- Relying Solely on Your Bank
Your existing bank might offer mortgages, but that doesn’t mean you’re getting the best deal. We have access to over 90 lenders, including exclusive deals not available directly to the public.
- Overstretching Your Budget
London prices are high, and it can be tempting to max out your borrowing. But remember, interest rates fluctuate. We help our clients stress-test affordability so they can sleep soundly even if rates rise.
- Going It Alone Without Expert Advice
A good mortgage broker does more than just find a loan. We guide you through the entire process, from paperwork to liaising with solicitors. Many of our clients say the support saved them from major pitfalls.
Speak To A Mortgage Advisor
Avoid the pitfalls. Plan with Oportfolio. At Oportfolio, we’re here to make the mortgage process smoother and smarter. Book a free initial chat with one of our expert advisers today.
