Lawyer Monthly Magazine -December 2019 Edition

than try to rectify them during the process. Many lawyers believe the gravitas of a career as a professional will outweigh their credit score. In fact, your credit score can often take you by surprise if, for example, you’ve shared an address or postcode with someone with a poor credit history or remain linked to a previous partner with whom you made a joint credit application. In some cases, you may be able to amend inaccuracies on your credit file; however, it’s important to check your credit score before you put pen to paper. There are many credit services available, at no or low cost. Understand what’s on offer When shopping around for a mortgage deal it’s easy to be seduced by headline grabbing interest rates. However, with so many factors to consider, such as application fees and product fees, it can often be hard to make an informed decision. To help consumers make the right choice for them, all UK lenders must display the overall cost per comparison percentage, also known as Annual Percentage Rate of Charge (APRC), alongside the interest rate. The APRC is quoted as a percentage of the interest payable on the total amount of credit. It takes account of all fees that may be payable including the interest rate at the start of the mortgage and after the rate period has ended, any application or product fees as well as redemption fees. When looking at the APRC you should bear in mind that the calculation assumes you will stick with same product and provider for the duration of the mortgage, which can be up to 40 years in today’s market. Get advice Identifying the most suitable mortgage for your circumstances and submitting a successful application is no easy task. Engaging with an experienced financial services consultant who understands the legal profession can take a weight off your shoulders and let you concentrate on your day job and protect your free time. They can access thousands of mortgage deals on your behalf, many of which aren’t available on the high street, and work through the application process with you, ensuring that your deal is the best you can get. Their knowledge of the legal industry allows them to directly relay this to any mortgage provider so they truly understand what you can afford to borrow. As a lawyer, you’re in the advice business and getting sound advice on your mortgage deal is a no-brainer. LM 39 DEC 2019 | WWW.LAWYER-MONTHLY.COM Special Feature By Sarah Deacon, Wesleyan 1 Wesleyan financial services internal data Aug 2019 compared with Bank of England UK Mortgage stats https://www.bankofengland.co.uk/statistics/tables “As a lawyer, you’re in the advice business and getting sound advice on your mortgage deal is a no-brainer.”