Lean on a Broker for Support
These days there are plenty of online comparison websites to research mortgage options. Many have calculators that give an indication of the size mortgage you could afford given your income. However, a mortgage broker has access to deals that may not be available online, or indeed through your bank.
This does not constitute advice and advice should be sought in all instances before acting on it.
Your property may be at risk should you be unable to maintain any agreed mortgage payments over the term agreed.
Access to the whole market
Whether you are looking to remortgage, move house, buy your first house, or invest in a buy-to-let property, getting the most competitive and suitable mortgage will be important to you.
Whilst it is great to conduct your own research to get an idea of your options in advance, working with professional mortgage broker will ensure that no stone is left unturned.
Typically, your bank will only be able to offer their own products, so this limits your options. Although, sometimes your bank is a good choice, as they maybe offer preferential rates for their customers.
Also, when searching online, not all options are always presented.
A mortgage broker is independent so will be able to research everything, from banks, building societies and other lenders, some of whom you may not have heard about.
Because a mortgage broker is working with lenders all day every day, they will also know which ones are suitable for your requirements. For example, which lenders offer landlords the most favourable rates for a small deposit, or which lenders go the extra mile to help first time buyers onto the property ladder.
A mortgage broker can save you hours of time by saving you from calling around all lenders to find out what they can, or can’t offer you.
Save Money and Time working with a Mortgage Specialist
- Knowledge of lenders – a mortgage broker knows which lenders are more likely suited to help your bespoke situation. This helps save time in shortlisting
- Knowledge of the application process – a mortgage broker can help analyse your expenses and prepare you financially for your mortgage application. They know the mortgage deals where you will pass affordability tests, and those you may struggle. This helps to ensure you get the right result in the end.
- They have a Duty of Care – one size doesn’t fit all and a mortgage broker will work with you on an individual level, ensuring you you end up with the right product. They have a Duty of Care to their customers through strict regulations. This helps you to feel reassured that you are being looking after.
- Lean on their experience – apart from having access to the whole of the market, a mortgage broker will have carried out similar transactions time and time again. This means you don’t have to reinvent the wheel by going solo.
- Explain the mortgage fees – a mortgage broker can explain the various fees associated with getting a mortgage, such as the arrangement fee, booking fee and valuation fee. This means you don’t feel in the dark about the costs associated with getting a mortgage.