Mortgages are likely to be the biggest financial commitment the majority of us make in our lives. With thousands of products littering the market, it’s a real minefield to navigate to the most appropriate deal for you and your requirements.
That’s where hiring a professional mortgage broker can help. They specialise in assisting you to efficiently find the most suitable and most importantly, a competitive and cost-effective mortgage for your circumstances.
Here are 6 other fantastic reasons to consider using a mortgage broker to secure your next mortgage deal.
1. Whole of market advice
A mortgage broker scours the market for the best mortgage for your particular situation. If you apply for a mortgage directly from a lender, you’ll only have access to those deals, which might or might not be the best for you. A broker is independent of any one provider and offers personalised advice based on your unique circumstances.
2. Hassle-free experience
It can be challenging to obtain a mortgage and purchase a property because there are numerous documents to complete and numerous people to contact. A broker conducts the groundwork on your behalf, relieving you of the worry and assisting you with the form filling and case preparation so that everything goes according to plan the first time. They then maintain control of the situation throughout the process, communicating with the lender and, if necessary, consulting with solicitors.
3. Market knowledge & know-how
Finding the most affordable mortgage plan is one thing, but that only tells half the story. A broker is aware of the mortgages you’ll qualify for and the lenders who will deny your application. They assist you in making the appropriate decision the first time, which might make or break your real estate acquisition. They also are aware of which lenders can process mortgage applications swiftly and which are currently having service issues.
4. Fully Qualified & Regulated Specialists
Brokers are subject to statutory regulation by the Financial Conduct Authority and must possess professional credentials in order to provide mortgage advice. This gives you the following assurances: They have passed the tests needed to practise mortgage lending. They will be fair to you and make sure to suggest the mortgage that is best for you. If you are dissatisfied with their recommendations, you have the right to file a complaint with the Financial Ombudsman Service.
5. Specialist needs
You can have trouble obtaining a mortgage on the high street if you’re self-employed, have seasonal income, have a history of weak credit, or any of these factors. A broker has experience in aiding those shut out of the mainstream market and access to a wider selection of specialised lenders. Specialised lenders are aware that even the best-laid plans can go through and that you might be turned down by a conventional lender due to circumstances beyond your control. If your situation is peculiar, our knowledgeable underwriters evaluate each application individually and take a broader view.
6. Loyalty
Your mortgage broker is there to assist you examine your options if your circumstances change, and they typically get in touch with you well in advance of your agreement expiring to see if they can secure you a better mortgage. A broker wants to be in your business for a long time and wants you to tell your friends and family about them. As a result, they are devoted to you as your client, available for appointments when it suits you and always act in your best interests.
Sound ideal? Speak to our in-house Moorgate Mortgage Specialist today…
