10 Benefits of Using a Mortgage broker.
Applying for a mortgage whether you are a first-time buyer or an experienced homeowner can be confusing. Using a mortgage broker will help you find the best mortgage product to suit your personal needs and circumstances.
1. You’ll get access to more products.
A mortgage broker has access to a huge range of products from multiple lenders, and as they are not connected to just one lender they have no invested interest in recommending a mortgage from any particular company. This ensures you receive the best, impartial advice.
2. Save you time and effort.
A broker can save you time and effort as they do the leg work for you, they will research the products available collecting and comparing different mortgage options and then present you with a shortlist to choose from.
3. You’ll get expert advice.
Mortgage brokers have a duty of care to their clients, this guarantees that you have someone on your side providing you with expert advice. They stay up to date with the latest changes in the market and can help you navigate the complex and ever changing landscape. All legitimate mortgage brokers need to be certified and are regulated by the Financial Conduct Authority (FCA), to check that your mortgage is certified click the link below. Financial Services Register | FCA
4. Help you understand the jargon
The mortgage industry has it’s own language which can make the process even harder to understand. A mortgage broker can explain everything in plain English and answer any questions that you may have. Read our Jargon Buster blog to learn more about the mortgage terminology.
5.Understand the various fees and charges.
When applying for a mortgage there is also other fees and charges to consider, a mortgage broker will help you understand these and may be able to reduce or eliminate them.
6. You’ll get help with paperwork.
When you apply for a mortgage there is always lots of paperwork to complete from filling out forms to sorting out your own financial records. A broker will know exactly what documents are needed, and can help with any forms that need completing, saving you time and making the process as smooth as possible.
7. Avoid Rejection
Mortgage brokers are well versed in the underwriting process, and will ensure when it comes to submitting your mortgage application, it is presented in the best possible light to the lender, increasing your chances of being approved. Lenders will thoroughly assess your financial situation and employment history to ensure that you are eligible for the loan before they offer you a mortgage and if you are self employed, have bad credit history or are considered a high-risk borrower it may be trickier for you to get approved a mortgage. A broker will know which lenders are more willing to offer a loan to someone in these circumstances saving for the need for multiple mortgage applications.
8. Support you from Application to Completion
A mortgage broker will complete the application on your behalf and keep you informed of the process. A broker will liaise between all parties involved including you, the lender, the estate agent, and the solicitors meaning you are always kept up to date and the process is followed through from start to finish. They will spot any delays and ensure that these are dealt with quickly.
9. Ongoing Support
After completing on the mortgage a broker can help you stay on top of your payments and can assist you in refinancing when necessary, helping you save money in the long term too. Contact your mortgage broker up to 8 months before your current mortgage offer runs out to see if you can get a better deal. If you are looking to remortgage we can help, contact us by clicking the link below.
Your home is the biggest asset you will ever own, and it is important to ensure that it is protected. A mortgage broker will also be able to advice you on the insurance policies available to ensure you, your family, and home is protected in case the worst happens.
In conclusion, using a mortgage broker can help you find the best mortgage product to suit your needs, save you time and effort, provide you with valuable advice, and help you navigate the complex and ever-changing market.
If, you are in the market for a mortgage, consider working with a mortgage broker to help find you the best possible deal.
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*Your home may be repossessed if you do not keep up repayments on your mortgage.
*You may have to pay an early repayment charge to your existing lender if you remortgage.
*As with all insurance policies condition and exclusions will apply.