A mortgage broker is an intermediary whose primary function is to advise his client on the mortgage best suited to his or her individual circumstance and specific needs.
There is no obligation to use the services of a mortgage broker and if you had the time and the expertise (and the knowledge of the market) you could analyse what is on offer, compare and contrast the different mortgage terms set out by each lender, sift through the various qualifying requirements, varying interest rates, fees and penalty charges and decide on the best value mortgage all for yourself.
Alternatively, you could select a properly qualified and FCA accredited independent mortgage broker to do this work for you. Here are just a handful of reasons why using a mortgage broker makes sense;
WHAT’S AVAILABLE & WHAT’S RIGHT FOR YOU? There are hundreds of lenders and mortgage products on the market at any one time and they are all different. Some are available to first-time buyers, some are not.
Some require large deposits but charge very low interest rates - others will accept small deposits and/or a ‘chequered’ credit history but might charge more for this allowance.
Interest rates might be fixed at a low rate at first but rise later - with eye-watering penalties if you decide to change mortgage provider during the initial term.
The sheer variety of loans and loan terms makes any comparison difficult unless you know the market well and understand what the difference in the small print means to you, the borrower, in practice.
HOW DO I COMPARE COSTS EFFECTIVELY? Unless you are a whiz with a spreadsheet and you have a few days free to enter all the information, how can you reasonably be expected to compare and contrast all the products available to you before making an informed decision?
An Independent Mortgage Broker such as Mortgage Required has the tools needed to compare hundreds of mortgage products quickly and thoroughly on your behalf, ensuring you have the ability to choose the best option for your pocket and your lifestyle.
WHAT IF THEY GET IT WRONG? If you make a mistake you’ve only yourself to blame but if you employ a professional to do the work for you and they make a mistake, you can ask for restitution. All reputable mortgage brokers have substantial Professional Indemnity Insurance in place, meaning that the costs of any negligent advice is not borne by you, the client, but by the insurers. That’s peace of mind.
HOW MUCH TIME DO YOU HAVE AVAILABLE? Arranging a mortgage is a time consuming endeavour - even for the experts. The amount of information that needs to be collected and collated for each mortgage application is huge - and growing. A professional broker knows what is needed and has the systems in place to efficiently process large volumes of personal information accurately, efficiently and safely on behalf of their client.
DO YOU HAVE MONEY TO BURN? Borrowing £100,000 or more over say 25 years is not an action to be undertaken lightly. A tiny difference in interest rate, how the rate is calculated, ancillary charges, penalty charges, LTV requirements (Loan to Value), etc can have an enormous effect on what you end up paying over the lifetime of a loan.
Employing an independent mortgage broker to advise you on the best mortgage for your circumstances can save you many thousands of pounds over the term of your loan.
Of course, as mortgage brokers you might expect us to be in favour of people like you using our services. But don’t just take our word for it, take a look at our customer reviews.
For more information on the mortgage application process contact us on 01628 507477.
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