Why use a Mortgage Broker?
Before we consider how you should find a local mortgage broker, lets first consider the benefits of using one. Thanks to technology, namely the internet, it’s now possible to find hundreds of mortgage deals online. In addition we are always inundated with adverts on the TV and within our high street banks.
So with all this availability it may seem a strange idea to consider paying an extra fee to obtain advice from a mortgage broker, or commonly called mortgage advisers. But they can provide some important and valuable benefits:
- A qualified mortgage adviser can search thousands of mortgage deals quickly and compare like with like.
- Mortgage applications are becoming increasingly difficult and time consuming to complete, an adviser can take much of this burden away.
- Their advice is insured via Professional Indemnity insurance and subject to them being regulated, you can make a claim if the advice given was not suitable for your needs.
- Lenders criteria changes constantly, your circumstances may not meet their desired profile. Brokers have access to the mortgage underwriters and can find out if your circumstances will work before applying.
- Some lenders charge an application fee which will not be refunded if they say no, its worth getting the application right first time.
- Experience, it’s probably one of the most understated facts, but an experienced mortgage adviser can apply some ‘out of the box’ thinking when it really matters.
- Wider financial planning, when taking out a mortgage it’s also important to look at your wider financial circumstances and consider if you need life assurance, or even income protection for example – advice can be valuable in these areas.
- If you have irregular earnings, poor credit history or work abroad then high street lenders may not be the most suitable bet. Specialist lenders typically operate more in this area, which may only deal with a qualified and regulated mortgage broker.
- Lastly most mortgage advisers are independent, which means they work for you and not a particular lender.