Why use a Mortgage Broker?

Why use a Mortgage Broker?

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.

Please remember to always check your mortgage adviser is qualified, regulated and is suitably experienced. Heritage Financial Solutions Ltd offer an independent mortgage service, our experienced team can help search the whole of the mortgage market and find you the most suitable recommendation.

Benefits of using a Mortgage Adviser

Benefits of using a Mortgage Adviser

Why use a Mortgage Adviser?

Mortgage Advisers can often add value along with smoothing the process in purchasing a property. However, many still have reservations surrounding the true benefits a qualified and experienced mortgage advisers can bring to the table.

  • Mortgage Advisers have a duty of care to provide you with the best mortgage deal suitable for you. They will look at your income and affordability, as well your liabilities in order to establish the right mortgage for you.

 

  • They often have access to better deals that cannot be received by private individuals. They can also provide a whole of market search to ensure they supply you with the appropriate deal.

 

  • Mortgage Advisers must be qualified to give advice as it is much more complex than finding the cheapest fixed rate or tracker rate mortgage. Therefore, with the qualifications and knowledge they have in regards to the industry, it can give you the peace of mind that the mortgage applied for you is the best available for your individual objectives and needs.

 

  • As well as determining the best deal suitable for you, they will also advise you with any insurance that could be useful, whether it be buildings & contents insurance or decreasing term insurance. When working with a mortgage adviser, it is always useful to ask them about life insurance as they can determine whether you would benefit from it based on your circumstances.

 

  • Mortgage Advisers don’t always charge an advice fee; they can often receive commission straight from the lender due to introducing an individual to their deal. Therefore, getting help from a mortgage adviser doesn’t always cost you money.

 

  • Lastly, mortgage advisers often complete most of the paper work for you; this initially leaves you with less hassle and can speed up the process. They also can have strong relationships with local estate agencies and solicitors which can further speed up the process, along with potentially reducing your costs.

If your looking for a mortgage adviser in Chester, Cheshire, Flintshire or North Wales then contact Heritage Financial Solutions Ltd for a free mortgage review. Heritage have a team of experienced mortgage advisers that will allow you to benefit from all the above points and more.

Quick Mortgage Approval

Helpful Tips for Quick Mortgage Approval
With recent changes, mortgage lenders have become more strict and fussy with the clients they want to lend too, even looking into people’s lifestyles. Every lender has its own methods in deciding whether it wants to lend money to you. It’s almost like a beauty parade where lenders compare you to its own ideals. If you fit within a lenders criteria, bingo, you’ll be accepted or like a lot of people, possibly rejected. Most lenders score card / criteria is based on several factors, such as; the size of loan, the size of your deposit, employment status and income, outgoings, existing debts and importantly credit rating.

Check your Credit Score
Lenders essentially use a computer system to review your credit report and decide whether or not they want to borrow. Now this is not just a pass or fail, you could almost be a A,B,C or D Rating. This essentially can mean an A rating can borrow more than a B or C, so it’s important to know what your credit rating says about you. Most Credit Reference Agencies (companies who compile credit data) offer a free trail where you can obtain a free credit report for 30 days, this is a must! Correcting errors on your credit file could save you thousands along with avoiding a silly mortgage decline.

• Are all the items relating to you and are they correct?
• If you’re not on the voters roll, make sure you get on it!
• Close any old accounts that are no longer used
• Don’t apply to 10 different lenders at once, keep searches to a minimum; if you are rejected by a lender don’t just throw yourself at the feet of the next one
• Remove any financial links which no longer apply
• Stay within your credit limit and avoid overdrafts where possible

Deposit
The bigger your deposit the greater security the lender has and so the lower risk they class you. So even if you don’t have a great credit score, if you have 15% + deposit you start to look more attractive to the lender.

Add £100 on top of deposit
Putting down a little bit more than the minimum deposit required can boost your attractiveness to the lender, or at the very least cut the amount of documentation it wants to see. All mortgages have a maximum loan-to-value (the amount you borrow compared to what the property’s worth) but it’s best to borrow just under this, if you can.

Paperwork
Lenders now have to see proof of your income before they can offer mortgages, so it makes sense to get your paperwork together in advance. Sending all the paperwork in one batch speeds up the process as it reduces the chances of your application being reviewed by more people. Many lenders won’t accept printed internet bank statements so you may need your bank(s) to send you original copies. Prepare these a few weeks in advance in case you need to wait for the originals to arrive.

Seek Professional Advice
Mortgage Advisers don’t just sell mortgages, they can help you get a mortgage by drawing on their experience and knowing which mortgage provider to place you with. Good mortgage advisers can also find exclusive deals you didn’t know existed and the best mortgage advisers will hold your hand through the whole process, from start to finish, ensuring the right documents and information is provided at the right time.

Care has been taken to ensure that the information is correct however Heritage Financial Solutions Ltd neither warrants, represents nor guarantees the contents of the information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Heritage Financial Solutions Ltd is authorised and regulated by the Financial Conduct Authority 618320.

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