- Salli Anstey
Whether you’re a first-time buyer, you’re looking to remortgage or you want to invest in a buy to let mortgage, you may be wondering why you should talk to a mortgage broker rather than simply going direct to a lender or your bank.
A mortgage broker specialises in finding lenders who will meet your needs for a mortgage. They do this by recommending the mortgages most suitable for you and your current financial situation. Regulated by the Financial Conduct Authority (FCA) and required to have specific qualifications to administer advice, they will then manage your mortgage application to completion. At Private Wealth Mortgages, having a team of specialist mortgage advisers who have been navigating the ever-changing mortgage market for collectively over 50 years has convinced us of the advantages of using an independent mortgage broker. So, here are our top five:
DELIVERS A PERSONAL SERVICE
Sometimes we don’t know what we don’t know. We may think we know the type of mortgage we need, yet without having the wider knowledge of alternative solutions that might suit our current situation or future plans better, we continue to do what we have always done. A broker’s advice will be tailored to your individual financial situation and needs and can therefore look at the suitability of all products, including those you may not have even known existed.
GIVES YOU ACCESS TO THE WIDEST CHOICE OF MORTGAGE OPTIONS
Representing your interests, rather than those of the lender, independent brokers have access to the ‘Whole of Market’ most up-to-date products, meaning that they have a greater chance of finding that perfect mortgage for you. They can save you money by not only finding the best available deals, but also by considering the other fees that will apply. Some of the mortgage products brokers have access to are not even available directly to you as a consumer.
QUALIFIED AND EXPERIENCED IN MATCHING LENDERS TO YOUR INDIVIDUAL SITUATION
Following the FCA’s Mortgage Market Review, the rules with regards to mortgage “affordability” checks have become more stringent, meaning that people who have been previously granted a loan are now finding themselves rejected.
Brokers have an intimate knowledge of which lenders are happy to provide mortgages for specific types of circumstances and situations. Some mortgage lenders will not accept properties that are an unusual construction type, and some will have different criteria if you are self-employed or still in a probationary period at work. If, for example, you are time-strapped they’ll be able to tell you which lenders work quickest. If affordability is your main concern, they will know which lenders take certain expenditures into consideration during your affordability assessment.
SAVES YOU TIME AND MAKES THE PROCESS EASIER
Finding and then completing a mortgage is a stressful and time-consuming process. A mortgage broker can take a lot of the tedious paperwork, administration and handling of the lender away from you. They can also have dedicated contacts in each mortgage lender, meaning they have a direct route to help progress your mortgage application quicker if needed.
CONSIDERS YOUR WIDER MORTGAGE NEEDS
A mortgage broker won’t only advise you about your mortgage. They are qualified and experienced to be able to look at any related life insurance, payment protection and even buildings and contents cover you have or will need, to make sure you are fully protected.
Our expert advisers specialise in providing mortgage guidance for whatever stage of life you are at, whatever your circumstances. For a FREE, no-obligation chat, give us a call today at Private Wealth Mortgages on 01403 270 006 or email: info@privatewealthmortgages.co.uk.