When seeking a new mortgage, it may be tempting to go it alone and arrange the finance yourself but have you considered the benefits that may be offered by a good mortgage broker?
It’s a choice that is increasingly being taken by the public with approximately 70% of all mortgages now arranged by mortgage brokers. So what can they do that you can’t?
Firstly, the mortgage market is much more complex than you might think. Each bank/building society targets different types of customers and the criteria between lenders varies widely. For example, some lenders may favour first time buyers, others may prefer the self-employed and the affordability calculators used by lenders can result in a wide variance from one lender to another in terms of how much you can borrow. If you are needing to borrow at the upper end of your salary, this can be the difference between buying the dream home or settling for second best.
An independent broker is also acting solely for you. Their job is to find the best mortgage for you based on your circumstances and should their advice fall down, you are protected and can be compensated.
They also have access to lenders that do not operate on the High Street and who only distribute their products via brokers. As such, the choice of products that they can access is much greater than if you were to go it alone.
Finally, they are there to handle all of the application and ensure that the process runs smoothly. They will liaise with all parties, e.g. bank/building society, estate agent, solicitor etc so that you are can relax and wait for the mortgage offer to come through!
Put simply, what have you got to lose? You can still compare products from the internet or newspaper to sense check and even challenge the advice being offered. However, you will almost certainly find that the broker will be very quickly able to advise why a particular product and lender has been chosen – it’s very often not just all about interest rate, the decision on obtaining the right mortgage for you can be, and often is, much more complex.
Contact us now for a no obligation review of your options.
Paul Hardingham and Tony Ibson are Mortgage and Protection Advisers at Innovate Mortgages and Loans. Both have over 20 years of experience advising individuals and businesses across the North East of England. They can be contacted for bespoke advice at email@example.com or firstname.lastname@example.org or call 0191 223 3514.
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Innovate Mortgages and Loans is a trading style of Innovation Financial Management Ltd.