Why do I need to use a Mortgage Broker?
This is a question that I am often asked by clients and one that I am delighted to proffer an answer to!
In this age of accessing virtually everything on the internet many feel that using a Mortgage Broker is superfluous to requirements, but it is the fact that everything is ‘out there’ on the internet that makes the role of the Mortgage Broker even more vital in the housing market whether it be for purchasing a new home or re-mortgaging your current property, a good established broker is the best way to ensure that you get the right mortgage and save you money at the same time!
As I have already said, virtually everything is online. A quick search on Google (other search engines are available!) and you will find web pages, blogs, comparison tables for almost everything. We can switch our Car Insurance, change our bank accounts, pay bills…it is all so easy or is it?
The trouble is that there is often too much information with the vast plethora of solutions giving option upon option to what seemed like a simple problem at the outset. Certainly, in the Mortgage Market this is very much the case!
When you consider that every lender will have differing criteria that will affect whether you would be suitable as an applicant, initially it may not seem much of a problem until you start to consider the numbers involved. There are currently in excess of 100 lenders offering first charge mortgages. Most of these lenders will offer a choice of fixed rates and variable rates with deals committing you to the same lender for periods of two to ten years. This will give a choice of not hundreds but thousands of mortgage products to choose from. How confident are you that you will find the best deal for you…especially as there are several lenders who offer market leading rates and will only deal with Mortgage Brokers?
Here are some solid reasons as to why you should to talk to a mortgage broker about your home finance needs:
A mortgage broker such as Abode Mortgages Limited with their unlimited permissions are not acting on behalf of any of the lenders. They have no ties to any lender and subsequently no vested interests or incentives to drive you to any specific product.
In turn, this means they have absolute freedom of choice and will give you an honest opinion based on what they have learnt about your individual circumstances as to which mortgage product is going to work best for you.
Ultimately, the only persons they have a vested interest in is you!
ACCESS TO THE WHOLE MARKET
Abode Mortgages Limited are what is known as ‘unlimited mortgage advisors’. What this means is that they have access to the whole intermediary market, not just a representative panel of six or seven lenders as is found when speaking with many Estate Agency based brokers!
Having access to the entire intermediary market also means that they will often have access to deals not widely publicised and others that you would not find through an online search.
The key point is that we work for you not for the lender!
The only area where we are unable to source a deal for you is on the odd occasion where a lender will offer a direct to the customer deal, and then it really is a case of caveat emptor!
ALL THE RIGHT CONTACTS
With 27 years’ experience in the mortgage market, we are ideally placed to put you in touch with all the right people to make the house buying process as smooth as possible. Whether it is a solicitor or a surveyor that you need we can happily recommend one that you can trust and that we know will work to the same high standards that we hold. Of course, your situation may not be straightforward and you may have a more complex set of circumstances like a Bad Credit Mortgage or you may be going through a Divorce or perhaps purchasing through a Shared Ownership scheme. All of these scenarios need careful consideration and professional guidance which is where your unlimited Mortgage Broker comes to the fore.
A good unlimited mortgage broker will deal with mortgage applications and associated protection applications every day. They are experts in their field and know and understand their market intimately. They will have an active knowledge of when new products are coming onto the market and when lenders criteria change. Being Appointed Representatives of probably the most highly rated medium sized network in the UK also gives us access to many exclusive or semi exclusive products that you will not find on the High Street. This, when combined with 27 years’ experience in the mortgage market, makes Abode Mortgages Limited ideally placed to offer you all the guidance and assistance you may need. Remember that we do not charge a fee until such time as we have actually placed a mortgage application with a lender for you!
WE SAVE YOU TIME!
For an individual to trawl through all of the various lender’s web sites in an effort to try to work out what will be the best deal for them, you will need to enter your information into a vast plethora of online calculators to be told that you might be able to afford a mortgage smaller than the size loan you require. To sit with a member of a banks staff for an hour or so and they offer you no advice at all, just tell you what products they have available so the decision of suitability is all down to you. Once having found a deal that you hope is right, then hoping that the Solicitor you have chosen is doing what they should be doing when they are meant to be doing it, if everything goes to plan then you will complete your mortgage.
When you use a good unlimited mortgage broker, they will spend time with you ascertaining what your needs are, they will then research the market thoroughly highlighting all the best options available to you. Once you have agreed the route you wish to take, they will ensure that your application moves smoothly through the lenders processes to Offer stage. They will then ensure that the conveyancer has everything they need and will follow this up with regular calls to ensure your mortgage stays on track…which in turn allows you to get on with your life!
*Your property may be repossessed if you do not keep up repayments on your mortgage*
*You may have any early repayment charge to your existing lender if you remortgage*