If you are looking to move house, remortgage or buy an additional property as a landlord, some of the most competitive deals on the market can be found through a mortgage adviser.
Advisers may be able to access mortgages that you would not find when searching independently. Brokers have regular contact with a wide variety of lenders, some of whom you may not even know about. The alternative to working with a broker is to call up dozens of lenders and compare their mortgage terms and rates on your own, taking up your valuable time.
There are several different types of fees involved when taking on a new mortgage or working with a new lender, including arrangement, booking fees, and valuation fees. A mortgage broker can explain all of these to you and take them into account when finding the right product for you.
The knowledge of different lenders’ criteria can be invaluable, especially in the current environment where the mortgage application process is more complicated than ever due to recent regulatory changes. For example, by working with a mortgage adviser they can go through your expenditure. This will be beneficial to you when completing the affordability test as part of your mortgage application.
Duty of Care
Brokers have a duty of care to the borrower. They must take their individual circumstances into account and ensure they find the right mortgage for them. One size does not fit all and it is vital the borrower and adviser have honest and thorough conversations in the run up to finding and applying for a mortgage.
Getting a mortgage can seem like one of the most daunting tasks that you can face in your life, but it doesn’t need to be. The important thing to remember is that every lender is different in what they view as the ‘perfect candidate’ to lend to. Just because you don’t fit one’s criteria, doesn’t mean you won’t fit another lender’s criteria. There is no better time to be seeking suitable mortgage advice from a mortgage adviser.