Why It Pays To Work With Mortgage Brokers
Mortgages are arguably the most significant financial commitment any of us will make in our lifetimes, yet understanding mortgages can be complex. With such an extensive range of products on the market, it may seem impossible to discover one that suits your specific requirements.
Professional mortgage brokers like us, Connect Mortgages, can help you find the most fitting and manageable mortgage for your current situation. In addition, they make obtaining a mortgage offer much more effortless and professional by guiding the entire process.
What is a mortgage broker?
With the mortgage industry being seen as more grey than black & white by first-time buyers, it is no wonder that more and more individuals and companies are turning to mortgage brokers for assistance. A mortgage broker acts as an intermediary who sources mortgage products on behalf of their clients. Banks or other lending institutions can advise based on your circumstances and lending criteria. In contrast, brokers can use “whole of market” to ensure borrowers get the best deal across all lenders based on their circumstances.
Why use a mortgage broker?
Whether you’re a first-time buyer or not, enlisting the help of a mortgage broker can make the often strenuous application process much more manageable. Connect Mortgages offers a cradle-to-grave service using our one-stop-shop method to deliver the best mortgage solutions to our clients. For beginners, this is especially true as it will be their first time going through such an endeavour and advice from an expert can prove invaluable.
For many occasions, consulting with a mortgage broker is the best route to take when it comes to making important decisions about your property finance. For example, they can guide remortgaging and buying/selling homes and help you obtain special mortgages if you are looking into buy-to-let investments or purchasing business premises.
This could be particularly interesting to self-employed individuals who struggle to find a lender to accept their employment status. Moreover, mortgage brokers can also assist in tapping into equity release opportunities during the later stages of life.
To illustrate why you should consider using Connect Mortgage to help you navigate what could be deemed as the mortgage maze:
- Whole of market advice: Instead of being restricted to a lender’s specific deals, which might not suit you, that is where a broker differs. A reliable and experienced broker will search across the entire market to discover the ideal mortgage customised just for your individual circumstances. Plus, they are independent of any provider, so you can rest assured their advice is free of bias. “Why It Pays To Work With Mortgage Brokers”
- Fully qualified and regulated: To provide you with the best possible mortgage advice, brokers must possess specialised qualifications and abide by regulations enforced by the Financial Conduct Authority (FCA). In addition to passing thorough examinations, these professionals must treat customers fairly when recommending a mortgage, meaning they will select the most suitable for your situation. “Why It Pays To Work With Mortgage Brokers”
- Access to exclusive products: Brokers can help you access mortgages that may not be available to the general public. Some specific lenders only offer their products through brokers. Working with an experienced mortgage broker gives you more options and could even save you money in the long run. “Why It Pays To Work With Mortgage Brokers”
- Market knowledge: Choosing the most suitable mortgage product is only half the puzzle. An experienced broker can save you time and money by guiding you in choosing which lenders will accept your application so that it’s approved on the first try, something that could make or break your property purchase. They also know what lending companies can process applications quickly, as well as those who may be struggling with service delays. At Connect Mortgage, we have over 170+ lenders to source to find the right product for our client. “Why It Pays To Work With Mortgage Brokers”
- Hassle-free process: Looking to purchase a home but overwhelmed by the mountain of paperwork and hoops you have to jump through? With an experienced broker, that worry is alleviated. Not only will your mortgage broker work with you on filling out forms correctly, but they’ll also ensure everything goes as well as possible. In addition, you can trust them as they stay in close contact with lenders and solicitors if there’s any need for additional steps or documents. So don’t stress; let your mortgage broker handle everything. “Why It Pays To Work With Mortgage Brokers”
- Specialist lender: If your financial situation is unique, like you are self-employed or have an adverse credit history, acquiring a mortgage from traditional lenders may take time and effort. But there’s hope! A broker can open the doors for you – with access to more specialised lending companies and expertise in helping people who don’t qualify for mainstream loans. In addition, these kinds of lenders understand that sometimes life throws curveballs and rejections aren’t always deserved; they consider each application carefully on an individual basis and see the whole picture even if circumstances are extraordinary. “Why It Pays To Work With Mortgage Brokers”
- More comprehensive financial advice: Mortgage brokers don’t merely assist you in finding the right mortgage for you but can also provide information regarding vital services such as building cover, which is usually mandatory for mortgage lenders. Additionally, they can explore relatable products such as life insurance, mortgage protection insurance and more. With their comprehensive understanding of various financial matters, they are uniquely placed to guarantee that whatever surprises life throws at you; your dream house will stay yours forever. “Why It Pays To Work With Mortgage Brokers”
- Loyal to you: With any changes in your life, your mortgage broker is available to review your options and usually contacts you ahead of time before the completion of the deal. Thus, they act with utmost loyalty towards their clients by always doing what’s best for them. “Why It Pays To Work With Mortgage Brokers”
As with many things in life, there are always advantages and disadvantages. But, similar to our fact-find obligations to our clients, we are transparent in our service process and a little thing you call `treating customers fairly.` We stand by that ethos, a cornerstone of everything we do.
Pros:
- Convenience: If you lack the time or expertise to conduct a thorough search, fill out paperwork, and communicate with lenders to get the best mortgage deal, then seeking the advice of a mortgage broker can be extremely helpful. “Why It Pays To Work With Mortgage Brokers”
- Access: With their significant experience and being members of various mortgage clubs or networks, mortgage brokers can access diverse and specialist lenders. This gives them a better chance of finding the ideal deal that fits your requirements. “Why It Pays To Work With Mortgage Brokers”
- Expertise: Navigating the everchanging mortgage industry can be arduous, with interest rates and deals frequently altering. That’s why having a knowledgeable professional who understands best practices to illuminate this complex topic is invaluable. In addition, someone who can explain things in layman’s terminology makes it even easier! “Why It Pays To Work With Mortgage Brokers”
Cons:
- Cost: Although mortgage brokers can come at a cost, it’s worth the effort to search around and compare fees as they may differ drastically.
- Limitations: When you enter the mortgage market, trust but verify. While brokers can be beneficial in finding suitable loan products for your needs, not all of them will have access to every lender or have preferences for certain ones.
- Quality: It is critical to carefully evaluate potential brokers’ qualifications and expertise.
In conclusion, taking the help of a mortgage broker is invaluable. With their knowledge and experience, they can make securing a loan much more straightforward. However, not all brokers are created equal, and fees may be involved. So, ensure to ask questions before deciding. You can start by speaking with us.
