At Respect Mortgages, we understand that purchasing a property can be an exciting, intricate, and occasionally confusing ordeal. We pride ourselves on helping our customers along every step of the journey.
Buying a property should be a wonderful occasion that represents a fresh new journey in life. Still, unfortunately, this is not always the reality of the situation, especially when you try and go it alone.
We believe that the right mortgage broker can make the property-buying process exceptionally less time-consuming, often granting you the chance to save a substantial amount of money in the long run.
We have put together this list of the ten top reasons to use a whole of market mortgage broker; hopefully, it will give you the insight you need to make the ideal choice.
1) A mortgage broker can help you secure the best possible interest rate on your mortgage.
They have access to a wide variety of lenders and products, and they know how to get you the best deal possible.
What does a mortgage broker do? – A mortgage broker is a professional who helps potential homeowners to secure the best possible interest rate on their mortgage. Mortgage brokers are able to shop around for the best rates on behalf of their clients and can often negotiate better terms than the borrower could obtain on their own.
In addition, mortgage brokers are typically familiar with a variety of lenders and can help borrowers to compare and contrast different options. As a result, working with a mortgage broker can be an invaluable resource for anyone looking to purchase a home.
When choosing a mortgage broker, it is important to select someone who is reputable and who has experience in the industry. Additionally, borrowers should be sure to ask about all fees upfront so there are no surprises down the road, many brokers do charge a fee for their services. By taking these steps, you can be confident that you are making the best possible decision for your future.
2) A mortgage broker can save you a lot of time.
The process of shopping around for the best mortgage rate can be time-consuming and confusing. A broker will do all of that legwork for you, so you can focus on other things. If you’re looking for a mortgage, the thought of trawling through all the different offers on the market can be daunting.
A mortgage broker is an expert who can compare different deals and find the one that’s right for you. They’ll also be able to guide you through the process, answering any questions you might have along the way. And because they have years of experience in the industry, they’ll be able to identify any potential pitfalls and help you avoid them.
So if you’re thinking of taking out a mortgage, using a broker is a smart move.
3) A mortgage broker can provide expert advice.
When it comes to making one of the biggest financial decisions of your life, it pays to get expert advice from a uk mortgage broker. They will be able to guide you through the process from start to finish, and offer impartial advice on which mortgage product is best for you.
For example, did you know that a self-employed construction worker could apply for a CIS mortgage and be treated as employed?
4) A mortgage broker works for you and will act in your best interests.
Unlike banks or other financial institutions, independent mortgage brokers are not tied to any one lender. This means they can offer you impartial advice and find a mortgage deal that’s tailored to your individual needs.
When you speak to a bank or building society about taking out a mortgage, they will only ever offer you their own products. This might not be the best deal for you, but the staff won’t tell you that. They are working for the bank, not for you.
A mortgage broker is different. As they are independent, they can offer you a range of deals from different lenders, and they will find the one that’s best for your individual circumstances.
You can find out more here: Mortgage broker vs Bank: Which is better for you?
5) A mortgage broker can help you find the right mortgage product for your needs.
There are thousands of different products out there, and it can be tough to know which one is right for you. A broker will help you narrow down your options and choose the best one for your situation. This is one good reason to use a mortgage broker instead of going to a bank.
In November 2021 Legal & General interviewed 1000 people who had recently taken out a mortgage. Of those that had used a mortgage adviser, the main reasons were:
40%
Brokers have access to the whole mortgage market.
38%
They can quickly tell me about the most suitable deals.
30%
I wanted to see the best deals in the market.
6) A mortgage broker can help you to understand the process and all of the jargon.
The mortgage process can be confusing, with lots of different terms and jargon to get your head around. A broker will be able to explain everything to you in plain English, so you know exactly what’s going on at every stage.
7) A mortgage broker can save you money.
By shopping around for the best rates and terms, a broker can save you a significant amount of money over the life of your mortgage.
8) A mortgage broker can help you get approved for a mortgage.
If you have bad credit or other issues that make it difficult to qualify for a mortgage, a broker can discuss this with a mortgage underwriter and help you find a lender who is willing to work with you. Bad credit mortgages are available from certain specialist lenders.
Freelancers rejoice! The best brokers go out of their way to accommodate you and your schedule, so you do not need to worry about the inconvenience.
If you are a ship crew member, or seafarer, you may find it more difficult to obtain a mortgage as you are out of the UK for long periods. No problem for a broker! Let’s see who has got the best rates for a seafarer mortgage.
You will also have access to specialist property mortgages, such as; uninhabitable property mortgages, concrete house mortgages or mortgages for a flat above a shop.
9) A mortgage broker can answer your questions.
Have a question about the mortgage process or perhaps an issue with the survey? A broker will have the answer (or know where to find it). In addition, a mortgage broker can help you to understand the complex terminology used in mortgage documents, and they can explain the various Pros and Cons of different mortgage types.
10) To secure your perfect mortgage deal.
You will need to make sure your application is up to the task and includes all of the correct documentation. It can be difficult to complete this on your own, particularly if you have no prior experience in this area. Your broker will ensure that everything necessary is present and correct.
If you’re thinking about applying for a new mortgage, we highly recommend working with an independent mortgage broker. We hope you agree that there are lots of advantages of using a mortgage broker to help you.
We would be happy to put you in touch with one of our trusted partners. Contact us today to get started!
