One of the ways that many people get assistance when buying or remortgaging a property is using the services of a mortgage broker, who provides advice and recommendations on choosing the right product. While it’s one thing to choose a broker just because that’s what other people have done, it can be helpful to know exactly what advantages using one will give you. With this in mind, here are some of the benefits of using a mortgage broker.
Access to multiple options
It is never a good idea to depend on one mortgage lender or deal. A broker can explore all the available options and may be able to take you directly to ‘hidden deals’ with lower interest rates than you’d find with a surface level online search. Many mortgage lenders only sell their products through mortgage brokers, so often you’ll get access to deals otherwise unavailable to you.
A whole of the market mortgage advisor has access to an array of deals available in the market. They can tailor your mortgage so that it precisely fits your needs and suits your particular financial situation.
Saves time and unnecessary work.
Applying for a mortgage usually means that there will be lots of paperwork to complete, whether it’s forms to fill in or your own records to sort through. With a broker on your side, you’ll have someone who knows exactly what documents you will need and what forms must be filled in — their help can certainly make life easier. Along with advising you on paperwork matters, a mortgage broker can also handle the application process and keep you informed of its progress with a lender. This can be invaluable at such a busy time of your life, leaving you free to focus on other details that could do with your attention. They are also used to spotting delays and chasing them.
You Could Save Money
In addition to time, you could also save money by using a mortgage broker. Not only are you getting an expert who can find a good deal, but you’re getting someone who will assess your needs and make a recommendation that is right for you financially. A good broker will also look beyond the best rate and take any applicable fees into account.
If you would like any further details on how we can help you with your next mortgage please contact me on 01258857101
Justin Travers, Independent Mortgage & Protection Advisor