Whether you are a first-time-buyer, looking into a remortgage, or require mortgage protection, it’s highly likely that you would benefit from working with an independent mortgage broker, especially in the current environment where interest rates have been increasing.
The mortgage market place can be overwhelming with so many things to consider from your initial application through to completion.
In this latest blog post, we’ll be outlining the top SIX reasons why using an independent mortgage broker may be a wise decision for you…
Let’s get started…
You benefit from actual advice
When there are 90 different lenders out there, and close to 10,000 mortgage products, choosing the right mortgage product can be an incredibly difficult decision.
If you go directly to a bank, you’ve cut out more than 95% of the market. Similarly, when you go to a comparison site, there is no one guiding you through the overabundance of products.
Choosing the right mortgage isn’t simply choosing the lowest rate. It’s about choosing the right mortgage product that suits your needs. Are you willing to take the risk of rates increasing? Are you someone who prefers longer term stability? Do you need the ability to make overpayments?
Mortgage products all have different features, benefits and limitations. A good independent mortgage broker, just like Thameside Mortgages, will discuss your personal situation and understand what is important to you, helping to select the right mortgage deal for you.
Given this will most likely be the biggest debt you will ever have in your life, it makes absolute sense to get the best advice when choosing how to finance that debt.
When you work with an independent mortgage broker, you benefit from being provided with a comprehensive service. Local, independent mortgage brokers can often provide a much better and more personable service. As your questions arise, your mortgage broker will be on hand for clarification and to provide peace of mind. Acquiring a mortgage is one of the biggest financial commitments of your life and your broker should always have your best interest at heart throughout the process.
Using an independent mortgage broker can also help you to save money by finding you the most affordable mortgage deal. If you have a figure in mind that you want to be paying on a monthly basis for your mortgage, your broker can source deals on the market to help you achieve a deal in line with your current financial situation. Moreover, they can also help you to save money by assessing the overall cost, including fees you must pay the lender, ensuring you obtain the cheapest overall deal eligible to you.
Process Can Be Quicker
It’s no secret that the mortgage application process can be slow and tedious. If you’d rather a more streamlined, efficient process, it’s well worth considering an independent mortgage broker.
Mortgage brokers like Thameside Mortgages are professional, trusted and accredited. They follow a proven process with all aspects of your mortgage and protection and ensure that everything is submitted in a timely manner
Increased Chance of Acceptance
Did you know that using an independent mortgage broker can also increase your success/acceptance probability? Brokers have an abundance of experience and knowledge with various lenders and understand the ins and outs of lending criteria. Being approved for a mortgage first-time round is ideal as every failed application can lead the next application to becoming that little bit more difficult.
It can be so much less stressful
The last benefit (but by no means the least), is just how less stressful it can be when you have a broker on board.
There is only so much time in the day and trying to balance your every-day work activities, social life, and your mortgage process can become overwhelming.
Fortunately, independent mortgage brokers have the ability and experience to handle the entire process, provide you with constant updates, answer any questions you may have and offer reassurance from the very first phone call, to submitting your application, dealing with estate agents, solicitors and insurance companies, you’re in great hands.
How to find an independent mortgage broker?
Now you understand the benefits, it’s time to find your local mortgage broker. It’s recommended to source a few brokers and check out who is receiving 5-star reviews. Recommendations from family and friends is also a great option.
A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it. The Financial Conduct Authority does not regulate most forms of buy to let mortgage.