If you are getting a mortgage to buy, read this!

If you are getting a mortgage to buy, read this!

Should you use a mortgage broker or just try to find the best mortgage by yourself? Many buyers find themselves asking this question.

There isn’t anything wrong with speaking with your bank to gauge what they will lend you. The only problem with this is, that your bank will only be able to discuss products that they offer, and this might not be the best available or that suits your situation. Recently, working with one of our sellers, Adam, their mortgage lender had reduced rates after they had their mortgage offer issued. Fortunately, they had a proactive mortgage broker who switched the product, saving them about £100 a month. I don’t think this would have happened if they handled the application themselves.


Here we explore 6 ways that the right mortgage adviser can help you with the process of finding the best possible mortgage for your circumstances:


1. Free consultation and advice
A good mortgage adviser will take time with you – either in person or over the phone – to assess your situation. During the initial, free consultation they will draw upon their comprehensive knowledge of the market to make recommendations based on your deposit amount, income and pay structure, future plans, family situation, and many other factors. You'll also have the chance to ask your adviser any questions you might have about the mortgage process.


2. Access the widest range of product options
While some advisers only work with a small number of lenders, other advisers will be able to select the ideal mortgage for you from the thousands currently on offer in the UK. Instead of relying on a bank, which will offer you one of their products, be sure to work with a mortgage adviser that can look across the entire market and find the perfect fit for you.


3. Access exclusive rates and criteria options
Many mortgage providers offer exclusive rates and criteria options to advisers who have built a good relationship with them. By using the right adviser, you can access these exclusive options that are not available on the high street or online.


4. Unbiased recommendations
As your mortgage adviser is working for you, they are best placed to offer you completely unbiased advice. Choosing a mortgage is the biggest financial decision many of us will make, so getting expert, impartial advice is extremely important.


5. Help with the application process
Once your adviser has assessed your situation and agreed with you on the ideal mortgage for you, they should then assist you with the application process. They will make sure you have filled in forms correctly and included all the necessary documents and information so that your mortgage application goes through smoothly, the first time. Additionally, if there are delays or issues, you have an experienced point of contact instead of being passed around different departments.


6. Liaise with all parties through to completion
Once your mortgage application has been successful, you'll receive a mortgage offer from your lender. However, a good adviser will then continue to liaise with all parties involved, right through until contracts are exchanged and you complete your purchase. This is crucial, as changes may need to be made to your mortgage – for example, if you need to renegotiate the price of the property or your lender has reduced their rates, they adjust your mortgage accordingly.


We can't give specific advice on mortgages but if you need some help, or pointing in the right direction of a great mortgage advisor who we personally use on our own home, book an appointment below.


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