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Monday, September 26, 2022

Great Reasons Why You Should Use A Broker To Help You With Your Mortgage

Mortgages are one of the most significant financial commitments that many people will ever make. However, they can be complex. There are thousands of products to choose from, making it difficult to find the right deal.

These are professional mortgage brokers. They will help you get the best possible mortgage and guide you through the process to make it as simple and painless as possible.

Here are the reasons you should hire a broker for help with your mortgage journey.

All Market Advice: A broker searching for the best mortgage to suit your needs from all over the market. You will be restricted to the deals offered by the lender if you ask directly. A broker can offer personal advice, tailored to your specific needs, and is not tied to one provider.

Fully Qualified, Regulated: The Financial Conduct Authority regulates brokers under statutory regulation. These brokers have successfully passed the necessary mortgage exams to be allowed to practice. They will treat you with fairness and recommend the most suitable mortgage for your needs. If you are dissatisfied with their advice, the Financial Ombudsman Service can help you seek redress.

Access Exclusive Products: Mortgage broker first home buyer can access mortgages that you may not have access to directly. Lenders may only sell their products to brokers, and not directly with the public. These products might better suit your needs and you can only learn about them by going through a broker.

Market Knowledge It’s one thing to find the most competitive mortgage product. But, that’s only half. A broker will know which mortgages you can access and which lenders may reject your application. You can trust them to get it right the first go, which can make or break your property acquisition. They know which lenders are capable of quickly processing mortgage applications, and which are in difficulty.

Fee-Based Or No Fee: Many lenders charge brokers a percentage of the loan amount. This is called a procuration fee. The procuration fee is essentially a commission that your broker earns for introducing to you the bank/lender that will give you a mortgage. Many brokers charge a fee for providing advice and arranging the mortgage. There are two options: a flat fee (PS250) or a percentage of your loan amount (1%, for example). The fee scale will depend on how complex your application is. The fee may be due at the time you receive your lender’s mortgage offer or after the sale is completed. Brokers will inform you of their terms of business at the beginning of any contact. They will explain their fees and what they are due to help you make informed decisions.

No Hassle Process: Mortgage and home buying can be difficult. There are many forms and parties to track down. A broker will do the legwork for you, taking away the stress and helping you complete the forms. They also prepare your case to ensure it goes smoothly. They also keep you in touch with your lender and, if necessary, with your solicitors.

Specific Needs: It may be difficult for you to get a mortgage in the high street if you are self-employed, have a seasonal income, or have a bad credit history. A broker has greater access to specialist lenders and more experience helping those who aren’t in the mainstream market. A mainstream lender can reject you for no fault of yours. If you have unusual circumstances, our underwriters will evaluate each application and consider the whole picture.

Broader Financial Advice: Brokers can often offer more extensive financial advice than just mortgage services. Brokers can help you arrange building coverage which will be required by your mortgage lender. They also can discuss life insurance and other options that might suit you. Brokers are more than just able to help you buy the home of your dreams. They can also recommend insurance that will ensure you have it no matter what life throws at them.

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