Below we have pointed out the key reasons why using a mortgage broker is better for you and will save you money, time and stress in the long run.
This is our guide on using a mortgage broker against going direct to a lender
1. Search the whole mortgage market. Did you know that there are over 50 mortgage lenders and over 1000 mortgage products? A broker is able to access these mortgages and rates. Some lenders only offer their mortgages through brokers, so using a mortgage broker is important to make sure you know all your options.
2. Flexibility. Mortgage brokers typically have flexible working hours so you can arrange a call early morning, in the evening or at weekends if needed.
3. Communication. Mortgage brokers can communicate with clients through multiple channels such as the obvious phone and email, but can also communicate with you via SMS Text, Whatsapp and other social media platforms, such as Facebook.
4. Experience. You may have a more complex enquiry to discuss and you want to speak with someone who has been in the industry many years and experienced many different enquiries, for example, you only have 1 years account, you have some bad credit registered, or you may want an interest-only mortgage or you want to buy a property and convert it into flats. Experienced brokers will have sound knowledge in these areas.
5. Mortgages and Secured Loans. When people want to raise money on their property, they typically assume that they will remortgage, however, this is not always the best way to raise the money – for example; if you have an early redemption fee to pay on your existing mortgage as you are in a fixed period, you may well be better off, taking out a secured loan for the time being with a view to consolidate them together, when an early redemption charge, no longer applies. Mortgage brokers can review a remortgage and secured loan option and provide advice around this.
6. Protection Products. When making big financial decisions it is also very important that you access your protection needs and ensure you have enough, with relevant protection cover in place if the unexpected were to happen. A Mortgage broker could discuss and provide you with quotations for Home Insurance, Life Insurance, Serious Illness Insurance and Income Protection Insurance.
7. Personal Touch. By working with a mortgage broker, you will be walked through the whole process and they will be ready to answer any calls you have throughout the application process through to completion. People generally are not aware of the time that is involved to arrange a mortgage and many documents may be required at different stages. A mortgage broker will take the time to request these documents but also tell you why they are needed, so you fully understand the reasoning behind them.
8. Future Contact. Most mortgage brokers will have systems in place to regularly contact you to see if your circumstances have changed and if so, provide advice on any new mortgage or protection need you to have. Additionally, you know that if you have any questions, at any time you can reach out to a specific person, rather than speaking to someone different every time.
At the Money Hub, we provide mortgage advice to our clients and all the advisers are very experienced. If you have any mortgage, insurance or loan enquiry, please get in touch.
DISCLAIMER: These articles are for information only and should not be construed as advice. You should always seek advice prior to taking any action.