This is a question that I get asked frequently.
One of the main reasons someone chooses to use a broker or adviser is to remove the pressure of finding the right mortgage arrangement yourself. Pressure might be a lack of time, knowledge or confidence. The mortgage market can appear complicated to first time buyers or others that don’t come across it regularly.
Not everyone is aware that a mortgage broker has access to mortgage deals from secondary lenders. These are products that would not be usually available to the public. That’s another reason to speak to an adviser, and more so if your circumstances are not straight forward e.g. you may be self-employed or have historical credit problems.
When mortgage brokers refer to the ‘whole of market,’ they means access to products available on the high street and from other secondary lenders. Secondary lending products are not better, it is that with the widest possible search, the most suitable products can be recommended.
The benefit of mortgage market familiarity.
Bringing the dream of home ownership that bit closer.
A broker can ‘cut to the chase’ for want of a better phrase. Like other advisers, we work with mortgage products (and there are lots of them) everyday. This experience means we understand that type of arrangements that best suit a client’s financial situation. We also know where to go to get the latest deals and special offers on the market. Some clients really value the significant time saving compared to searching themselves. A client can better spend their time on more productive or interesting activities!
What does an adviser / broker do?
Our work involves:
- Understanding a client’s financial situation and home-owning aspirations. We provide realistic affordability information. If a gap exists between dreams and reality in terms of what a lender will provide, we can suggest what can be done and over what time frame to bridge the gap.
- We use specialist mortgage software to access the deals best suited to a client’s situation. We collate the documents and share these with clients, taking care to talk through the product in each case, ensuring a full understanding of general and specific terms and conditions associated with each product.
- When a suitable product is found, we revert to the lender to agree the case. That can then proceed to a mortgage offer / decision in principle. At this stage the idea of buying a house becomes a little bit more real and the client can go house -hunting with a realistic sense of affordability and can show to agents and vendors that they are serious players in the market.
We are here to help. If you want to know how much you can borrow, are concerned about any credit issues or are self-employed get in touch. We specialise helping first time buyers and this looking for their first remortgage.
Contact Tom Ashton
Call: 0330 043 0013