A good broker can save you money and make sure you get the right mortgage loan to suit you. Here’s some more good reasons why it’s worth using one…
You’re getting on the property ladder for the first time, or you’re looking to move to a bigger place. You need a mortgage, and there’s no shortage of seemingly competitive deals on offer. Should you talk to a lender directly if a certain mortgage rate seems attractive, or should you talk to a broker for general advice?
Admittedly, we may be biased because offering mortgage advice is what we do for a living. But the truth is, if you talk to an experienced mortgage adviser with a good track record, you stand a much better chance of getting a competitive mortgage loan that could save you thousands in the long-term.
Here’s eight good reasons to speak to a mortgage broker…
Reason 1: We’re up to date with what’s going on in the market
A good broker will know the market better than anyone. Take MB Associates as an example. We’re in constant contact with lenders, who keep us informed about the latest mortgage products. They tell us when new mortgage loans will come to market that could save you money. We know what’s happening, and we also know if a new product is about to come along that could be worth waiting for to make a saving.
Reason 2: We have access to products not always directly available to consumers
Some lenders will only offer certain mortgage loans to customers through brokers rather than directly to customers. If you go direct to a lender, you could miss out on a competitive mortgage loan.
Reason 3: Some mortgage loans might only be around for a short time
2020 saw the advent of ‘flash sale’ mortgages, where lenders would offer a particular mortgage loan at a special rate for a very limited timeframe. This type of practice could become a permanent fixture as lenders look to manage the number of applications they receive. A broker will know if a deal like this is about to come onto the market and will be able to alert you to it quickly. If you have your paperwork ready, you could make a significant saving. A good broker will also know if a certain mortgage loan is about to be withdrawn from the market and will let you know so that you don’t miss out.
Reason 4: We can offer personal advice to suit your situation
If you go directly to a lender when applying for a mortgage, you’ll only get the mortgage loan you asked for if your application is successful, which may not be the most suitable one for you. We will take the time and trouble to find out as much as we can about your situation before recommending the right mortgage loan for you. And if we think you could get a better rate by holding off a bit longer, we’ll tell you so that you can make an informed decision.
Reason 5: We will handle your mortgage application for you
Knowing what paperwork to prepare and how to submit your application can seem daunting if you’re not familiar with the process, but our experience when it comes to handling mortgage applications means we can do the hard work for you. A good broker will also appoint a case manager to deal with your application and keep you updated on progress, so you don’t need to worry.
Reason 6: You can get advice on financial protection
It’s essential to consider taking out financial protection such as life cover, critical illness or income protection when applying for a mortgage. This means your loved ones would be financially protected if you couldn’t work due to illness or injury or if you were to pass away. Navigating the various types of cover can be time-consuming. A broker can advise you on what kind of protection would best suit you and also arrange your cover.
Reason 7: We can save you money
Some mortgage brokers will charge a fee for their time, others will take a commission from the mortgage lender, or some will do both. What you pay depends on the broker and the amount of work involved, but if they charge a fee, it should be offset by the saving you make on your mortgage. However, it is important to ask a broker to let you know in advance what they will charge so you’re clear on how much you will have to pay.
Reason 8: You can have your mortgage loan reviewed regularly
A good broker will recommend reviewing your mortgage loan every two years with a view to regularly switching so that you can continue to pay a competitive rate. Once you’ve got a relationship with a broker, they can review your mortgage regularly and hopefully generate a long-term saving for you. They can also advise you whether it’s worth remortgaging to save money.
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