Reason 1 – Choice
Okay! Okay! – I know what you’re thinking! Of course I’m going to recommend using a Broker because I’m biased. But that’s the whole point – a Whole of Market Broker isn’t biased towards one Lender – he can find the best Mortgage to suit your circumstances.
In simple terms a Lender is a shop that sells money, a Broker helps you pick the BEST shop!
Reason 2 – Advice
Many people are not aware that many Lender’s do not offer advice, they simply show you the range of available products and let you pick. They are not accountable for advice because they give none.
A Broker is fully accountable and works under full advice and recommendation. Unlike a Lender who may have 4 or 5 mortgages – a Broker may have to select from 1000’s and therefore the questions asked are much more thorough to ensure the mortgage is the best one available for you.
There are also many things so consider other than the headline rate including: Lender criteria, loan to value, portability, fees, incentives, term, overpayment, tie-in, rate type, service levels – a good broker should be able to advise on these based on what is most important to you.
Reason 3 – Time
Ask yourself these questions:
1.Do you want to spend the time to trawl through the offerings of dozens of Lenders?
2.Do you want to take the risk of losing a lot of time (and potentially your dream home) when you’re application is rejected because of something in the small print?
3.Do you have the time to fill out the forms, ensuring they are filled out right first time and the time for the usual back and forth with the lender?
4.Do you want the headache of chasing up solicitors, chasing Estate Agents, Lenders and Surveyors?
If you answered NO to any of the above questions then you need a Broker, if you answered YES to wanting to fill out paperwork then you need to get out more!
Reason 4 – Broker only deals and Lenders
Some Lenders only deal with Brokers and not the general public
Some high street Lenders give exclusive rates to Brokers
A Broker will give you availability to these products.
Reason 5 -Technology
Many people research mortgage or insurance products on-line using a comparison website. However the information required is basic and does not take in to account more detailed criteria – therefore the recommended product may not be best or even available based on your circumstances. A Broker will use a professional sourcing system which is much more accurate helping to ensure you get accepted for the right mortgage first time.
Reason 6 -Experience
Technology can only take you so far – an experienced Broker is familiar with the rapidly changing criteria in the small print. One example is the type of income that a Lender will take into account. Some Lenders will take 100% benefits, overtime, bonuses etc. Some won’t take any.
No system is sophisticated enough to reference all of this criteria, but a good Broker dealing on a daily basis with his Lenders contacts can.
Reason 7 – Getting Accepted
Did you know if you go to a variety of Lenders and aim to get accepted they may all run credit searches against your name? This could actually stop you getting an acceptance from any of them.
Did you know that many Lenders will not accept someone who has used a pay day Lender in the last 12 months?
A good Broker can help advise on the do’s and don’ts to ensure you get accepted in these days of tougher lending criteria. Sometimes it may mean that I work with a client for months prior to purchasing to get them into a position where they would be accepted.
Reason 8 – Protecting your Family
Lenders don’t really understand insurance – would anyone want to get insurance from them after the payment protection miss-selling scandal??
They also only have one, usually expensive, Provider. When it comes to insurance one size does not fit all! You can also spend a lot of money on cover that doesn’t do what it’s meant to do. One slip on the paperwork can mean your insurance won’t payout when you need it to and your family could be homeless.
A decent Broker will advise from a variety of Providers to find you the best product with the best premium that fits your criteria and your budget. He will also make sure the paperwork is filled out correctly.
If you don’t know whether you need waiver of premium, DTA, LTA, Critical Illness, Income Protection, Own Occupation, Suited Occupation, TPD….I could go on…then you need a Broker.
Reason 9 – Ongoing Advice & Other services
A good Broker should keep in contact and also be available should you need to “sound things out.”
Often a client will call me months before a new move so I can supply options before we finalise things.
A good Broker may also be a portal to Commercial Lending, Secured Loans, Debt Advice, Wills and IHT Planning and Pension advice. In essence he is a “go – to” guy for your financial requirements.
Reason 10. Relationships
The average mortgage is 25 years to 35 years in duration – Murder carries a shorter sentence!
If you find a good broker you will be doing business for a very long time. He will get to know how you like to work, he will have a good understanding of your finances and will provide differing financial advice based on your requirements at the time.
A good Broker will proactively give you advice and options throughout your relationship that can save you thousands of pounds and save you from costly mistakes.
In the long run he benefits by your repeated loyalty and you may even refer him to friends and family. Find a broker who values your business and everyone wins.
Now try getting all of that from a bank….
Your home may be repossessed if you do not keep up repayments on your mortgage.
Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.