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Mortgage Broker Near Me
A mortgage is a huge financial commitment and it is essential to it ensure it is done right.
When it comes to a mortgage, customers have the two options to either go directly to a lender or to a qualified mortgage broker.
The mortgage market can be intimidating and difficult to understand and in recent years the laws and regulations around lending has tightened and lenders have stricter and more extensive lending criteria’s and requirements. Receiving advice from a qualified mortgage broker might be the easiest way to obtain a successful mortgage offer and not get rejected.
This article discusses what a mortgage broker does and whether you should use one instead of going directly to your bank.
What do mortgage brokers do?
A mortgage broker is essentially a middle man between the customer and the lender and the goal is to find the best deal possible for the client specific to them and their needs. A qualified mortgage broker is required to pass qualifications and have a wider knowledge of the mortgage market.
A mortgage broker can sometimes be referred as a mortgage advisor but there are no real differences between the two terms. Where there are a difference is between ‘tied advisors’ and ‘whole-of-market mortgage advisors’. Tied advisors are usually hired directly by a bank or building society where they can only offer products issued by the particular lender they work for. They may also operate within large estate agent companies where they are bound to a few lenders and their products. A whole-of-market mortgage advisor has access to the whole-of-market and are able to search through the entire mortgage market in order to find the best deal to suit the client’s needs. Please note that are a small selection of products that are only available directly with a lender and mortgage advisors can’t advise on mortgages that are only available if you go directly with the lender.
There are a considerable amount of lenders and products available on the market but a bank will only offer their own products. A whole-of-market mortgage advisor has access to a wide range of different mortgage lenders on their system and can promptly provide lenders and products that match to the customer’s circumstances and compare and find the best rates available.
How a mortgage broker could help you
You may have to spend a significant amount of time providing your details to the lender you have approached only to find they can’t offer you any products. A mortgage advisor can save you time by recommending to you lenders that can match your needs and circumstances.
Mortgage broker tend to have special intermediary helplines which may allow them to get hold of the bank quicker than a customer could and access to special deals agreed with lenders or through mortgage clubs and exclusive mortgage broker deals that are not available directly to customers. This can mean customers can achieve better rates and incentives through a mortgage broker.
As mortgage brokers have experience in matching clients to lenders so you may only be required to complete one application to get a mortgage. Often paperwork is completed on your behalf making your application process quicker, more efficient and receive a decision sooner. Our aim is to find the best value mortgage deal possible for our customers and by using a mortgage advisor it may increase your chances of securing a mortgage with our experience and expertise.
A mortgage broker can be useful to you for any type of mortgage application, especially if you lack experience or require specialist mortgages. Being ‘whole-of-market’ means having access to most available products which enables us to be able to assess just about every and any mortgage case or unique situations.
Apart from recommending a mortgage product, mortgage advisors may be able to offer useful tips and guidance for your home purchase process. Unlike banks, most mortgage brokers don’t require lengthy face to face appointments and can work around client’s schedules and preferred contact methods. Some mortgage brokers may not charge a fee and work at a volume but at NeedingAdvice.co.uk we believe in quality over quantity ensuring every customer gets the attention and advice they deserve.
In most cases brokers and banks can offer advice when assessing and recommending a client for a mortgage but a client has the right to reject the advice and choose their own product based on their own research and knowledge. This is known as an execution-only application.
With such a wide range of providers, products and rates available on the market, it can be confusing to work out what is best for you. As a mortgage broker, we focus on our customer’s needs and requirements and our aim is to find the best deal for our customers. Contact us today if you would like help with finding a mortgage product that is right for you.