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What are the benefits of mortgage advice?

When it’s time to get a mortgage, many people head straight to the bank or building society they already bank with. But although this is worthwhile, it could mean you’re limiting your options. To make sure you find the right mortgage option for you, you need to make sure you research all the deals available, this is where the difference between mortgage bankers and mortgage brokers becomes clearer, as mortgage brokers are able to offer you a wider range of options available on the market.

To get you started, it’s worth talking to a mortgage adviser - sometimes known as a ‘mortgage broker’. With access to thousands of mortgage deals from lots of different lenders, they can give you crucial mortgage advice that fits your needs and circumstances.

What is a mortgage adviser?

In short, a mortgage adviser gives advice on different types of mortgage products. They can help you from the very start with getting your finances together to ensure you are mortgage ready, right through to the day you pick up your keys - and even after that if you want! A mortgage adviser will:

  • Explain what the first steps are
  • Tell you what research you need to do
  • Help you budget when saving for a deposit
  • Find you a mortgage and process the application

The best part is, you can get all of this expert advice before you even start to look for a property. Not only can they provide helpful advice to assess your incomings and outgoings, they will also use specific budget planner tools that can work out how much you could afford to borrow. This will help when it comes to the fun bit - the property search!

A mortgage broker will help you find your mortgage

Once you’ve saved your deposit and found a property you like, you can go back to your mortgage adviser who will search thousands of deals from many different lenders, to find the right one for you.

They will also know which mortgage companies are likely to lend to you, based on the type of property you want to buy. This is because not all mortgage companies lend to every buyer, or on all types of properties.

Using an adviser means you have an expert helping to find the right deals for you. This means you are less likely to be turned down and you can secure the property you want more smoothly. And if that’s not enough help, their job continues after you apply for the mortgage...

Dealing with the application is easier with a mortgage broker

Once they’ve found the mortgage which meets your needs, a mortgage adviser will sort out the whole application for you - saving you time dealing with the paperwork. They will also deal with surveyors, your legal company and handle any paperwork that comes with a mortgage application. Most reassuring of all, a mortgage adviser will keep you informed every step of the way and are on hand should you have any questions, no matter how silly you may think those questions are!

A mortgage broker can also help you with mortgage protection insurance

When buying a home you will need buildings and contents insurance. You should also consider taking out life insurance and critical illness cover too in order to guarantee you can keep a roof over your head, come what may. And sorting this out by yourself while you’re juggling paperwork for your mortgage can feel like a weight on your shoulders.

Fortunately, many mortgages advisers are qualified to help advise you on mortgage protection insurances too. Again, they can shop around on your behalf and find the right policy for you and your family, and deal with any paperwork required - letting you concentrate on preparing for your new home.

Mortgage brokers have flexible working hours to work around you

A good mortgage adviser will fit around your diary. Ensure that you are prepared for your first mortgage advice meeting and they can arrange flexible appointment times around your working hours. They can also deal with everything over the phone and email, meaning they aren’t restricted to branch and office opening hours. So even though you may be working hard and are busy for most of the day, you’ll always be able to keep the ball rolling and get one step closer to owning your home.

Find out more about how we could help

Buying your first home is likely to be stressful, but having a mortgage adviser secure the right loan for you - and deal with any worries or problems you may have during the buying process - can be incredibly helpful.

For more information about buying your first home, take a look at our helpful guide for first time buyers, or get in touch today to speak to our experts.

Because we play by the book we want to tell you that…

Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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