If you're looking to move house, remortgage or buy an additional property as a landlord, some of the most competitive deals on the market can be found through a mortgage adviser. Advisers may be able to access mortgages that you would not find when searching independently. Brokers have regular contact with a wide variety of lenders, some of whom you may not even know about. The alternative to working with a broker is to call up dozens of lenders and compare their mortgage terms and rates on your own, taking up your valuable time.
There are several different types of fees involved when taking on a new mortgage or working with a new lender, including arrangement, booking fees, and valuation fees. A mortgage broker can explain all of these to you and take them into account when finding the right mortgage for you.
The knowledge of different lenders’ criteria can be invaluable, especially in the current environment where the mortgage application process is more complex due to recent regulatory changes. For example, by working with a mortgage adviser they can go through your expenditure. This will be beneficial to you when completing the affordability test as part of your mortgage application.
Duty of care
Your mortgage adviser has a duty of care to you. They must take your individual circumstances into account and ensure they find the right mortgage for you. One size does not fit all and it is vital the adviser is honest with you in the run-up to finding and applying for a mortgage.
Getting a mortgage can seem like a daunting task, but it doesn’t need to be. The important thing to remember is that every lender is different in what they view as the ‘perfect candidate’ to lend to. Just because you don’t fit one’s criteria, doesn’t mean you won’t fit another.
There is no better time to be seeking suitable mortgage advice from an adviser. Contact your local adviser at Mortgage Advice Bureau to discuss your plans and we will do our utmost to help you.
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 on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.