If you are looking to purchase properties, the likelihood of needing a loan to finance it are between extremely likely and unavoidable. But contacting your mortgage specialist of choice instead of going straight into your lender, will yield dividends.
We’ve reviewed the advantages of getting advice on mortgages, regardless of whether you’re a first-time homeowner, a home-buyer or the remortgager.
1. Access to a wider variety of deals
If you go directly to the bank or building society will mean that you’ll only have an access point to its mortgage offers it provides. A good mortgage broker will search every market corner to discover most suitable deals to your needs.
It’s crucial to know that there is a difference between a tied broker that is limited to a select group of lenders as well as a “whole of market’ brokers who can provide mortgage advice Belfast on products offered by a vast variety of lenders (although it could exclude some that applications directly from clients).
They have access more than 12,000 mortgage options with 90 different lenders making it the largest selection that is available.
2. Experts in determining the best mortgage for your requirements
The maze of mortgages is a daunting task with so many types of deals available. Also, they can fluctuate frequently, particularly when interest rates fluctuate. You can check out what’s available right now in our table below.
A broker can assist you select the ideal mortgage based on the amount of your deposit as well as your earnings (or joint income if you’re buying together with another person) as well as your personal needs.
They will go over the various mortgage options like a tracker or fix and provide advice on the term length and the flexibility of the deal based on your requirements and the your life stage.
If you’re a first-time buying a home, brokers could assist you with schemes like Shared Ownership or as well as the Help to Buy Equity loan scheme and even the possibility of putting your money to buy with your acquaintances.
3. Do the necessary legwork for you
A mortgage broker will manage the entire process of obtaining a mortgage, from the initial mortgage research, to getting a’mortgage agreement in principle’ agreement (which will indicate the amount you might be able borrow based on the information you submit) up until the formal application, offering and closing (when you receive the money).
A broker is well-versed in the extensive paperwork required for the mortgage application. They can describe how important details such as the cost of childcare, as well as an annual incentive should be included.
There are many ways to keep track of the progression of your application by using your profile on the internet that you create at the beginning your application process. This is also where you can upload all pertinent files in digital formats.
4. Increase your chances of having a more successful application
In the course of submitting your application, the lender will conduct an examination of your credit to find out how well you’ve handled prior loans. The better your credit score is, the more likely you are to be approved as a loan applicant.
Even a small issue like an unpaid bill on an agreement with a mobile phone provider could negatively impact your credit score and make it difficult to obtain credit. But overcoming a credit blip is within the day’s job of brokers. They’ll look at your finances and take the necessary steps increase your chances of approval.
A broker is also well-versed in how lenders’ affordability tests work, which also, offers you the greatest chance of being accepted.
5. Make use of relationships with lenders
Because it’s what they do all day long Brokers have long-standing relations with lenders. For instance, they will engage in regular discussions about the latest criteria and changes to policies. This could make you more competitive in obtaining the crucial green approval to get your mortgage.
6. Aid if your income not simple
If you’re self-employed and/or your income isn’t consistent or coming from various sources, like the experience of a broker can prove extremely valuable.
They have previous experience handling these kinds of applications – which may be more difficult – and will tailor your application according to their knowledge of the profile and lending requirements of a specific banking institution, or building society.
7. Make a note to remortgage
Even when your mortgage is in good standing A broker will notify you when it’s the time to remortgage , which is changing to a different deal when your current one expires. This reduces the chance of you falling into your lender’s possibly costly regular variable rate.
If you’re looking to borrow more money against your mortgage (such as to create an extension to your house, for instance) an agent can inform you the amount you can be able to borrow and also the best way to obtain the funds.
8. It’s not required to cost one cent
Some brokers charge an “advice fee or processing fee for arranging your mortgage, which can be as low as PS500 Some brokers offer no cost to the consumer.
Instead, they collect payments from the lender after you’ve completed your mortgage or refinancing. This is through what’s called a “procurement fee or ‘proc or ‘proc fee’ as it is commonly referred to.
An adviser isn’t paid a percentage of the amount of your loan or lender choice. Their sole goal is to find you the best deal.
If you decide to go through a broker but decide to change your mind later there aren’t any obligations tied to. You are able to opt to pull out of the process , or even speak to the lender directly.
