So, you’ve found the property of your dreams. Whether you’re going to be living in it or making money from it as a private landlord, you can’t let this property slip away. It ticks all your boxes. It’s everything you’re looking for.
In the excitement to secure your property, don’t make the mistake of opting for the first mortgage product that you are approved for as all-too-often, buyers select mortgage products without considering the long and wide-ranging implications of the mortgage product they buy.
In many cases, they go to whichever high street bank they’re currently using and see what products they have on offer. They understandably believe that their bank will reward their loyalty by giving them access to the best products. Unfortunately, these buyers are usually mistaken.
Savvy buyers may search for mortgages through a price comparison website. Yet, while this may certainly be advantageous, it still doesn’t necessarily mean that they’re getting the best deal. They may even (and for the love of humanity don’t do this blindly) trust their estate agent’s recommendations when it comes to choosing a mortgage product.
Consulting with a mortgage broker, however, can help you to find the perfect mortgage in line with your needs, priorities and financial goals. Here we’ll look at some of the many reasons why you should always consult with a mortgage broker before pulling the trigger on your dream property.
Trusted Mortgage Advice
As independent advisors, mortgage brokers give advice which is more reliable than what you might expect from banks who are restricted by their mortgage products.
At trufe. our advisors are fully qualified with the freedom to search the whole mortgage market, so they can offer impartial and unbiased guidance.
After all, not just anyone can be a mortgage broker. Legislative changes like the Mortgage Market Review of 2014 mean that anyone who advises about mortgage needs to be eminently qualified. While mortgage brokers come from a variety of backgrounds, they invariably hold a Certificate in Mortgage Advice & Practice (CeMAP) certificate and are held to rigorously high standards by the FSA.
We do all the running around!
Finding the perfect mortgage product to suit your needs can be a laborious and time-consuming process. It involves doing research on banks and other lenders, scrolling through their lists of mortgage products, filling in online forms and making calls… It’s a lot of legwork on top of your working day.
Price comparison websites can reduce the time required, however, keep in mind that many lenders either don’t appear on price comparison sites or don’t submit all of their products. In addition, you still need to manage the actual application, following up on paperwork and updates.
A mortgage broker, on the other hand, does all the legwork and comes back with the best products to save you time and effort, not to mention money.
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Access to all the best mortgage products
Mortgage brokers have excellent relationships with all kinds of lenders, banks, building societies and other financial institutions. This means that they have significantly more leverage over the market than your average home buyer.
This means that they can usually find a better range of mortgage products than you’d be able to find on your own, no matter how much research you put in or how many price comparison sites you interrogate.
Find the best mortgage for you
Mortgage brokers rely on referrals from happy clients for their practices to grow and thrive. Unlike an estate agent or mortgage advisor at a high street bank, they will not necessarily be motivated by a commission offered by the lender. They are paid by getting an origination fee. A mortgage advisor will listen to your circumstances and needs and help you to find the right mortgage product accordingly. They won’t try and fit a square peg into a round hole for the sake of snagging a juicy commission for themselves.
They hold themselves to high professional standards because, like all independent professionals, their reputation is their most important asset.
Life Insurance & Payment Protection
The good advice doesn’t stop when you’ve found the right mortgage!
When your mortgage broker has scoured the market for the best product for you, you could be forgiven for assuming that their obligation to you ends there. However, mortgage brokers can be useful to you throughout the moving process. After all, you still need other financial products when you move in like life insurance or buildings and contents insurance. They can also recommend home improvement loans if your property needs a little TLC.
Many mortgage brokers are also skilled financial advisors and can scour the market for the best ancillary financial products to supplement your mortgage. Thus, you can make the perfect start in your new home with the right buildings and life insurance at the best prices so that you know you have the right cover.
The mortgage market is huge. Far bigger than most buyers (especially first-time buyers) give it credit for. While this market may be bewildering for many, mortgage brokers know it like the back of their hands. They have their finger on the pulse and are the first to know about new products on the market or changes to the industry.
Come and find out the trufe!
If you have the property of your dreams in your sights, get in touch with us today and start your mortgage application. We can give you direct access to the mortgage product you need to make the perfect start in your new property.