A mortgage broker will help you navigate the complex market of mortgages to find the best deal. How do you find the best mortgage broker for your needs?
What’s a mortgage broker?
A mortgage broker acts as an advisor and will help you find a lender who will give you a mortgage. The broker will assess your financial situation, your needs and then help you to apply for a mortgage.
Why should you use a mortgage broker?
Although they might appear to be middle men, a mortgage broker is an expert in the industry and has access to many deals that you wouldn’t find if you were to search on your own. You can trust them with your mortgage application. ask your mortgage broker questions They can save you time and money. Your time and stress can be reduced by their expertise and knowledge. They often have better deals that will save you money over the long-term.
We have some tips to help you choose the right mortgage broker for you.
Register
Prior to starting any discussions with a mortgage broker about your situation, ensure they are registered and properly qualified. The Financial Conduct Authority (FCA) is required to register mortgage brokers in the UK. This allows them to provide mortgage advice. Check the following information when looking for a UK mortgage broker: FCA’s Financial Services Register For their name.
They are not trusted if they are not listed on the Register.Unregistered brokers are not accepted by most lenders. This means that you could be closing down a significant portion of the market without their consent.
Go Whole of Market
Although there are many types of mortgage brokers, it is best to choose one that is ‘Whole-of Market’. This means that they have access to all mortgages currently available.This is in contrast to brokers who will only consider mortgages from a small number of banks or building societies, or those that are tied to one bank or building society. They will instead recommend mortgages within their company. A Whole-of Market mortgage broker can offer more options and increase your chances of finding the best deal.
Compare fees
A mortgage broker can be an extra cost to you, so it will add on to the final mortgage. You will save money overall if they find you a better deal. It can still be helpful to compare rates between brokers to find out what you can do to maximize your savings while still getting excellent service.
It’s also a good idea for brokers to give their fees in different ways. While some will require an upfront payment, others will only pay once a mortgage has been agreed upon. Others will either add their fees to the mortgage cost or not. Some may have a combination of both. Find a mortgage broker who uses the preferred payment method.
Lenders may also pay brokers, but you will be informed. A lot of brokers combine the two payment methods.
Compare services
It can be useful to compare the services offered by different mortgage brokers. Many online mortgage brokers can help you with the process and offer advice.There are also traditional brokers that work by telephone or face-to-face meetings. Some brokers may combine both. Consider what is most important to you, and then search for the broker who best suits your needs.
Read Reviews
It is easy to find mortgage brokers that are comparable by word-of-mouth and reading reviews. You can read reviews about mortgage brokers on their websites, as well as what others have to say on social media and review sites like Trustpilot and Google.
However, you can’t always be certain that a review is true. You might find someone writing about a negative experience or embellishing the truth. Or it could be written by someone who has a vendetta against the company or person, or someone with a vested stake in its success. Don’t believe every review is true. Instead, look for common themes in different reviews. You can trust that a positive or negative comment is consistent across multiple reviews.
Availability
When looking for a mortgage broker, it is important to take into account your schedule. Compare brokers to find out how fast they can get started on your case. This should be compared to your time frame for when you would like your application completed.
It is also important to find out their hours of operation so that you can contact them for advice and assistance.Find someone who is flexible and can work around your schedule. If you are busy on weekdays, it would be a good idea to find a mortgage broker that can speak with you during weekends when you are free.
Feel free to express your emotions
After you have evaluated brokers on the basis of their service, reputation and payment, there may be a few more to choose from. It is important to trust your instincts in this situation.Moving is a significant life event. You will also be sharing financial information with your broker. You must feel at ease working with them.
You may want to consider looking for someone else if you are unsure whether you can trust the broker or if you find the advice or way they speak unhelpful. Remember that even if you cannot find a mortgage broker who you trust or feel comfortable with, it is possible to still obtain a mortgage without one.
The moving process will be much easier if you find a reliable mortgage broker at the right price for you and who provides the best service. Remember, as with all things related to moving, to compare and shop around to find the perfect match.