Whether you’re buying your first home, moving to a bigger place, or remortgaging your property, a mortgage broker can come in extremely handy. Here are just a few reasons to use a mortgage broker.
They’ll help you save money
The biggest benefit that comes with using a mortgage broker is the amount of money you’ll save. Thanks to their extensive knowledge of the mortgage market and an ability to compare hundreds of products, a broker could potentially save your thousands of pounds over the course of your mortgage deal.
They’ll highlight the most affordable deals for you and work out the true cost of them over the course of your mortgage term. You can then use this information to choose which lender and product to select.
They’ll point you in the direction of lenders most likely to approve your application>
If you’re self-employed, have a low credit rating, or you have consumer debts, you may struggle to obtain a mortgage from some lenders.
Some mortgage providers are very particular about who they lend to and they won’t think twice about turning down applications from those with unpredictable income or high expenses.
Thankfully, there are understanding lenders out there who will assess each application on a case-by-case basis. And within minutes of you sharing your financial details with your mortgage broker, they’re likely to know which providers will say ‘yes’ to your application and which will turn you away.
With the help of a mortgage broker you can reduce your chances of rejection and speed up the process.
They’ll help you overcome any mortgage obstacles
While most home buyers find that a mortgage broker helps to make the whole process effortless and stress-free, there are certainly times when obstacles can arise. Fortunately, a mortgage broker will know what to do at the first sign of trouble. Whether you’re missing an important financial document or you need to increase your loan amount after your initial application, your broker will be able to chase things up for you and suggest alternative options if necessary.
They’ll save you time
Buying a home can be a lengthy process filled with applications, viewings, surveys, and phone calls. So, it’s wise to grab any opportunity you can to save time. A mortgage broker will do all the mortgage-related work on your behalf, saving you having to compare lenders, fill out multiple forms and chase up the progress of your application.
Would you like help applying for a mortgage? Please get in touch with the team at TaylorMade.
