5 Benefits Of Using A Mortgage Broker When Buying Your First Home

Buying a home of your own can be a really exciting life milestone. It’s also likely to be one of the most expensive purchases you’ll ever make in your life. With so many short and long term costs to consider, it’s crucial you pay close attention to your finances and shop around for a great mortgage deal. Although you may be tempted to take on the mortgage-hunting process yourself, you could find yourself better off by recruiting the help of an experienced broker. Here are 5 benefits of using a mortgage broker when buying your first home.

1.Find the best mortgage deal

There are hundreds of mortgage products on the market at any one time. Not only will you have a high number of products to choose from, each one will have a unique set of features making it difficult to determine which mortgage is actually the best deal. Some mortgages offer you cashback, some include set up fees and interest rates can vary from product to product. A mortgage broker will take every feature into account, do the sums on your behalf and work out which product is truly the most cost effective for you.

2. Save time

House hunting can be a time consuming process. You’re likely to spend hours trawling through property websites in search of the perfect place for you. Once you’ve found your ideal home, you’ll need to contact the estate agent and attend viewings. If you’re looking to purchase a home in a popular area with lots of competition, properties may be snapped up really quickly, forcing you to continue your search for longer than you’d like. Thanks to this time consuming and exhausting process, the last thing you’ll want to do is search the mortgage market for the best deal. This is where a broker can come in handy. They’ll use their extensive knowledge and expertise to highlight the best deals for you and take a weight off your shoulders.

3. Minimise stress

It’s no secret that buying a home can be really stressful. Whether you’re in the initial house hunting stage or working with a solicitor, there’s so much to think about and it’s easy to become overwhelmed. A mortgage broker could help by guiding you through the entire process from start to finish. Not only will the best mortgage brokers find you a great deal, they’ll also liaise with lenders, estate agents and solicitors on your behalf.

4. Protect your credit rating

When you apply for a mortgage, the lender is likely to conduct credit checks to ensure you’re good with money and in a position to repay the loan. If the lender finds something on your credit rating that they don’t approve of, they may reject your application, forcing you to look for a mortgage with another provider. Not only can the initial rejection damage your credit rating, but any subsequent rejections can continue to impact your credit score. With the help of a mortgage broker, you can minimise the risk of rejection by only applying to those who are likely to accept your application.

5. Overcome common mortgage obstacles

It’s not uncommon for some home buyers to come across the following mortgage obstacles during the mortgage application stage:

Self employment

Lenders are often reluctant to offer mortgages to the self employed due to the risks associated with fluctuating and unpredictable incomes. If you’re self employed, a mortgage broker could help you identify which lenders are most likely to give you the loan you need.

Low credit rating

A low credit rating is one of the largest obstacles to obtaining a mortgage and buying a home. Providers often refuse to lend to those with poor credit, fearing the person in question will be unable to keep up with repayments. Thankfully, there are lenders who will assess each application on a case by case basis, rather than declining applicants at the first sign of credit trouble. A mortgage broker will help you track down these sympathetic lenders.

A small deposit

Getting a mortgage with a small deposit can often be a challenge. Some lenders will simply refuse to provide you with a loan. Others may assess your finances and offer you loan that’s not big enough to cover the cost of the property. With the help of a broker, you can quickly identify which lenders are most likely to give you the mortgage you need. If you’d like to learn how TaylorMade can help to guide you through the home buying process, please get in touch with the team. We’ll help you save time, money and secure the home of your dreams.