Applying for a mortgage can be an intimidating prospect. Where do you start looking? What product best suits your needs? How do you get your head round all the paperwork?
One way that may make this daunting process at little easier is to use a mortgage broker.
A mortgage broker provides you with invaluable help and support every step of the way, offering advice that reflects your individual needs and preferences and even making the application on your behalf.
That can make the complex process of applying for a mortgage quicker and easier, and give you the confidence that you’re making the right financial decision.
Benefits of using a broker
Access to a wider choice of mortgages
Many mortgage brokers will be able to access more products than a typical consumer, so you have more choice and options available to you.
Expert financial advice from qualified professionals
Mortgage brokers should be appropriately certified and listed on the Financial Services Register. That means you can be confident you’re getting high-quality, professional advice from a regulated specialist in this field. There are many myths and misconceptions about taking out a mortgage, so it’s well worth speaking to an expert.
You might not have time to look at the entire mortgage market for the best product or speak to individual lenders. But a broker will already have in-depth knowledge of the market, so you don’t have to spend your precious free time doing this research.
A mortgage broker will take a look at your specific financial situation, so you can be confident that the advice you get will be in your best interests, with rates and fees that you can afford. Your mortgage broker may also have access to deals and products that aren’t available on the wider market, which could reduce your costs.
Help with paperwork
Applying for a mortgage involves lots of paperwork. A broker can guide you through this process, letting you know what documents need to be completed and help you fill them in accurately.
Take care of the application process
A mortgage broker can also handle the application process on your behalf, which can be helpful as they’re well-placed to identify obstacles and delays and deal with them effectively. They can also keep you up-to-date as the application proceeds, so you can be sure you know exactly what’s going on.
Advice on other financial matters
Since a mortgage broker must take a look at your wider financial situation, they may be able to highlight other issues that need attention. For example, if you’re buying a house, you might need to take out buildings and content insurance, payment protection and life insurance.
Certainty and control
Since a mortgage broker will have a detailed, in-depth understanding of how the mortgage market operates, they can explain every aspect of the application process to you and keep you informed. That means you can feel confident about the information you’re being given and empowered to make the right decisions for you, your family and your circumstances.
Ultimately, working with a mortgage broker removes a lot of the time, stress and risk that can come with applying for a mortgage.
A broker can take care of everything from searching for the right deal for you to managing your paperwork and dealing with lenders on your behalf.
That can save you huge amounts of time and hassle, freeing up valuable hours of the day and giving you invaluable peace of mind.
And since brokers are qualified, certified specialists in the mortgage market, you can be sure you’re taking the right steps that genuinely suit your financial situation, so you can move forward with confidence.
For more information on what the home buying process involves, check out our video here.