Reasons to Use a Mortgage Broker
Are you ready to purchase your first home? Or perhaps you are looking to upgrade or even expand your property empire. You will certainly need to look at the range of properties in agents windows and online. Then you will need to organize viewings and hopefully find the house that feels right. It should also meet your needs.
At this point you need to b able to make an offer, which means you need to know how much you can borrow. There are two ways of establishing your borrowing limit:
You can visit the online site of almost any mortgage lender and fill in a few basic details to establish how much you should be able to borrow. This figure can then be used as your guide when viewing properties.
- Through the Mortgage broker
The alternative is to visit a mortgage broker and give them all the details concerning your finances. This will allow them to provide you with a figure that you can borrow. Assuming they are not attached to one specific mortgage lender they will probably be able to locate you a better deal than the one you found online yourself.
This is also the first reason for using a mortgage broker. They should be able to get you a better deal.
Access to the Market
A mortgage broker will have built up a range of contacts which can secure you a good deal on your finance deal. They are likely to be able to access offers which are not available to the general public. If you are a first time buyer this will be exceptionally beneficial as you will probably not know how all the processes work; they can help to guide you.
You should choose a mortgage broker which is not attached to a specific lender. This will allow them to remain impartial and find you the best possible deal. The fact that they can locate a deal with half a percent lower interest rate may not seem like a huge difference, but this can reduce the amount you will need to pay back by thousands!
Your mortgage broker will probably have connections with various other people involved in the house buying process. They should be able to direct you towards a good solicitor in the area. Providing you trust your mortgage broker it is often a good idea to go with their suggestion. They are likely to work well together and this will speed up the buying process.
Finally, the fact that a mortgage broker is able to deal with all the financial affairs means you will experience a lot less stress. Considering how difficult the house buying process can be this is a valuable reason to use a mortgage broker. They will chase up all the forms and guide you through completing and signing them; ensuring you know exactly what you are committing to at every stage of the process.
Choosing a mortgage broker requires thought, you need to evaluate the potential candidates but it is a worthwhile exercise.