Obtaining a mortgage for your new purchase or re-mortgage can be a confusing and time consuming process, with so many lenders and products available, how can you be sure that you are getting the right deal for your circumstances? The 10 points below are all advantages of using a mortgage broker such as Blue-print to take care of your mortgage needs.
1. A qualified mortgage broker will search the market to find you the best deal. Banks or building societies can only offer you their own products, whether this is the best product for you or not.
2. Mortgage brokers often have access to ‘broker only’ deals and exclusive products with lenders which aren’t available anywhere else.
3. Some lenders only sell their mortgages via a broker rather than directly to the customer, so brokers may have more mortgage products to choose from.
4. Brokers have access to a large range of mortgages which can mean a greater chance of finding you your perfect mortgage.
5. Using a broker can save you doing the legwork, they will source the mortgage, complete the paperwork and monitor its progress.
6. They have an inside knowledge of lenders criteria and preferences which can help find a mortgage to suit your situation.
7. They can help with other areas of the house buying process such as recommending life insurance.
8. An important thing to understand is that when you receive mortgage advice, your mortgage broker has a duty of care to you. They must recommend a suitable mortgage and be able to justify why the mortgage they have chosen is right for you. If their advice is not up to scratch, you can complain and may be compensated.
9. Aftercare – a good broker will maintain the relationship they have with you and be happy to help with any future mortgage or other financial needs you may have.
10. Finally, mortgage brokers get paid a commission by the lender for introducing the business to them and some mortgage brokers – like Blue-print Mortgages Ltd – don’t charge any additional fees, so you can have all the advantages above without it costing you a penny!
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