Discover the role of a mortgage broker and explore if you could benefit from one with our informative guide below.
If you're in the process of purchasing a property or considering remortgaging, obtaining mortgage advice can prove to be incredibly beneficial.
Seeking independent advice might be the key to a successful mortgage application as opposed to facing rejection.
Additionally, it could result in securing a more favorable deal, which might save you a significant amount of money throughout the duration of the mortgage.
Understanding Mortgage Advisers and Brokers?
A mortgage adviser, also known as a mortgage broker, is a professional expert in navigating the mortgage market to find the best deal tailored to your financial situation.
Though commonly referred to by both titles, there's no substantial difference between a "mortgage adviser" and a "mortgage broker." However, distinguishing between "independent" and "tied" brokers is crucial. Independent brokers have the liberty to explore the entire UK market for mortgage options, whereas tied brokers are limited to specific lenders, possibly missing out on better deals.
In addition to insights on mortgage advisers, our resources also cover how they differ from financial advisers and accountants. While typically focusing on mortgages, some independent financial advisers (IFAs) may offer similar mortgage guidance.
Employing a mortgage adviser enhances your prospects of not only successfully obtaining a mortgage but also securing one that offers the best value for your needs.
When to Consult a Mortgage Adviser?
First-time homebuyers stand to benefit significantly from mortgage advice due to the complexities and novelties of the process. However, mortgage brokers can assist with various types of mortgage applications, including remortgaging, purchasing additional properties, and more specialized scenarios like buy-to-let or purchasing business premises. They can also guide you through equity release in your later years.
There are tools, such as a mortgage calculator, which can help you estimate borrowing amounts, monthly costs, and loan-to-value ratios. Information on specific mortgage types, including Islamic/halal mortgages, are also available.
Locating a Mortgage Broker?
There is only one way to find a mortgage broker on this site.
Just enter some details about your circumstances and requirements, and our system will match you with the nearest suitable adviser.
You should get a match within 48 hours (often, it’s much quicker).
Costs Associated with Mortgage Brokers?
Mortgage brokers' fees vary, ranging from upfront charges to commissions paid by the bank or lender. Discuss all fee structures and get a written quote during your initial consultation to understand how employing a broker can offer long-term savings.
The brokers we introduce have a fixed fee of £499, payable only a offer from a lender and not a penny more.
Our introduction to the advisor is totally FREE.
Preparing for Your First Adviser Meeting ?
Before meeting with a broker, consider utilizing a online mortgage checklist to gauge your application's strength and determine essential questions.
During the consultation, inquire if they access direct deals, which might offer exclusive rates or discounts, and request a thorough explanation for any recommended mortgage deals.
A reputable adviser should not only provide beneficial mortgage advice but also support you throughout the home-buying journey, making it essential to choose an adviser you resonate well with.
