When searching for a mortgage, is it better to use a mortgage adviser or approach a bank or building society directly? Keep reading to understand the benefits of getting mortgage advice from an expert.
What does a mortgage adviser do?
A mortgage adviser acts as an intermediary between borrowers and lenders. They gather offers from multiple lenders, and help you to become mortgage-ready. Additionally, they gather important financial details like income, assets, employment records, credit reports, and other relevant information to evaluate your affordability. This information is then forwarded to potential lenders.
Using a mortgage adviser can make the mortgage application process much smoother compared to navigating it solo. In addition to offering expert guidance, they act as a liaison between you and various potential lenders, guaranteeing they secure a deal tailored to your specific requirements and preferences.
When is the best time to get advice?
For the best time and money savings, we advise reaching out to a mortgage adviser at the start of your property search. This approach ensures your adviser is well-informed with your entire mortgage process, and can help you steer clear of any mistakes you might otherwise overlook.
What are the downsides of not using a mortgage adviser?
- Lacking the guidance of a adviser increases the risk of securing a mortgage deal that may not align with your best interests.
- Errors in completing your application or not meeting the lender’s criteria could lead to rejection.
- You’ll miss out on exclusive deals and rates available through adviser, and without a middleman, you’ll need to directly communicate with lenders.
Why not just go directly to lenders?
Some opt to approach a lender directly, such as a bank or building society, rather than using a mortgage adviser, often due to their preference for familiarity. Some may feel inclined to maintain loyalty to their bank, particularly if they’ve been banking with them for an extended period and value the personal interaction.
While you might be more familiar with a lender because of your longstanding banking relationship, it doesn’t guarantee they will offer you the best mortgage deals. Lenders typically have their own range of mortgage options and may not present alternatives beyond their offerings, limiting your access to the full range of available deals.
Are you in need of assistance determining your next steps?
Everyones circumstances are different, and there isn’t a universally correct way to securing a mortgage. We can’t tell you which path to choose, but if you want to get honest, trustworthy mortgage advice, reach out to our partnered mortgage broker The Residential Mortgage Hub today. Their team of advisers will help you work out what you need and what next steps to take.
If you’re looking to sell or let a property please get in touch with a our experts at CR Real Estate today.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount will depend upon your circumstances. The fee is up to 1% but a typical fee is £598.
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