Why use a mortgage adviser?

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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5 reasons to use a buy-to-let mortgage broker

When you need a new buy-to-let mortgage, of course you can go directly to a lender yourself. But if you do, you might not be getting the right deal over the lifetime of your investment, so is it sensible?

There are five very good reasons why you should speak to a mortgage broker for the financing of your buy-to-let property. Each of which can really benefit you and the profitability of your property investment:

Expert knowledge

If you’re not a mortgage broker, it’s highly unlikely that you’ll know of every aspect when applying for, and progressing, a mortgage. This could lead to you wasting a lot of time and effort trying to work your way through your options, only to end up with a deal that a broker could easily better.

More importantly, there’s a possibility that you might not provide all the necessary information to the lender in the correct way. You may also unwittingly leave out things that are critical to securing the right mortgage.

Lenders typically have varied criteria and regulations based on how you intend to let the property. Specialised mortgages are necessary for properties like HMOs. Also if you intend to let to tenants on benefits, you’re likely to be restricted in your choice of financing.

Access to a wide range of mortgage deals

A mortgage broker will have access to a vast range of products available in the market. They will work to effectively source the most suitable one for your specific circumstances.

Speed on limited-time deals

Certain deals are only available for a very limited time. Often only those with a buy-to-let specialist broker may have the opportunity to secure them. In these cases, it’s essential to work with someone who is experienced and knows exactly what to do and when, so that the administration is done correctly from the outset.

Working with underwriters

If you work with an experienced mortgage broker who has been handling buy-to-let cases for a number of years, they will have created relationships with underwriters and other key people who can help progress your application as quickly as possible.

They’ll be able to get answers to your questions quickly, and a well-connected broker can be the determining factor in successfully obtaining the necessary financing as opposed to a deal falling through.

Regular reviews

A qualified mortgage broker will keep up-to-date with all the latest regulations and new deals. They will also let you know about the optimal times to consider switching your mortgage. Many brokers are also happy to work with your financial adviser to help ensure your investment keeps delivering the best returns.

Looking for a buy-to-let mortgage broker?

At CR Real Estate, we work with a local Kent broker who are buy-to-let specialists. Their friendly team are always happy to speak to landlords about their mortgage borrowing. If you’d like a review of your portfolio, or have any other questions, please get in contact with The Residential Mortgage Hub.

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Important information

There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage. Your property 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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