What Does A Mortgage Broker Do?
A mortgage broker’s role is to discover the best mortgage item for their clients, and the benefit of working with us is we are ‘whole of market brokers’ who are directly approved by the Financial Conduct Authorities.
So when we’re searching for the ideal product, we literally search the entire market. We have access to every lender available, giving us the best chance of securing the lowest percentage and thus saving our client money over the long run.
What’s The Difference Between Using A Mortgage Broker And Going To Your Neighborhood Bank?
That is the multi-million dollar question! If you’re a 1st buyer, you may naturally head into the nearest branch of anyone you bank with and inquire about a mortgage; this is normally the starting point. The problem is that when you go to your local bank and speak with a mortgage broker, they will be only capable of providing you products from their own bank, so you won’t be able to select from everything that is on the market.
When you speak with a broker like us, we cover the ‘whole of market,’ which means we have access to that same high street bank and their goods and prices, but we also have direct exposure to every other single high st lender, as well as other specialist lenders.
We start giving the most business to banks as mortgage brokers. As a result, we are provided unique rates from multiple banks each week. For example, if a client walks into Barclays and is offered a specific rate, we may have a unique rate that the in-house mortgage advisor will not be able to offer, so speaking with a Mortgage Broker is certainly beneficial.
What Facilities Do Mortgage Brokers Provide?
We provide such a wide range of standard residential mortgages and also consider your insurance needs (such as life insurance), which are provided by our panel of insurance providers. We also handle bridging finance, auction finance, project financing, and commercial mortgages straight.
When you use our services, we not only help you with your mortgage, but we also help you through the entire process, from start to finish. This involves liaising with estate agents and solicitors – we can not just stop when the mortgage offer is authorized; we are there during the entire process, only stopping when the mortgage is completed and you have the keys in your grip.
When Should I Consult With A Mortgage Broker?
When you are considering purchasing a property, I would always primary justification with us as soon as possible. Even before signing up with local estate agents or watching properties, you can simply pick up the phone and call us. We can then determine your affordability from the beginning, as someone may be viewing a property for £500,000, but that property may be out of reach if you can only loan £400,000.
As a result, it’s critical to speak with a broker as soon as possible to avoid wasting time viewing properties that are above or below your finances.
Is There A Fee For The Initial Appointment?
There is no upfront cost; we begin with a fifteen-minute consultation to establish a relationship and determine exactly what you require. Picking up the phone to see how we can help you is free for anyone and everyone, therefore why not give us a call today and see how we can help you on your asset trip?
Protection Or Conclusions:
We believe that having life insurance is critical when getting our clients a mortgage. The account holder (you) and the insurance company enter into a contract. The whole point of having life insurance is that if you die, the mortgage broker will not write off what is owed on the mortgage, but instead pass it on. The cover ensures that whoever inherits the house can repay the mortgage. It is not only murder that triggers the payment; different types of cover are available. For example, if a client purchases a standard life insurance policy and becomes critically ill, rendering them unable to pay off their mortgage, the standard policy may not expect to be paid out, and the client will lose their house. However, if the client purchases critical illness insurance, the insurer will pay out and the client will lose nothing. This is why we suspect it is critical to obtain not just coverage, but the proper coverage.
Because a mortgage is secured against your home, it may be foreclosed if you fail to make mortgage payments.