A mortgage broker is a highly specialised financial advisor. Their mission is to ensure that the customer (applicant) gets exactly what is suitable to achieve their goals or match their lifestyle.
There are many reasons why you might want a mortgage. It could be a loan as a first-time buyer, it might be to switch your lender for a better deal (or to release some equity for home improvements).
It might be to move house, buy to let or even self-build a new house. Whatever the reason, getting a mortgage has never been particularly easy.
And on top of the various options, a combination of soaring property prices and stringent Central Bank lending rules have conspired to make it particularly challenging.
Of course, an individual can ‘go it alone’ but they must be aware of the many pre-decision considerations such as Central Bank rules, exemptions available, tax rebates, your current financial situation and if you want to purchase abroad – well that’s another challenge altogether.
Whether you opt to approach a lender (usually a bank) or a broker, such as MortgageLine – they must offer advice and recommend a mortgage for you. They will do this having assessed various situations such as affordability and repayment suitability but either way, you should end up with a mortgage that suits you.
In this post I want to discuss the advantages of dealing with a mortgage broker.
When to Contact a Mortgage Broker.
The main thing to remember is that a mortgage broker is a specialist with in-depth knowledge of the market. They’re able to look at a range of mortgage products available which suit your needs. You are not tied to an existing lender and their offers.
When choosing a broker, you should always keep the following in mind:
– Check if they are regulated by the Central Bank.
– If they are independent, determine what financial products they can advise upon.
– Ask if your advisor has a recognised professional qualification to give financial advice.
– Find out how much they will charge for the advice.
– Agree exactly what the end-result will look like, when finished.
All mortgage brokers must offer you advice when recommending the most suitable mortgage for you. This means you’re protected and you can complain to the Financial Ombudsman if things go wrong.
Risks of not Getting Advice from a Mortgage Broker.
The main risk is not having recourse to make a complaint if the mortgage turns out to be unsuitable.
One example would to be able to complain that you were misled when offered your mortgage.
So, not getting advice means you must take full responsibility for your mortgage decision. This could be costly for you in the long run or you could be rejected by your chosen lender due to certain restrictions, that you weren’t aware of.
Here are the positives of looking for a broker’s assistance:
– They’ll check your finances to make sure you can afford a mortgage
– They might be aware of deals with lenders, not otherwise obvious
– They can help or complete the paperwork for you, facilitating expediency
– They’ll make sure all the costs and features of the mortgage are considered
– They should be able to tell you which ones you’re likely to get
If you are interested in talking to any of our advisers here in MortgageLine just request a call back, and we can chat about the options further.
When applying for a mortgage, brokers (lenders) must be sure that you won’t overstretch your budget with your monthly payments, now and in the future. The application process with us can take around one and a half hours, so it’s worth being prepared beforehand.
Here’s a quick checklist of what you would need for a first meeting with us:
– Proof of identity and address
– Proof of income
– Evidence of outgoings (everyday, ongoing committed, debts)
– We have mortgage calculators available on our website to help you with estimates
It would be difficult to delve into more detail in this post as everybody’s financial circumstances are different. The main point I wanted to make here is that, by all means do your own research when deciding on securing a mortgage. However, professional advice can go a long way towards a mutually satisfactory outcome.
I wanted you to be aware that there are experts out there that can make your life, and your decision a lot easier. At the end of the day, you want to know that the biggest financial decision in your life is the right one.
By offering simply good advice, we can assure you of peace of mind and potentially a sound financial future. Contact us directly here.
Thank you – Stephen