For many of us, the process of getting a mortgage has been long and arduous, with no clear prospect of whether our application will even be approved. While it’s true that in this day and age mortgages are a staple of society, with more than 51% of UK adults currently having one, the whole process of getting a mortgage can still be considered quite slow, and the knowledge required for a successful application can be more time consuming than is reasonable for the average person. Wouldn’t then be possible to make the whole process less cumbersome, and take off your shoulders the burden and responsibility required for a successful application?
How Can a Mortgage Broker Save You Time and Money?
A mortgage broker is primarily interested in finding the best deal available for your circumstances without being directly tied to the services offered by a particular lender. Perhaps a certain bank can offer you a more financially advantageous offer than another one. With the help of a broker, you can carefully analyze all the offers available for your current situation and make the best financial decisions in conjunction with him, relying on their credentials and experience.
And speaking of relying on him, the ability of a mortgage broker to provide professional assistance to clients is strictly linked to his experience and more importantly, to his credentials, that fall under the guidelines of the FCA. The fact that you will be working with accredited brokerage firms specializing in this field, who have years of experience serving countless clients, can reassure you that your financial future is in good hands. And in addition, in the unlikely event that you are not satisfied with the performance of your broker then it is important to know you can seek additional compensation from the FOS.
Specialized Help for Particular Needs
Let’s face it, you’re probably the kind of person who worked hard for all the material possessions you currently enjoy. A busy career and a full family life can rob us of the time needed to gather all the necessary information required for a successful mortgage application. In this case, a mortgage broker can relieve you of all this responsibility by taking care of the mandatory documentation and providing you with complete assistance from A to Z.
There is also a whole suite of special circumstances where the assistance of a specialized broker is necessary for the success of your mortgage application. Perhaps you are a self-employed individual who wants remortgage advice, or perhaps you want to invest in property and need a buy-to-let mortgage. Or maybe you have an active County Court Judgment in your name and still want to take out a mortgage. In such cases, the process of obtaining the loan may be more difficult than normal and the refusal rate may be higher. The services of a professional brokerage firm can significantly increase the chances of your application being approved.
The Diversity of Services Available from a Professional
Your needs can be as diverse as the range of services offered by a mortgage broker. The idea of a mortgage is fairly straightforward for most of us, but in reality, the number of options available to the customer is quite large. Are you a young couple looking to buy your first home? Then you may qualify for the Help to Buy program, where the government will assist you with 20% of the deposit needed to buy a new property. Or perhaps you are a long-term tenant of a council home, which you now want to purchase, and you want to take advantage of the Right to Buy program.
Do you want to take a more pragmatic approach and buy a fixed percentage of your home? Then shared ownership may be a solution for you. Or who knows, maybe you’re simply looking for remortgage advice to secure more favorable monthly payments along with freeing up equity that can be reinvested in other hobbies you may have. The possibilities are diverse, and chances are that you are probably not an expert in all the intricacies required for all these financial arrangements. The best idea for your financial security would then be to seek the professional services of a mortgage broker who will guarantee you the best terms available on the market and who can help you with the best advice.
What if I Am Looking for Remortgage Advice?
In this case, you should know that you are not alone, as remortgaging operations exceeded even the percentage of first-time buyers in 2020. There are many reasons why you might be interested in remortgage advice , ranging from freeing up capital that you can then use in a side business, to simply modifying the value of your fixed monthly payments. Many people choose to remortgage every few years to ensure that they and their families benefit from the best financial terms available.
The primary reasons why you would want to use the services of a broker for remortgage advice relate to the time you can save and the variety of options that can be offered. By having access to several financial institutions, specialized brokers can offer you the widest range of options available, many even presenting you with exclusive financial options that would otherwise not be available to a client who goes directly to a bank.
It’s All About Your Time and Security
Given that the average waiting time for a remortgage is over 4 weeks, a broker can ensure that the approval process for your application runs smoothly, saving you the valuable time you would rather spend with your family. In addition, in some circumstances, you may need remortgage advice from a professional firm for your application to be approved. Some examples of such a case are instances where you have bad credit or if you are self-employed. Don’t leave your mortgage application to the mercy of chance. Seek the professional services of a brokerage firm whose sole purpose is the satisfaction and financial success of you and your family.
