Using a specialist mortgage broker has many uses. You may benefit from using a specialist mortgage broker if your circumstances aren’t straightforward. You may have adverse credit or have recently become self-employed. You may have started a new job or changed the structure of your company. If your circumstances are far from simple, then your only route to mortgage may be through a specialist broker. We’ve outlined the top 5 reasons why using an expert broker can be so beneficial.
1. Knowledge of the market.
Experts in the mortgage field have an unrivalled knowledge of what will be accepted or declined. If you approach a lender yourself and have specialist circumstances, the likelihood of finding the right deal and being accepted is very low. A specialist has inside knowledge of the mortgage market and can find you the best possible mortgage you qualify for. If you get tied in to the wrong mortgage deal, you will be paying a lot more than you need to.
2. Access to every lender
Independent mortgage brokers don’t all have access to every lender in the UK. Check if your broker has access throughout the UK and isn’t tied to specific lenders. This ensures that you really will search every possible avenue to mortgage. By doing this, you’re not only guaranteed the best possible deal, but can save you a lot of time searching yourself. If you approach a lender yourself, they will only show you their own mortgage deals. How can you be sure there isn’t a better mortgage for you with a different lender? The only way is by using a mortgage broker who understands the entire market and has access to each and every lender.
3. Protect your credit file
If you apply with an unsuitable lender, then it’s likely you’ll be declined. If you are declined, then this can further lower your credit score. If you already have specialist circumstances, then you’re destroying your chances of getting a mortgage altogether. If you consult a mortgage broker first, then they can simply check if you’re eligible or not. By following this simple method, you can protect your credit file and also save a lot of time in applying, only to be declined in the end.
4. Follows your timescale
If you go direct to a lender, it’s common for lenders to work at their pace and not yours. Having a mortgage broker can enable you to achieve decisions a lot faster when needed. For example, if you required a decision in principle to show an estate agent that your offer is credible, then a broker can often get this done within hours, if not minutes. Furthermore, brokers can also communicate with underwriters further on in your application to ensure timescales are met when needed.
If your situation is far from straightforward, then do consider using a mortgage broker that specialises in your field. Ensure that they can achieve what you need from them by using the above guide.
This article was written by Martin Alexander, a UK financial advisor and mortgage broker who often
writes for Expert Mortgage Advisor. You can visit the website for more financial advice and the latest mortgage information.
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