Trying to get a good mortgage deal in addition to a hectic day-to-day schedule is like a juggling act that can come crashing down at any time. Saying it can be a disastrous conclusion is putting it lightly. Especially when the mortgage involves a fundamental component such as your finances. So how do you find your way around getting the right mortgage at the right time and at the right price? Simple, just get a mortgage broker to handle it. Read on to find out how and why it is better with a broker.
Reason 1 – Managing your time
Time as we know is an invaluable commodity. With busy schedules, managing time can be exasperating when straddled with a mortgage deal, especially in a busy city like London. Getting the help of a mortgage broker or adviser at this point can be a lifesaver. Handing over the hefty workload of researching deals and negotiating to an expert broker will save you invaluable time. Mortgage brokers are well versed when it comes to these matters. Saving time also would mean how soon a broker will be able to close a good deal.
Reason 2 – Market knowledge
Insight into current market trends, understanding how mortgages evolve, being updated with the latest bank rates and repayment schemes. These are probably just a few areas that a mortgage advisor deals with. Their extensive knowledge on mortgages and the benefits they can bring to a prospective client cannot be underestimated. Brokers are qualified personnel operating under the standard regulated laws of the FCA in the UK. Client confidence after all is built upon these reassurances.
Obtaining a mortgage on your own, could be limiting your chances of getting benefits which a mortgage broker can otherwise bring about. For instance, your financial income may dictate your repayment capabilities. A mortgage adviser will help you find the right mortgage, with a comfortable repayment scheme.
Reason 3 – Benefits for first time home owners
A mortgage broker is able to provide you with expert advice on different types of mortgages that might be available and which one suits your needs better. If you are a first-time buyer, you may want to find the assistance of a broker more than just helpful. The application to get the mortgage approved may be a bit too overwhelming for first timers. A mortgage adviser’s expert assistance in carrying out the required documentation will give you a greater chance of success for getting your mortgage application approved. In addition, a mortgage adviser can provide insight into potential benefits a first time buyer may be entitled to.
Reason 4 – Identifying your needs
Every client is different and so are their needs when it comes to a mortgage. A mortgage broker is able to provide a personalised service which takes into account your unique situation and individual circumstances. This will greatly help you when it comes to identifying issues that can arise due to your employment, monthly income or a disability.
A mortgage broker is able to recommend solutions such as insurance schemes or even income protection in case of illness or disability. With these optional solutions in place, getting a mortgage through, even when it may seem impossible, a broker can make all the difference to make your home purchase a reality.
Reason 5 – Cost savings
And we come to the final reason why you should choose a mortgage broker. This may seem similar to what was discussed earlier, but here we look at how a mortgage broker can help you save on costs incurred when getting a mortgage.
Mortgages come with certain fees and charges attached to them. They may also have hidden costs. As a novice to mortgaging, you may not be aware of these costs and may go through the process of paying everything that you are required to pay for and even more without knowing it. A mortgage broker will be able to help you with this. At BVS Mortgages, our advisers are well versed with these costs and will guide you in the right direction where you will be able to save up on your mortgage charges and fees.
With such prospects, learning the ropes may take time before you are on an expert level to handle mortgages on your own. But as we’ve seen in this article, getting the assistance of a mortgage broker or adviser can turn the tide in your favour and make your mortgage simpler. The expertise that mortgage brokers possess is invaluable. If you’re looking to purchase a property, it would be a step in the right direction to get a broker to handle your mortgage. From the point of approval to the point of purchase, a broker will be able to assist you every step of the way.
Call and speak to a mortgage broker at BVS Mortgages and see how we can help you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by the Openwork Partnership on 29th February 2023