When it comes to remortgaging or getting a mortgage for the first time, there are several paths you can take to find the best deal. You could, of course, go and apply directly to a high street bank or even search online for a good deal yourself. Whilst, these options can result in you finding a good mortgage, they can be painstaking and you might not even end up with a competitive mortgage to show for all your efforts.
One path that many mortgage-seekers choose is to go via a mortgage broker. They choose this route because it comes with a number of advantages and it takes much of the guesswork out of the situation. Here we look at the various reasons why a mortgage broker is often the best and most savvy option.
Benefit #1 – You Get Access to Hundreds of Products
When you employ a mortgage broker, you quite literally open yourself up to a much larger selection of products. Sure, you may find lots of deals online, but a mortgage broker will usually have access to a much bigger selection of products – some of which you simply won’t find on the internet. With contacts at major mortgage providers, mortgage brokers can also find specialist deals for people who might otherwise find it difficult to get approved e.g. self-employed people and those with poor credit.
Benefit #2 – You Get a Personalised Deal
Mortgage brokers are on your side, so they represent your interests, rather than those of the mortgage company. With their expert knowledge and industry insight, they’ll be able to find the deal that most perfectly suits your particular set of needs. Sometimes, it’s not as simple as a 25 year 80% loan to value mortgage and this is when the problem solving abilities of your mortgage broker come in very handy.
Benefit #3 – You’ll Save a Lot of Time
If you’re scouring the market yourself without any professional assistance, you’re probably going to be spending a good deal of time just making applications. When you work with a mortgage broker, you’ll only ever need to make a single application and they’ll be able to make instant comparisons to other available products, so you won’t have to.
Benefit #4 – You’ll Avoid Unpleasant Hidden Costs
A good mortgage broker will have a firm understanding of the mortgages they sell, meaning they’ll know if any unpleasant clauses are lurking in the small print. As thorough as you may be when searching by yourself, it’s very easy to miss something when you don’t have the industry knowledge and familiarity with the subject that a mortgage broker has. What’s more, small mistakes like this can cost you a lot of money in the long run, so you’re safer going with someone who’s got lots of experience.
Benefit #5 – It Doesn’t Usually Cost Anything
A reputable mortgage broker will be fully transparent about how they make their money and it’s very often via commission paid to them by the mortgage company that they recommend to you. This means that you’ll not be charged anything for this highly-personalised service – in fact, by finding you the best deal, they’ll actually help you save money!
Expert Guidance When You Most Need It
Taking out a mortgage is a decision that will impact you either positively or negatively for a number of years, so making the right choices at the outset is very important. A mortgage broker is someone that will ensure that you not only get the best deal, but that you’re aware of everything you’re signing up to. Think of your mortgage broker as someone in your corner, looking after your interests.
If you’re in the market for a mortgage and you’d like some expert guidance, we’d love to hear from you. At Red Star Financial Services, we have the knowledge and experience you need to ensure that you make the best possible decisions for your financial future. You can find out more about us by visiting us online at www.redstarfs.com.
If you require assistance relating to anything discussed here or you’d just like to chat with one of our financial experts, give us a call on 0161 823 1733. Our team is ready and waiting to help you in any way they’re able to.