WHY USE THE SERVICES OF A MORTGAGE BROKER?

Applying for a mortgage, for any purpose, is more complicated than ever right now, so hiring a mortgage expert could save you time and money in the long run. The number of mortgages available are endless, leaving you with an unenviable task of choosing the right product for you. The forms are laborious, and if you are looking at online calculators, albeit, they are a helpful guide, they are unlikely to come up with the best deal for the individual’s circumstances. When employing “A whole of market” mortgage adviser, they will guide you through the process, researching the best rate to suit your needs and circumstances. You will get an expert opinion on which is the best mortgage for you in terms of interest rate, and the likelihood of your application being accepted. This is particularly useful to anyone buying a house, as if an application goes to the wrong lender and is declined, you could lose your dream home thanks to the delays in starting another application. Mortgage brokers really come into their own when your situation is unusual. This could be because you personally are a bit of a turn-off for lenders, either because of your income type or your age. Self- employed or contract workers might need guidance about the best lenders depending on the proof of income that they have. Interest-only and lending into retirement are other areas that are much harder to navigate and a broker will be able to advise on what is and isn’t possible. Alternatively, you might be the ideal mortgage candidate but your home may not be. There are many types of property that banks aren’t keen to lend on. This can range from flats over commercial premises and high-rise flats to other non-standard construction conversions. In these cases, a mortgage broker can assess your situation and will advise which lenders to approach. All in all, the services of a good mortgage broker can be invaluable. Buying a house is a serious business, and best left to the experts to lead you through the mortgage maze. Moira Ness CertPFS is a Director of East2West Financial Services Ltd. which is authorised and regulated by the Financial Conduct Authority.