Yes, we know what you’re thinking … this headline is EXACTLY the type of headline you’d expect to see in an article prepared by a mortgage broker.
However, as a Maidenhead mortgage broker that prides itself on offering honest, balanced and professional mortgage advice (and let’s not forget the great Google Reviews we’ve accrued that support this), we know that there is often a misconception about what it is that mortgage brokers actually do.
From ‘mortgage brokers work for the lender, not the applicant’ to ‘using a mortgage broker is more expensive than going it alone’, we’ve heard it all since we first opened our doors in the mid-2000s.
But mortgage brokers are more than simply middlemen that take a cut (we don’t) or agents of the lender (we’re not); we simply exist to help those applying for a mortgage get the best UK mortgage deal possible.
With that in mind, here are the top five reasons why using a professional mortgage adviser – and hopefully a Maidenhead mortgage adviser – is a sensible option when applying for a mortgage.
1. One consultation, multiple opportunities
For every meeting with a lender, you might be presented with a few mortgage deals – but it will only be their products that meet their criteria. When using a mortgage broker to apply for a mortgage, one meeting will open the door to countless opportunities from multiple lenders. Alton Mortgages, for example, has access to a wide panel of lenders, which means that we can offer our clients an array of options on the back of one consultation. When faced with the choice of one meeting per lender, or one meeting that provides a gateway to multiple lenders, it’s a no-brainer, really.
2. Leave the legwork behind
We’re not blowing our own trumpet when we say this, but there is a large element of skill, knowledge and experience that goes into getting mortgages for people – all of our Berkshire mortgage advisers, for example, are CeMAP qualified. However, a large part of every mortgage application involves a significant amount of administration; from paperwork to lender liaison, it all takes time. So, ask yourself whether or not you have the time – or the inclination – to handle the mortgage application (or applications) on your own. If you don’t, then a mortgage broker may well be the route for you.
3. Client-focussed
Mortgage brokers are not aligned with the lender (at least they shouldn’t be). They’re aligned with you. So, whereas a bank’s adviser is charged with selling a bank’s own suite of products, a mortgage adviser’s job is to find the right product for you – regardless of whichever lender’s offering it. A mortgage adviser’s job isn’t to shoehorn you, the client, into a particular product because it suits them. It’s to find the right product for you, so that you leave the brokerage happy with your choice and hopefully singing their praises.
4. A forensic approach
A good mortgage broker will glean all the relevant details from the customer before preparing a case. They’ll get a sense of your financial situation, your lifestyle and your needs. Because of their client-focussed position, they’ll then research the market to find a mortgage product that best suits you. Not only that, but if there are more nuanced aspects involved, such as a poor credit history or if you’re self-employed, everything will be taken into account before the mortgage application is crafted. Only when a full picture has been painted will the broker go out to the market to locate a mortgage product that best suits your needs.
5. Damage limitation
This one links into the previous point in that once a full and rounded picture of you has been established, a good mortgage broker will have discussions with lenders that offer products you’re likely to secure an offer on. If you’re making standalone applications with several high street lenders, all of which leave an imprint on your credit file, you’re leaving yourself exposed if you get rejected, as this will show up on your credit report. With a mortgage broker, applications will only be made if initial research and conversations with the lender point towards a mortgage application being accepted.
Ready to speak with a mortgage broker? If so, get in touch with our team of mortgage advisers in Maidenhead. You can reach us on 01628 560820 or by emailing enquiries@altonmortgages.co.uk.