For those of you who read our last article on the benefits of using a mortgage broker, then you should hopefully be more clued up when it comes to the value that mortgage brokers add during the mortgage application process.
But how exactly do you choose a mortgage broker?
Whether you’re a first-time buyer or a longstanding property owner, if you’re about to apply for a mortgage and are asking yourself that very question, then read on.
Tips from a Maidenhead mortgage broker
As a team of mortgage brokers in Maidenhead, we feel well-equipped to highlight what to look for when searching for the best mortgage broker. After all, we’ve been getting our clients mortgages since 2005 – so we must be doing something right.
So, before you sign on the dotted line, here are our five most important points.
- Make sure they’re regulated
This is easier than it sounds – and you don’t even need to ask them directly. The Financial Conduct Authority is a regulatory body that operates independently of the UK government and ensures that the 50,000 or so financial services companies on its register are conducting themselves appropriately – and legally. You’ll find us on the register, of course. But if you can’t find the mortgage broker you’re interested in using on there, then we’d recommend that you move on to the next choice.
- Get the whole picture
If you’re looking for the best mortgage deal in the UK, then you really want to use a mortgage broker that has access to the widest selection of products from the widest panel of lenders. The bigger the pool, the greater the choice – so make sure you’re not limiting your options from the outset. Ask any prospective broker about the breadth of their panel. If it’s only limited to a few lenders, we’d recommend you think twice before committing to work with them.
- Don’t just take their word for it
We live in a world where seemingly everyone reviews everything. Take Google reviews, for example. You can find reviews on anything from cleaners to mechanics, so you’ll be able to get a good sense of how your chosen mortgage broker is likely to perform simply by punching their name into Google. With an average review of five stars from over 200 people, we’d like to think that our reviews speak for themselves. But there are a significant number of brokers with only a handful of reviews – or, even worse, poor reviews.
- Manage expectations
Make sure you fully understand the scope of service your shortlisted brokers offer. You don’t want to start the process only to then find out that the majority of the admin needs to be handled by you. Our growing team of Berkshire mortgage brokers handle everything from beginning to end. This means that all the legwork, chasing and follow-ups attributable to your case are dealt with by us. If you’re expected to do anything beyond the initial mortgage consultation, find an alternative.
- Gut feeling
Sometimes in life, it’s less about the skills, experience and knowledge that someone has, and more about whether you like them or not. Regardless of the service you need, sometimes you just need to feel confident that you like and trust someone. Choosing a mortgage broker is no different. If you don’t feel like you could work with them, then don’t. Find someone else instead.
Choose the right mortgage broker and getting a mortgage should be seamless and stress-free. Choose poorly and the process could be much more challenging than it needs to be. So, do your research, pick wisely and make sure you get the best mortgage deal for you.
For Maidenhead mortgage advice or to speak with our team of highly qualified, expertly trained and fully regulated Berkshire mortgage brokers, contact us on 01628 560820 or email enquiries@altonmortgages.co.uk.