What are the benefits of using a Mortgage Broker compared to DIY?

A Mortgage Broker can provide expert advice and guidance throughout the mortgage application process. They have access to a wide range of lenders and products, increasing your chances of finding the best mortgage deal for your needs. Additionally, a Mortgage Broker can save you time and effort by handling the paperwork and negotiations on your behalf. They can also assist in assessing your financial situation and help you understand the various mortgage options available to you. Ultimately, using a Mortgage Broker offers convenience, expertise, and potentially cost savings in finding and securing the right mortgage for you.

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Think about building the house yourself or asking a builder to do it for you? It’s very similar when it comes to arranging your Mortgage. A mortgage broker like Your Property Financial firstly has all the connections and knowledge of which is the most appropriate mortgage for you, plus, exactly how a builder would know where to source the best materials, we can source the most appropriate lenders.

With direct access to the relationship managers at the lenders, a deep understanding of the mortgage market and how each individual lender works and ensures you not only proceed with a lender that you fit their criteria on but also they’re able to lend to you the funds you need, in a timeframe that works for you and ensures you get the most suitable mortgage terms allowing for all the associated fee’s and considerations.

Your mortgage broker at Your Property Financial has access to many mortgage deals you simply can’t access on the high street and these are very often exclusive cheaper priced rates & terms. Your mortgage broker is your very own project manager to ensure you get the most appropriate terms, with a lender that can lend you the funds you need and provides you with regulated mortgage advice which is personal to just you so you know you’re in safe hands from the very beginning.

At Your Property Financial, we take pride in ensuring we build a relationship with all our clients and we don’t just arrange the mortgage, we help complete a full protection review to ensure you stay in your home come what, so you and your family are protected. We also can help guide you through the house buying process so at any time you have a question we’re only a phone call away and continue to look to build on those relationships over the years as you enjoy your new home.

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BENEFITS OF USING A MORTGAGE BROKER

It’s the age-old question that many people ask when purchasing a property, should I use a broker to arrange my mortgage?

The benefits of a broker are significant: they can offer valuable advice to those seeking the most suitable mortgage product for their situation. In addition, you will be taking advantage of the broker’s many years of experience, so you know you’re dealing with an expert and that the broker is motivated to get your mortgage application agreed quickly. Using a broker ensures that you can complete and move into your new home quickly, which saves you time and stress!

Using a mortgage broker is as simple as making a phone call, but before you dial, take a look at your situation to determine what type of broker you need.

There are two different types of mortgage brokers: brokers able to advise on deals from a small limited list of lenders, or brokers who work from a comprehensive range of lenders covering the majority of the mortgage market. It’s worth considering the latter, as many lenders who are very well established in the mortgage market don’t have a high street presence, and therefore, a broker with a smaller list of lenders to access may not have access to their product.

These broker-specific lenders are often more competitively priced than some of the big high-street names. If your circumstances are slightly out of the ordinary due to income, credit score, or the size of your portfolio, these lenders will often have suitable products available. Your mortgage broker will be able to consider all of the appropriate lenders for you and these will include the high street lenders and the lenders you can access via a mortgage broker.  

Consulting a broker before choosing a mortgage product or provider is highly recommended. Take a look at the benefits mortgage brokers offers below:

The mortgage broker is working for you

A mortgage broker will be able to offer personalised, unbiased advice, tailored to your specific financial situation, as well as a broad look at all of the products available on the market. They will have a good grasp on what the various lenders are looking for from mortgage applicants and how to package that up with all the documents needed, so that your application stands more chance of being approved quickly, saving you time and stress.

Using a mortgage broker offers protection.

In order to practice as a mortgage broker, an adviser must be qualified, so you know you are in the safe hands of the professional. As an expert, the mortgage broker knows the industry and should be able to offer you the very best advice. With so many available lenders it can be difficult to know where to start, as most lenders have their own specific mortgage criteria, income multiples, stress tests, and affordability calculations, your mortgage broker is going to be essential to navigating the market to get the most suitable terms possible.

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They can provide special access

Most brokers have access to exclusive, ‘broker only’ deals, that offer competitive rates to their clients. As we mentioned before, mortgage brokers are experts in their field, so they’ll be able to access the very latest deals, and have extensive knowledge of the various lenders criteria.

They can offer advice across your financial needs

Mortgage brokers don’t just advise on your mortgage. They are also qualified to advise on life, critical illness, and income protection insurance. There is too often a huge focus on obtaining the most suitable mortgage, whilst forgetting that life is unpredictable. Having the correct tailored protection in place can ensure you stay in the home and protect your family and income. These types of insurances are always optional, but it’s of course not optional to pay your mortgage each month, and your mortgage broker can create a specific protection recommendation for you and tailored to your budget.

The mortgage broker works for you, not the bank!