What Does A Mortgage Broker Do?

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What does a mortgage broker do?

So what does a mortgage broker do? Even if you have bought a property before, when you apply for a mortgage, the process can seem confusing and complicated.

That’s where your mortgage broker is really valuable, as they will save you time and money by using their mortgage knowledge to get you the best mortgage deal from the Whole of the Market – a deal, perhaps, you would not have found on your own.

A good mortgage advisor will be FCA registered and will help you to understand the mortgage process. They provide guidance and support through the complicated world of deciding which mortgage is best for your situation.

They will explain what is next and what is to come during the process. They use their expert knowledge of the market to find you the best type of interest rate, advising you on the length of the mortgage term which best suits your current and future mortgage requirements.

Once you have decided on a broker, they will ask you to gather relevant information for your mortgage application; this may include a fact find document, where they will discuss with you your current circumstances and your objectives and also your credit history to assess the affordability for a particular mortgage.

After this has been completed, they will make their recommendation to you and once you are ready to proceed, submit the information to a lender and will liaise thoroughly with yourself, the mortgage lender, and the estate agent/developer to ensure everything runs smoothly.

The important features

  1. A broker is often able to secure a better rate for your mortgage than if you went directly to the lender yourself.
  2. If you want reliable, impartial advice then one of the best options is to go to a broker, as they will be able to give you balanced advice on a large range of lenders products and criteria from the whole of the market.
  3. If your application has some complications such as missed payments, issues on credit file your mortgage broker will use their knowledge of lenders criteria to find the most appropriate deal for your circumstances

 

So should I use a mortgage broker?  Well, if you want to save time and money, you may want to consider using one. Mortgage Brokers are invaluable for taking the pressure and amount of work to do for the mortgage off you, in an already busy and difficult time.

The key part of a mortgage broker’s job is to remain impartial. Their main priority is to find the best deal for you, completely tailored to your circumstances now and what you expect they may be for the future.

Please contact us to find out more details about The Mortgage Girl services. We are delighted to provide you with initial, free advice tailored to your individual circumstances.

Looking for more great mortgage news, tips & advice? Check out our last blog post: 2021 Top Rated Mortgage Advisor on VouchedFor.