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Mortgage brokers work to help you to save time and money when it comes to applying for your home loan. Not only that, but they can also work to save you disappointment over the process, too. Mortgage brokers are qualified to advise you on the information that you provide to determine the best mortgage for you.
Why Use A Mortgage Broker?
Mortgage brokers help you to navigate through each stage of searching for and applying for a mortgage, below are some of the advantages:
- Options: A mortgage broker offers a wide range of mortgage loans from a number of different lenders because they are not just tied to one product, they can search their network to find you the loan product and the interest rate that best suits your needs.
- The right deal: A mortgage broker represents your interests rather than that of the lenders. They are able to offer great value in terms of interest rates, repayment amounts and loan products.
- A mortgage broker can navigate you through any mortgage process situation: Any bumps along the way they have experience of dealing with. E.g. If you have credit issues, the broker will know which lenders offer the right products for your needs.
- One Application: With a mortgage broker you only need one application, rather than multiple forms for each individual lender, reducing the paperwork.
- Save you money: Brokers calculate the total cost of the loan including any fees and charges you may not have considered. Lowest interest rate may not be the only thing to consider.
- Personal Service: Using a broker makes the journey much easier and they can advise and guide you throughout the application process. They have local knowledge of estate agents and legal services and most of all experience of the various options available.
What Does The Process Look Like?
The process for finding a mortgage using a mortgage broker is very straightforward. The mortgage broker acts as the go-between from the borrower to the lender. They are the liaison, and they work for you to communicate your needs to the right lenders. You don’t actually speak to the lender during the mortgage process when you use a broker – they handle it all for you!
Your mortgage broker will gather all the information that they need from you after agreeing to work with you. This will include your employment information, savings and account balances, credit reports and more. This will all be used to assess your ability to get a mortgage in the first place.
Local Mortgage Brokers Offer The Best Local Advice!
At PIA we don’t just help first time buyers achieve their dream home, we are also here to help with other mortgage and loan applications.
Buy to Let (BTL) – finding the right BTL mortgage will ensure you get an appropriate deal for you and your investment. Navigating through the higher fees, interest rates and minimum deposits to ensure you still have the best available deal on the market. Although not all are, most BTL mortgages are interest only, meaning you are paying the interest but not the capital each month. At the end of the mortgage term you repay the loan in full, we can help you plan for this.
Remortgaging – you may be looking to remortgage your home for a number of reasons, your fixed rate could be coming to an end and you want to secure a better rate than the Standard Variable Rate (SVR). You may wish to undertake some much needed home improvements that may also increase the value of your home and investment. You may be investigating options for debt consolidation or releasing equity. Whatever your reasons we are here to assist you.
Think carefully before securing other debts against your property. Your property may be repossessed if you do not keep up repayments on your mortgage.
Some buy to let mortgages are not regulated by the Financial Conduct Authority