Reasons To Use A Mortgage Advisor
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Whether you’re a first-time buyer or remortgaging your property to get a better deal, there are plenty of reasons you should consider using a mortgage broker.
From helping you to find the best rates on the market to advising on making your finances look more attractive to a potential lender, a good mortgage broker should help everything run smoothly when it comes to getting a mortgage
While buying a home of our own is a big life goal for many of us, it can also be a pretty daunting prospect.
Even for those of us who already have a mortgage, changing mortgages can be pretty scary too, especially if your circumstances have changed since buying the property.
This often happens with career changes and when people decide to have children – their overall income is impacted and it could make getting a good mortgage deal more difficult.
Reasons To Use A Mortgage Advisor
I know this was how my husband and I felt last year when remortgaging our house for the first time after being on a fixed rate for five years.
We’d changed jobs and were now both self-employed, had a dependent child and had just taken a three month mortgage holiday thanks to my husband being home from work during the pandemic. We knew all of these things would affect our chances of getting another good fixed-rate mortgage deal.
It’s times like these that you might want to turn to a mortgage advisor or mortgage broker rather than try to get everything done yourself.
Let’s take a look at some reasons you should consider using a mortgage broker whether you’re a first time home buyer or remortgaging your property to get a better rate.
Mortgage Advisors Can Help Find You The Best Deal
One of the best reasons to use a mortgage advisor and broker is that they can find deals that you might not have access to when going directly to your bank or using a mortgage comparison website. 
As your mortgage advisor will have a wealth of experience they’ll be aware of which lenders currently have the best mortgage deals. It can also save you lots of time and effort searching out deals yourself.
A Mortgage Broker Can Break Down the Jargon
Don’t know your AIP from your APR?
Don’t worry.
Mortgages can be complicated so having a mortgage advisor available to answer any questions you may have during the process can be very reassuring. They’ll be on hand to explain anything you don’t understand or that is worrying you about your mortgage.
Help To Tidy Up Your Finances
Very few of us are perfect when it comes to money.
However, there can be things that lenders take into account that we might not even know about that could greatly increase our chances of getting a mortgage or agreeing a more attractive fixed rate.
This could be small things like not using silly or rude references when receiving money from friends, to bigger things like taking time to pay off any outstanding debts before applying for a mortgage.
Advice About Your Long Term Goals
Everyone has different goals when it comes to their mortgage and it might be worth mentioning these when discussing your needs with your mortgage broker.
For example, if you’re planning to pay off your mortgage early, a variable rate mortgage might be better for you than a fixed-rate mortgage which could have high fees if you want to overpay.
A Mortgage Advisor Can Help If You Have Complex Circumstances
There are all sorts of things that can make it more difficult to get a mortgage.
It could be because of previous bad credit, due to self-employment, even the area where the house is located could be a factor.
In fact, my parents had an absolute nightmare trying to get a mortgage due to living on a floodplain – despite being several hundred meters from the nearest watercourse.
This is where a mortgage broker’s expertise will come into play. They will know the best lenders to approach based on your specific needs meaning less stress for you.
What Else Do I Need To Know About Using A Mortgage broker?
So, is there anything else you need to know before using a mortgage broker? Here are a few things you might want to consider.
Fees
Fees will vary depending on the company you use. It can absolutely be worth paying a mortgage broker’s fees for the time it will save you and because if they get you a better deal on your mortgage, you could well be saving thousands of pounds in the long run.
Many mortgage brokers will at least offer a free consultation and then should be upfront about any fees involved should you choose to take things further. These will vary depending on how complex your situation is.
It’s worth noting that this is a different/additional fee to the one your mortgage lender may charge for setting up your mortgage, this is usually called an arrangement fee.
Is there a difference between a mortgage advisor and a mortgage broker?
A mortgage broker and a mortgage advisor are basically the same thing with a slightly different name.
Both should have some sort of qualification in the field and both can help you find a mortgage. If unsure on which one to use, you could try asking friends or family for a recommendation.
There are lots of great reasons to use a mortgage advisor – it’s something I did myself with my own first mortgage and is definitely something I would do again in the future to secure a better deal with a lower monthly repayment.
Having a good mortgage broker, especially if your situation is complex, can really save you a lot of time, money and stress and is well worth looking into.
