How a Mortgage Broker Can Help You

How a Mortgage Broker Can Help You

Moving house is always an extremely stressful time, and that pressure only intensifies when you’re buying a property – mortgage applications can add all kinds of wrinkles to the moving process. When you’re already spending a small fortune on a new home, why should you dig even deeper and locate the finance to pay a commission to such a professional?

There are actually a number of reasons why bringing a professional Dumfries Mortgage broker into your house purchase is advisable. While you may balk at the idea of paying for the assistance initially, it can save you a great deal of money and heartache further into your investment.

Greater Protection

The first, and arguably the most important, thing that a mortgage broker can offer anybody buying a house is protection. We all remember the housing market crash of 2008, with a great many homeowners being offered mortgages beyond their means and running into trouble making repayments down the line. Unlike a high street lender, who will have his or her own priorities, a mortgage broker will be working for you and you alone.

This means that your broker will ensure that any mortgage recommendation will be in your best interests; if a mortgage broker is suggesting you put pen to paper on an application, they will need to justify their decision. This is a legally binding contract that allows you to make a complaint or request further justification if you consider this to be necessary. This means that your broker will only advise you to sign on for a mortgage that you can comfortably repay.

Yes, a bank or building society will run their own affordability and legibility checks, but bringing a  mortgage broker into the equation will give you plenty of opportunities for legal recourse in the (hopefully unlikely) event of a problem arising; if your mortgage was agreed on a basis of false or erroneous information, you’ll be eligible for a compensation claim to ensure that you are not left out of pocket.

 A High Degree of Specialist Expertise

Next up, consider the expertise that a mortgage broker can bring to the process – they do this for a living, after all. Only so much information can be gleaned from searching online and along the high street, and the offers made available in such circumstances will be drowned in small print that a layperson may struggle to decipher. It’s human nature that anybody searching for a mortgage will focus on the interest rates on offer, for example, but a broker will be aware the other costs and hidden fees that can add up.

A price you see on advertisement may not end up being the price that you are expected to pay once all expenses have been totalled, and a mortgage broker can prevent any nasty surprises from arising and leaving your house purchase in jeopardy at the eleventh hour.

Just as appealing is the fact that you can bring such a professional aboard to do the grunt work of actually finding a mortgage for you. Sit back and relax, while your broker brings the possibilities to you – no more trawling around the high street and the darkest corners of the Internet attempting to make sense of the lingo. You can also be assured that any offer brought to you by a mortgage broker is entirely legitimate, from a trusted vendor. Different people will have different experiences from a variety of lenders and you can’t rely on anecdotal evidence – you can, however, place your faith in a broker to bring you the best possible mortgage deal from a supplier that can be relied upon.

 Managing the Long Term Effects of a Mortgage

Perhaps more importantly, a mortgage broker will never encourage you to apply for a lending plan that you are unlikely to be accepted for. An unsuccessful mortgage application can be extremely damaging to your credit rating, which will make future applications trickier – and all of that can be avoided by simply staying in the appropriate lane when seeking a loan. What’s more, a mortgage broker will have fast-track access to a number of senior employees within the average high street bank or building society and special broker-only rates, potentially opening the door to great offers that would not be available to you otherwise.

Mortgage brokers are also qualified professionals within the field of finance, meaning that their services will not begin and end with the application of your mortgage. A qualified broker will also be able to source and advise on appropriate home insurance for your new property, and will be able to make suggestions on the best possible health, life and redundancy insurance packages.

Never take a chance on matters such as this, as they could mean the difference between keeping your home in the event of an unexpected turn of events, or facing the further misfortune of foreclosure.

These years of study will also mean that a mortgage broker can complete conveyance paperwork far more quickly and efficiently than most applicants could ever manage by themselves.

The rules surrounding mortgage lending are constantly adapting and changing, and have grown considerably stricter in recent years. Some of the questions that will be posed on the many application forms will be somewhat baffling to a layperson, and a qualified mortgage broker will know exactly how to answer them based on information that you provide and still get the best possible rate based on your circumstances.

Taking out a mortgage can be a huge event, especially if you are doing so for the first time, and there is a great deal that can cause home buyers a headache and unnecessary expense. Bringing a mortgage broker on-board to assist in the process can be the difference between success and failure in your application – and in making future repayments.