Updated: Nov 24
Buying a home is likely to be the largest purchase you ever make. It’s also regarded by many as one of the most challenging & stressful things to do, apart from getting married or divorced! And if that hasn’t put you off just yet, you also need to choose from amongst thousands of different mortgage products. It’s confusing so where do you start?
Speaking with a qualified and well organised mortgage broker will, in many ways, take the stress out of the mortgage process. In this article we will focus on what a great broker looks like, how they are remunerated, the value they will offer you and the long-term benefits of having them by your side.
What Will a Mortgage Broker Do?
Offer You More Choice:
Firstly, your Mortgage Broker will generally research across the whole market place. (is your broker looking at the ‘Whole of Market’ for you?) Unlike going direct to your bank or building society, where you will only be presented with a very limited number of deals, a mortgage broker will be able to access thousands of products from a wide range of lenders.
Better Accessibility / Support When You Need It Most:
Dealing directly with a lender can often mean waiting for appointments, whereas a well organised mortgage broker will actively look to accommodate you into their schedule, often at a time to suit you. Sure, some lenders are better than others when it comes to their processes / customer service, so you may well have a good experience going direct to your bank. However, the majority of brokers either operate on their own or will be part of smaller organisations where customer service should be embedded in their daily business.
It’s safe to say that a great mortgage broker truly cares and will offer you their undivided attention throughout the entire process, a process that is often delayed for reasons beyond your control.
A Single Point of Contact:
Your Mortgage Broker will be your ‘single point of contact’, helping you navigate your way through the entire process and therefore always on hand to offer you their support and reassurance when required.
This has proven on many occasions to be an invaluable part of a broker / client relationship, where things often don’t work out or you require quick answers to your questions. Would you like a reassuring & reliable voice at the end of the phone to answer all your questions?
More Product Choice:
Your Mortgage Broker will, from time to time, have access to some ‘Exclusive’ mortgage deals, so these will be deals that are perhaps not currently available to you on the high street.
Help Organise Your Paperwork:
You will be expected to present your documents which the lender will need to approve. Your mortgage broker will make it clear what paperwork will be required in order to secure a swift and positive outcome. Having a broker by your side will undoubtedly simplify things for you.
Help Work Out Your ‘True’ Borrowing Limit:
Although some online mortgage calculators are a great place to start, you should not rely on them when trying to establish your borrowing capacity. Many things can influence your mortgage affordability so engaging with an experienced mortgage broker now will provide a more accurate indication of what you should expect.
Lenders all operate their own calculators & affordability models, so they can vary hugely from one lender to the next. For example, some lenders are more suited if you are self-employed. A mortgage broker can quickly provide you with a good indication of what to expect, leaving you more informed and aware of your mortgage budget so you can view properties with confidence.
Correct Mortgage Placement:
Your mortgage broker will understand which lenders can consider your application, conducting both affordability and criteria / policy checks prior to pressing ahead with your Agreement In Principle. The mortgage world is forever changing – where one lender may support you another may not. Speaking with a mortgage broker could save you significant time (and money!) in the long run, not to mention numerous unnecessary checks landing on your credit report.
Help Protect Your Mortgage:
Purchasing a home is most likely to be your largest investment you will ever make. You will, no doubt, insure and protect your home, your car and, if you have them, your pets! However we often overlook the one asset that pays for everything – ourselves! Your Mortgage Broker will be on hand to offer their advice and support in relation to your insurance and protection needs. This could range from protecting loss of your income due to illness or injury. Or it could be protecting your mortgage in the event of death or earlier critical / serious illness.
How Are Mortgage Brokers Paid?
Mortgage brokers typically receive a fee from the banks / building societies. You will find that some brokers will charge a separate fee too so it’s important to do your homework before engaging with a broker. Check out our broker fees page for more details and to learn about Beechwood’s fee structure.
Whilst we would love to hear from you, there are occasions when we may not be the right fit for one another. For example, we occasionally need to charge a fee, whereas there are larger organisations that may be able to assist you without adding to your costs.
Navigating through your mortgage journey can be intimidating, so enlisting the help of an experienced mortgage broker is invaluable. With their expertise and guidance on your side, you’ll feel secure when completing one of life’s biggest milestones.
Contact us now, we will be delighted to help!!