How a Mortgage Broker can Really Help You get the Mortgage You Need

How a Mortgage Broker can Really Help You get the Mortgage You Need

Few people can ever afford property without having to secure a mortgage first. It’s a big investment and a long commitment, and buying a home or other asset is often the most important financial decision a person can ever make.

However, getting a mortgage is not always easy. In fact, if you have little for a deposit or have a record of financial instability or a bad credit rating, it can be downright hard. Even with a good down payment in the bank and good financial prospects, it’s always wise to consult a professional first. Here’s how a mortgage broker can really help you get the mortgage you need.

Protection

Your mortgage broker has a duty to care for you – this means that the mortgage broker has a duty (by law) to take care of your interests. If they make a mistake and give you the wrong advice, you have the right to complain and seek compensation.

Qualifications

The world of finance is confusing enough as it is; in fact, even the experts often have a hard time with it. Mortgage brokers are up-to-date on all kinds of mortgages that exist out there and can advise you on the advantages and disadvantages of each. They explain difficult concepts in plain language for you to make the right decision.

Your interests

The broker is not on the side of the mortgage lender – he or she is on your side, and will negotiate hard for you to get the best deal that’s on the market.

Industry knowledge

Mortgage brokers, such as a mortgage broker in Bristol from Open Vision Finance, understand the criteria, and have certain influence. They also help with administrative issues.

Here’s one more reason why a mortgage broker is a handy ally in your quest for the perfect mortgage: they know what’s going on and can always point you in the right direction. Also, they know many lenders and can speak with these lenders regarding the best deals and strategies. For instance, even though the Help to Buy Mortgage Guarantee Scheme has already ended (as of the 31st of December of last year), many lenders are still going to use this scheme as a pilot for their own lending procedures and systems, and some lenders have even made a commitment to continue offering mortgage rates at a 5% deposit. Many lenders have also revamped their product ranges from January 2017 onwards to include their very own deals on 5% deposits, which are not backed by the government. Without a mortgage broker’s inside knowledge, it’s less likely for you to be aware of these changes. But with an updated mortgage broker on your side, you can make a better decision simply because you know what there is to know about the latest mortgage deals, news, and arrangements.