About Me
A mortgage broker and mortgage adviser can find the best mortgage for you and apply for the mortgage on your behalf.
What will a mortgage broker actually do?
The mortgage broker, or mortgage adviser will review the mortgages available to you based on your personal financial situation, such as income, deposit etc and apply for one on your behalf. They can save you a lot of time by telling you which mortgage lenders are likely to accept you, how you could improve your application, and could help speed up the process by dealing with some of the paperwork.
Why use a mortgage broker?
The mortgage broker or mortgage adviser could actually save you a lot of time and stress. They will handle everything from start to finish. Firstly searching for the right deal to applying and communicating with the mortgage lender on your behalf. Mortgage brokers have expert knowledge and experience of the mortgage market and will be able to recommend which deals suit your personal situation. They should have access to specialist mortgage software which allows them to search through the mortgage deals much faster and more thoroughly than you could possibly do yourself. A mortgage broker should know which mortgage lenders are likely to accept you and will help you avoid deals that you are likely to be unsuccessful in being accepted. Unsuccessful applications could have a negative effect on further applications. You will also have the opportunity of recourse if you take out a mortgage using a broker if the mortgage turns out to be unsuitable. This isn’t available if you apply for a mortgage without taking advice.
Know your rights when using a mortgage broker.
Firstly you should check that your mortgage broker or mortgage adviser is authorised to give mortgage advice by consulting the Financial Services Register. Before you actually formally apply for a mortgage, the mortgage broker should thoroughly explore your financial circumstances. They should thoroughly explain what types of mortgages there are and the different deals available. They should advise you on which mortgage deals they feel meet your needs and give you clear justifiable reasons why they're recommending a particular mortgage deal. If for any reason you think you've received bad advice, you can make a formal complaint. Firstly speak with mortgage broker or mortgage adviser that advised you to see if they can offer a solution to the problem. If they don’t resolve your complaint satisfactori
