The benefits of using a mortgage advisor and broker

Buying a house is one of the most exciting and expensive times of your life.

It can also be a bit of a long-winded process, but if you understand this process, you are less likely to be caught out by some unexpected surprises.

Saving your deposit is the first step to owning your first home and this should be at least 5% of the total value of the home you wish to buy. It is, however, worth saving more if you can, as a bigger deposit means you can apply for mortgage deals with lower interest rates.

Once you have your deposit, it is time to find out how much you can borrow.

There are so many mortgage lenders out there with different criteria it can be hard to know where to start. You may want to consider using a mortgage advisor and broker to help you.

The benefits of using a mortgage advisor and broker

1. They can save you money

A mortgage broker’s job is to scour all the available mortgages on the market for you to find the best deals. This could mean looking for the lowest mortgage rates today, the cheapest tracker mortgage or lowest fixed-rate mortgage, plus the fees that apply. Ultimately, they will aim to find the mortgage that suits you best.

It’s important to note that you will ideally need to have a mortgage-in-principle approved before you start looking for your dream home. A mortgage advisor and broker can help you do this too.

2. They can save you time

Using a mortgage broker takes the leg work out of looking for a suitable mortgage available to you, from a huge variety of mortgage lenders. Because they know the market so well, they will know exactly which lenders to turn to and will know who are most likely to approve you. They will get your application through quickly and efficiently, meaning you can get into your dream home as soon as possible!

3. They offer financial advice

Finances can be really difficult to navigate. It’s easy to get lost in jargon and terminology. A good mortgage advisor will explain things in a language that you can understand, helping you take control of your mortgage. They are qualified to offer you invaluable advice to put you in the best financial position, and this can be totally invaluable.

4. They take care of the paperwork

There is an awful lot of confusing and technical paperwork involved in buying a house. A good mortgage broker will do practically everything for you, so you can concentrate on getting ready to move into your perfect home.

5. They are in your corner

It can be a daunting task walking into a bank to have these discussions. Sometimes, these lending institutions cannot understand your situation, or in fact, misinterpret the application process and can decline good applications through negligence. 

With a mortgage broker, you have the confidence that they are able to present your application in the right way – not only to make it easier for lenders to understand but also to challenge them when they are wrong. No transaction should ever make you feel isolated!!

Post written in collaboration with Mortgage Light, a mortgage advisor and broker company serving Milton Keynes and the surrounding areas. They are passionate about making mortgages simple and empowering their customers to understand their mortgage.