Independent Mortgage Broker – Why is it a good idea to use one? Most people who need a mortgage find it all too easy to be apathetic about it: they just use one of the major players in the market and never deviate from that company. But why not use an independent mortgage broker? Laura Richardson explains why this could be one of the best decisions that you ever make . . .
When it comes to choosing a mortgage for your Braintree property there are thousands of choices making the decision potentially overwhelming! There are mortgage comparison sites available to help narrow down your choices, but even so, the list of options can seem endless! Andrew Douglas Wills and Legal Services work with a trusted partner to offer an Independent Mortgage Brokerage service but what are the advantages of using an independent mortgage broker?
- You only have to give your information once.
Even if you use a mortgage comparison site, you may still wish to check other lenders who do not subscribe to comparison sites meaning giving your information multiple times. Using a broker takes away the hassle of contacting different lenders as they will take all of your information once, and use this to search the market for the best mortgage for you. However…
- Not all brokers are the same!
Some mortgage brokers are tied to a certain group of lenders, and can only offer you products from a limited portion of the market. An independent mortgage broker can access every mortgage product on the market, ensuring that you get the best mortgage for your financial situation.
- Impartial advice.
Mortgage brokers are regulated by the Financial Conduct Authority under which they have a legal duty of care to offer impartial advice and secure you the best product to suit your individual financial needs.
- More likely acceptance.
As experts in the field, they should be able to advise you on which products you are most likely to be accepted for. Being refused a mortgage can severely damage your credit rating, so it is crucial to choose the right product the first time. This is particularly important if you have a less than ideal credit rating, or are purchasing a non-standard construction property.
- Short-term loss can be long-term gain!
Whilst most brokers charge a fee, this fee is usually far outweighed by the fact that an independent broker will be able to access much more favourable mortgage rates for you which could save you thousands of pounds in the long term!
- Favourable rates on associated products.
Many mortgage brokers will have contacts to be able to offer better rates on other products such as life insurance or home insurance policies.
If you would like to discuss your mortgage options with our trusted partner’s Independent Mortgage Brokerage team, contact Andrew Douglas Wills and Legal Services today. Thanks to our trusted partner’s team of experienced and fully independent mortgage brokers you can be sure your mortgage application will be in expert hands, whether in Braintree or across Essex!
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