Often people are nervous about using a broker whilst looking to secure the best mortgage deal because they are put off by the worry of additional costs.
Whilst using a broker can carry a fee and seem a slightly more expensive option in the short term if they manage to find you the cheapest deal you could end up saving thousands (or even tens of thousands) over the term of your mortgage.
What are the benefits of using a mortgage broker instead of going directly to your bank or other high street lenders?
Whole-of-market comparison and Exclusive Deals
One of the biggest advantages of arranging your mortgage with a broker, particularly a whole-of-market one such as Journey Mortgages, is the huge range of lenders and mortgage products they have access to. Many lenders, particularly those offering specialist mortgage products, operate solely via brokers.
Not only does this mean by using Journey Mortgages you’ll have access to an even wider range of lenders and deals than if you’d have conducted your mortgage search independently, but you’re also in an even better position to secure the best rates for your unique situation.
Journey Mortgages can assess and compare the most competitive mortgage products from all that are available, including the most up-to-date deals, but most importantly those that are relevant to your personal circumstance.
Access to specialist lenders
If you find yourself in a difficult or unique situation, for example, you have a history of adverse credit, or missed payments, or if you are seeking a mortgage on a ‘nonstandard’ property type, the chances are your bank or building society will not be able to offer you anything. Specialist lenders need to be accessed by a broker, who has ascertained a full picture of your financial situation.
Therefore, even if you have been declined a mortgage previously, Journey Mortgages will be able to help find willing lenders, with the best rates, given your circumstances. Working with a broker such as Journey Mortgages helps reduce the risk of damaging your credit history as a result of declined mortgage applications because they will use their expert knowledge to suggest the providers most likely to lend.
Finding the mortgage product that best suits your needs can be challenging and relies on understanding the overall costs and technicalities of the product being offered. Often the ‘cheapest’ does not work out to be so, over the term of the mortgage for example. Some lenders have been known to include payment terms buried within their mortgage contracts, which makes them attractive at the start, and then much more expensive in the longer term. Journey Mortgages is highly qualified and experienced in comparing what truly is the best deal for their clients for the long term.
Finding and applying for a mortgage is a time-consuming process, and one that if you apply for the wrong product (which you are then declined for) could damage the chance of securing a mortgage – multiple applications and any declinations raise large red flags on your credit file.
Rather than conducting your own research and filling in application after application, working with a broker means that, typically, you only need to provide your information to them once – they then process this, ensuring that only lenders who would offer are contacted to best preserve the client’s credit file.
Should you have any questions or need some more advice on your current or future borrowing, please do get in contact.
We hope to hear from you soon to see how we can help!