If you are considering buying your first home or remortgaging your business property, you’d likely be turned off by the high mortgage rates prevalent currently. Do not fret! A good mortgage broker will review different mortgage options available to you and get you the best rate. They can save you valuable time by matching with the right lender, helping improve your mortgage application, and speeding up the approval process.
Wondering if it is necessary to work with mortgage brokers for homes in Oxfordshire, UK? How to find a trusted mortgage advisor? Read on to learn everything you need to know about mortgage brokers.
Who is a Mortgage Broker?
Getting your home or business property financed can be a daunting process. It takes a lot of time to find a good lender and mortgage rates that suit your budget and unique requirements. And if you are new in this field, you likely end up paying more in mortgage than you should. This is where working with a mortgage broker or adviser can help you save time and money.
A mortgage broker works as an intermediary who bridges the gap between a mortgage customer and the lender. They play an integral role in matching mortgage applicants to the right lenders and negotiating on behalf of both parties to close the deal successfully. Typically, a mortgage broker works either for the applicant, the lender or both.
Why Use a Mortgage Broker?
One of the primary reasons for working with mortgage brokers for businesses in Oxfordshire, UK is they have expert knowledge in finding the best mortgage deal for you. Comparing two or more mortgage deals and choosing the right one can make a big difference in terms of overall costs. They have access to multiple lenders which helps them find the best deal that fits your situation.
Another advantage is they can save you a significant amount of time by managing all your documentation, negotiating with the lender, and speeding up the process. All mortgage brokers in the U.K are regulated by the Financial Conduct Authority (FCA). This gives you peace of mind knowing that the borrower’s rights are protected in case the mortgage arrangement goes wrong.
You can also choose to work with experienced mortgage brokers for homes in Oxfordshire, UK, for special circumstances such as poor credit, etc. They will understand your situation and find a lender that is ready to provide a mortgage in your situation. A rejected mortgage application may impact your credit report. Using a good broker who can find the right lender can help avoid this.
Choosing the Right Mortgage Broker For Your Home or Business
Not sure how to find a good broker? Here are some tips for you:
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Work with a Whole-of-Market Broker
Typically, there are two types of mortgage brokers – tied/multi-tied brokers and whole-of-market brokers. Tied/multi-tied brokers work with only a limited number of lenders. Hence, they have access to unique mortgage deals and offers. On the other hand, whole-of-market brokers work with a wide range of lenders. They are not limited to a handful of lenders. Hence, they are mostly impartial and independent.
Working with a whole-of-market broker would mean you can review a broad range of mortgage options for you and get the cheapest deal that is suitable for you.
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Consider Direct-only Mortgages
While most lenders provide mortgage options via brokers, some are directly available to the borrowers. These are called ‘direct-only’ mortgages. Brokers are not liable to disclose these deals, but you should always ask because these direct deals may be cheaper than what the broker offers.
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Services They Offer
One of the key benefits of working with a broker is they do all the leg work, while you can sit back and relax knowing that your mortgage needs are well covered. Before you decide on which broker to work with, make sure you know what kind of services they provide. Good brokers will cover everything from reviewing your mortgage options, handling paperwork, and negotiating with lenders.
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Check Reviews and Ratings
An effective way to know whether a broker is reliable or not is to check their customer reviews. Do not fall for testimonials from happy customers that you will find on their websites. Rather, check reviews on Google or other trusted review sites. This will give you an unbiased and more accurate picture of how the broker works.
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Mortgage Broker Fees and Commission
It is important to know the broker’s fees and commission. While some brokers may have a flat fee, others charge a certain percentage of the mortgage amount you want to borrow. Make sure the broker is transparent about fees and commissions, so there are no last-minute surprises.
Conclusion
To unlock lucrative mortgage opportunities, working with an experienced broker can be your best bet. Keep the above-mentioned factors in mind to find reliable mortgage brokers for businesses in Oxfordshire, UK.
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