What do mortgage brokers do?
First and foremost, their job is to source the best lenders available to you based on your circumstances and available deposit. They are there to save you time by cutting out the complicated paperwork (some of it) and cutting straight to the chase with those who are likely to provide you with a mortgage. Contacting Blutin Finance can provide you with a great range of mortgages and lenders.
There are hundreds of products out there and sometimes it can seem somewhat overwhelming for anyone, particularly if you’re a first-time buyer! Aside from that, it is extremely time-consuming and a good mortgage broker can save you that time and stress by conducting the relevant searches for you!
You can always go directly to lenders however this can limit your choices as many banks and building societies are likely to only offer their products.
Your ideal mortgage broker should have expert knowledge of the market and access to tools to be able to easily find the best deals out there.
How do I choose the best mortgage broker, might you ask?
Ensure you choose one which searches through the “whole-of-market” to find you the best deal, not one that chooses from a selected limited panel. This allows more chances of you finding the one with the best deal financially and most suited to you.
Do brokers charge fees?
Make sure your broker has a clear fee structure that they are going to charge or a commission price they gain from the lender and outline this to you before you agree to any contract with them. You need them to be transparent so you know you can completely trust them in what is a very important decision of your life.
Check how they will receive their fees, is it an upfront payment? Or is it once the mortgage has been agreed? Some will have the fee added to the cost of the mortgage if this is with a bank directly, so it is worth clarifying this and comparing it with others.
Jargon
Your mortgage broker should always break down the jargon used when trying to purchase a mortgage. You have a right to understand exactly what you’re getting into and what those phrases such as ‘agreement in principle’ actually mean, and a good broker will break this down in Layman’s terms for you.
A good mortgage broker should break down the pros and cons of each deal, so you can weigh up the good with the bad, this is a long term commitment and you need to know whether it is going to be suitable for you, make sure they have clearly explained the positives and negatives so you can make the right choice at the end.
Availability
With the current situation and climate at the moment, many brokers are operating online, this could be a suitable option for you, but you need to consider whether that person is allowing you to make video calls, phone calls, emails, and any other form of contact, you need to feel as though you are still getting the full service you require and can ask all the questions necessary as freely as you want. Question them on their availability and what their schedule is to speak and contact you. This needs to match your needs otherwise you’re not going to get the most from the service you require. Have a clear guideline as to when you would like to have your application completed so they can give you an honest answer as to whether they can achieve this or not.
Qualifications
Are they qualified? Ask them what qualifications they have, this is important!
If needed, ask for proof of this, the most common qualification is generally a Diploma of Mortgage Broking and one generally recognized by most people.
Recommendations! Yes, they work!
Ask your friends who they used and how they found them. Would they recommend them?
Ask them how their experience was with them and did they find them supportive?
Were they easy to contact and affordable?
Word of mouth can sometimes be a very handy tool!
Another way would be to simply search online for the best mortgage broker and check out their reviews.
You could always go to the one recommended by your estate agent however, this does mean the options and choices they provide you with maybe limited but they can still provide you with some very good deals. Generally, working for reputable companies can put your mind at ease with whom you’re working in terms of capability and trust.
Once you think you may have found your ideal broker, it is worth ensuring that they are registered with the Financial Conduct Authority before you hand out personal information. Thus this ensures you’re at less risk of being scammed and are working with someone who is going to give you a professional and quality service.
Ultimately, you need to feel comfortable with whomever you choose to assist you with this important decision. If you feel as though they aren’t progressing with things and you are constantly having to contact them and usher them forward, it might be worth finding somebody else. You need someone willing to be efficient in their profession to make sure you don’t miss out on finding the property of your dreams, and who will enable the process to run smoothly and relatively stress-free!
