When you are thinking about buying a house, your instincts might tell you to keep things cheap. This might mean going for the cheapest conveyancing quote, opting for a bank over a broker and even opting for the cheapest house survey. You’re already making a huge investment, so why wouldn’t you want to keep your costs down?
When it comes to choosing between a bank and a broker, many prospective buyers will choose the former because they are concerned about the fees associated with the latter. In this article, we will outline some of the reasons this can be a false economy.
While you might be saving yourself the fees in the short term, in the long term, opting for a bank over a broker can lead you to pay thousands and even tens of thousands more on your mortgage. Read on to discover why a mortgage broker can actually save you money over going directly to high street lenders or your own bank.
By working with a mortgage broker, you will have access to a wider range of lenders. A whole of market broker is one with connections and contacts across a huge selection of providers. This means that they have in-depth knowledge of the products available from many different lenders.
This kind of access and overview of the market is invaluable when you are looking for the best deal on your mortgage. And the best brokers will also offer up-to-date offers, meaning you will be the first to hear about new offers as they become available.
If you are in a unique situation then working with a broker can help you to avoid being rejected by high street lenders. For example, if you have poor credit or if you have unusual income from freelancing, for example, then a broker will be able to point you in the direction of a lender who is more likely to accept your application.
It doesn’t matter how unique you think your situation is, a whole of market broker will be able to help you navigate the mortgage application field. You could have poor credit, irregular income through self employment and be looking for a buy to let property and a whole of market broker may still be able to find you a lender willing to work with you.
Not only can they help people in unique situations but they can also help those who are looking for the best deals. You don’t have to settle for high rates from your bank just because you have poor credit history.
It’s also worth noting that having your mortgage application rejected can damage your credit score and prevent you from securing credit in the future. This is another reason working with a broker can be so helpful. You will be able to avoid rejected applications which can damage your credit score and make it harder to secure a mortgage.
Searching for a mortgage can be overwhelming. Very few people are experts in this field, and why would you be? You only need to know the information for a short time, just enough to be able to make an informed decision. But the mortgage market is always changing and updating, which can make it hard to get up to speed. This is where working with a mortgage broker can really help. You don’t have to be an expert, because your broker is there to help you navigate the industry. They’ll help you to understand key terms and also avoid any hidden costs or difficult payment terms.
Perhaps the most overlooked reason for working with a mortgage broker is convenience. You might think you are saving money by doing all of the research yourself, but your time is also worth a lot. If you want the convenience of knowing that everything is in hand and you can simply sign on the dotted line with confidence then a mortgage broker is perfect for you.
If you want to find out if a mortgage broker could help you in your unique situation, get in touch with Niche Mortgage Info today. We will be able to help you navigate the mortgage market and put you in touch with the right broker for your needs.