If you are looking for a mortgage broker, it can be tough to know exactly what to look out for. Different mortgage brokers may have different ways of doing things.
A mortgage on your property is probably the biggest financial undertaking you will take on in your life so it is crucial that you get the right deal for you. Our team at Love Mortgages are experts and will talk you through everything before helping you to secure your perfect mortgage.
Here are some top things to consider when choosing your mortgage advisor.
Make Sure They Are Properly Qualified Or Registered
The most important thing you should do when choosing a mortgage broker is to check they are properly qualified and registered. All mortgage brokers are required to be registered by the Financial Conduct Authority by law. If you have found a mortgage broker that you want to use, check their name on the register.
What Hours Do They Work?
The stark reality is that many people work office hours which means it is often impossible for them to arrange contact with their mortgage broker until after that time. It is important that you know what hours potential brokers work – whether they only work office hours or during evenings and weekends too. Then you can choose one that better suits your circumstances.
Are they also available to start working on your mortgage search right away? They may have a lot of other clients so you need to know when they will be able to fit you in, and whether they have the resources to handle your case quickly and efficiently.
Check Out Their Reviews
Nearly all businesses have an online presence nowadays. This means that they will potentially have reviews online from previous customers and clients. Don’t hesitate to search the business name and find out what other people have to say about them.
You will want to see that they do right by their clients – that they look for mortgages suitable for different circumstances. A buyer may have some unique circumstances that need a little more attention than your standard mortgage application.
If you are considering a local broker, ask around your family and friends to see if anyone has personal experience with the business and whether they would recommend them.
A Good Mortgage Broker Can Access A Wide Variety Of Mortgages
By using a mortgage broker, you widen your choice of mortgages to many, many more. They can usually find deals that you might not be able to find on your own and they offer plenty of advice and plenty of protection. Some people may benefit from taking on a 95% mortgage and some may be able to take advantage of interests below a certain rate too!
They can also help you work out whether you want or need a fixed-rate, discount or tracker mortgage.
Are They Whole-Of-Market?
With the above point in mind, it is vital that you know whether the broker that you are considering is whole-of-market. If they are, that’s great – it means that they are able to assess all available mortgages to you to find the best deal.
If they are not whole-of-market, they will only recommend mortgages that are available from a select panel of lenders which may not be ideal for you. Make sure you ask this question before committing to use one particular broker.
Check Out Their Fees
It is important to remember that a mortgage broker will cost you so it is important to compare the fees of the brokers that you are considering. It may be tempting to choose the most affordable broker rather than the most expensive but it is important to compare the fees alongside other factors such as their reviews and the services they offer you and most importantly the best mortgage deals they can secure for you.
Trust Your Instinct
One of the most important things to do when choosing anything in any walk of life is to trust your instinct. You can consider all of the different factors including reviews, fees and services. However it is important to know your own feelings. It is important that you feel comfortable with them as getting a mortgage is such a big thing to do.
Helping you find a mortgage to suit your needs is what our team here at Love Mortgages do best. We are a mortgage broker based in Chester and Mold that does things differently. We cover the UK locally and nationally over the phone & Zoom and offer mortgages, advice and protection to our clients all over the UK.
Beth, the founder of Love Mortgages is fully licensed and registered with the Financial Conduct Authority and we aim to make every client experience unique.
If you are looking to get a mortgage and would like some advice, feel free to give our team at Love Mortgages a call on 01244 90 44 10 or message us via our contact form here. We are more than happy to offer you some advice based on your mortgage requirements and look forward to hearing from you soon.