The Benefits of Getting Mortgage AdviceThe Benefits of Getting Mortgage Advice
The mortgage market is extremely saturated and finding the best deal without professional mortgage advice is nearly impossible.
Many people avoid the search altogether and simply take whatever mortgage deal is offered by the bank or building society they conduct all their other financial business.
This is a terrible idea as you will be limiting your options tremendously and may miss out on a much better deal elsewhere that could save you thousands of pounds over the mortgage term.
What does a mortgage advisor do?
At the risk of stating the obvious, the job of a mortgage advisor is to provide advice throughout the entire process of securing a new mortgage, from searching through thousands of different offers to applying for, and securing, your perfect deal.
The role of a mortgage advisor can be separated into several different stages from initial consultation to picking up the keys to your dream home.
During the process a mortgage advisor will:
- Explain how applying for a mortgage works
- Ask some simple questions about your financial situation to determine what sort of properties you are likely to be able to secure a mortgage for.
- Scour the mortgage market for the best deals available to you.
- Suggest the ideal mortgage deal to apply for once you are ready to proceed with a property.
- Help process your mortgage application
Why is a Mortgage Advisor so important?
Initial Advice
There is nothing worse than finding your dream property and missing out either because you can’t secure a mortgage or because someone else was quicker off the mark with their offer.
One of the biggest benefits of using a professional mortgage advisor is that you can receive expert advice in the preliminary stage of your property search.
A mortgage advisor will look at your financial situation and use their years of experience to explain exactly what your budget should be in your property search.
They will do this in a similar way to a mortgage lender would decide whether to grant you a mortgage, by looking at what size deposit you will be able to put down and the monthly payments you will be able to afford.
By giving you an idea of the type of properties you will be able to secure a mortgage for you will be able to narrow your property search and won’t be left disappointed at the last moment by a rejected mortgage application.
Exclusive Deals
Many people presume that if they do enough research themselves, they will be able to secure the best possible mortgage without paying for professional advice.
Unfortunately, this is rarely the case as many of the best mortgage deals are only available to those who apply through a mortgage broker. Mortgage advisors will have extensive knowledge and contacts throughout the industry and will normally be able to direct you towards the best rates in no time at all.
Expert mortgage advisors will also be able to instantly narrow down your search, using their years of market experience to eliminate deals that you are not eligible for, or would not suit your needs, a process that would take much longer if you tried to do so yourself.
In order to have the most options available to you, it is essential that you use a ‘whole of market’ mortgage advisor such as CSR financial.
Some mortgage brokers are affiliated with specific lenders and therefore will only be able to recommend their products to you, making it extremely unlikely that you will receive the very best rates available on the market.
Whole of market advisors on the other hand have no obligations to anyone except their clients and their sole focus will be on delivering you with the best possible outcome.
At CSR financial we will compare as many as 2000 different mortgage deals from over 40 different lenders in order to identify the most suitable and affordable option for you.
Convenience
Buying a house involves a huge amount of administration and paperwork. Letting a mortgage advisor paisley handle this for you is a great way to take some of the stress out the process.
They will handle the gathering and submission of information, and make sure that when you find your dream property you are in a position to act quickly to secure an appropriate mortgage.
Rather than having to gather and submit all your information every time you approach a potential lender to find out if you are eligible for their products, you will only need to do so once with a mortgage advisor, who will use your information to find an appropriate deal and submit your application.
Your advisor will have submitted thousands of mortgage applications and there is also far less chance of them making an error that could lead to your application being instantly rejected than if you attempt to go it alone.