Whether you’re a first-time buyer or an experienced home owner, the mortgage market can be a daunting place to navigate, looking for the right deal.
There’s such a variety of options available that it can be difficult to find the one that suits your financial circumstances.
But have you considered using an impartial mortgage broker to help you to find a mortgage?
What does a mortgage broker do?
A mortgage broker is an intermediary between you, the borrower, and the mortgage provider, usually a bank or building society. They help you to find a mortgage and can take you through the application process, liaising with the lender on your behalf.
Avoiding some common mortgage mistakes
Working with an unbiased mortgage broker can help you avoid some expensive pitfalls when you’re trying to get a mortgage:
● Sometimes a low interest rate isn’t the whole story; brokers are obliged to explain the full cost of a mortgage, including additional fees, so you can keep payments to a minimum.
● Brokers can help protect your credit rating by avoiding making multiple mortgage applications or unsuccessful applications. They know lenders’ requirements and can help you through the application process.
● With so many products on the market it’s easy to choose a mortgage that doesn’t suit your circumstances. A broker will become fully informed and point you towards the most suitable products.
Benefits of using a mortgage broker
There are also advantages to using a mortgage broker:
● Mortgage brokers work only for you. Mortgage brokers aren’t tied to a specific provider, so they can offer unbiased opinion on mortgages from a wide range of lenders. They can find the best deals and they also have a duty of care to you and they are obliged only to recommend a mortgage suitable for your financial situation.
● Specialist knowledge. The mortgage market is busy and complex but mortgage brokers specialise in this kind of financial product and have undergone rigorous training to become qualified to advise you. They understand the market and its lenders, keeping abreast of the latest developments and newest products. They can also advise on specialist products designed for people who may have trouble getting a High Street mortgage, such as the self-employed.
● Saving you time. The number and variety of mortgage deals currently on offer can be daunting to a home buyer but mortgage brokers can search through them on your behalf for a suitable product. They understand the application process and know which mortgages you are most likely to be approved for.
● Saving you money. With access to a wider range of lenders, mortgage brokers can offer more opportunity to find a suitable mortgage with a lower interest rate. They can also keep track of any mortgage introductory or fixed rate period and conduct annual reviews to make sure you don’t pay more than you need to.
● Your rights protected. If the advice you receive from a mortgage broker falls short of the professional standards they work to, you can complain and potentially receive compensation.
Clayton-Welch Associates: impartial mortgage brokers
Based in the London area, Clayton-Welch Associates specialises in offering professional, impartial support to people who have had difficulties in the past with mainstream mortgage lenders.
We work with a comprehensive range of providers from across the market to help clients find the right mortgage for residential and buy-to-let properties. For commercial mortgages we act as introducers only.
Your property may be repossessed if you do not keep up repayments on your mortgage
We rely on referrals for our business, so customer service is at the forefront of everything we do. We are passionate about finding the result you want and we accompany you on every step of the way to a successful mortgage application.
To find out how we can help you move into your next home, contact Clayton-Welch Associates www.clayton-welch.com