Choosing the right mortgage broker in Nottingham
James Leighton

A mortgage broker is someone who helps their clients make an informed decision about the type of mortgage they want to apply for which will help them buy residential or investment properties.

Qualified mortgage advisers usually operate as mortgage brokers, providing two services under one roof. They will provide personalised mortgage advice based on the client’s needs and preferences and then search the market for the most suitable real-time mortgage options. If the client wishes to proceed and apply for one of the mortgages the broker finds, the broker will help with the application and any obstacles that may arise.

Using a mortgage broker can offer many benefits. They provide valuable guidance that doesn’t just provide clarity and save time but can also save clients money by suggesting specific options that the client may have not known about or considered. This can be especially valuable when the client has a unique situation, such as inconsistent income, bad credit history, etc.

Additionally, some mortgage brokers can access exclusive discounts and deals due to their long-standing industry position and relationships which can also help clients save money. Choosing a local mortgage broker can be beneficial if you prefer to meet with them in person and they may also have a greater understanding of the local property market.

Mortgage brokers are IN…

Statista conducted a survey on first-time buyers to determine the main benefits of using a broker. The top reasons to use a broker from the results were their help in working out what properties are affordable, and their mortgage product recommendations.

Image of the centre of Nottingham

Be wary of any mortgage broker who tells you that they will certainly get a mortgage for you.

Tips for selecting a Nottingham mortgage broker

When considering any financial services or mortgage brokering service, you must ensure that the company you’re considering is authorised and regulated by the Financial Conduct Authority. You can look this up online rather than just taking the company’s word for it from their website.

That’s the basics covered. Next, if applicable, you should take the time to check out the adviser’s reviews, including third-party reviews online and on social media. If you do see a negative review, consider how the mortgage broker has responded to that review. Did they handle it professionally with explanations or did they just dismiss the client’s comments?

Be wary of any mortgage broker who tells you that they will certainly get a mortgage for you. Brokers cannot influence the outcome of mortgage applications and can only recommend applications based on detailed research and understanding. Making false promises is a red flag within the industry, especially if you already know your circumstances are complex.

Last but not least, prioritise mortgage brokers who search the mortgage market. This means they will consider all options in the market and not only lenders they may have relationships with. This will ensure your end result is put before anything else, saving you more money.