Whether you are considering buying a property or refinancing your mortgage, you may be wondering whether to talk to a mortgage broker. A broker has expertise in all things mortgage related and can make recommendations on which type of product to go for, based on your own set of financial circumstances and long-term goals.
What mortgage brokers do and their responsibilities
A broker’s role is to ease the mortgage process for those purchasing a property. With extensive knowledge of the market and connections in the industry, they link borrowers with the most suitable mortgage lenders. They can advise on anything from mortgage products and interest rates to lenders’ qualifying criteria and your suitability.
Identifying suitable mortgage products and lenders
They begin by assessing your finances, taking your income and credit score into consideration, in addition to assets and liabilities. Once they’ve established your eligibility for different mortgage types, they will look at the mortgages that are most suited to you, your financial needs and goals. A whole of market broker has access to a wide network of lenders and deals, so aren’t tied to a particular bank or organisation.
How brokers assist in the application process
A broker can ease the pressures that come with making mortgage applications. Understanding the legalities, the lender-specific requirements and the process means they can convey complex information to you simply, accurately and in full. They can guide you on the paperwork you need for your application, and can even submit everything for you, on your behalf, liaising with the professionals involved along the way. They can then update you as necessary on how the mortgage application is progressing.
