If you’ve never used a mortgage broker before, you might be wondering what you can expect should you choose to use one for help and advice in obtaining a mortgage.
Their job is to secure the mortgage deal that suits your situation at the time, considering your current financial circumstances and your financial goals. For instance, lenders often change mortgage products and terms offered; a broker will be aware of what’s current and any limited deals you may be able to take advantage of.
Mortgage brokers are there to help and to alleviate the stress that can sometimes comes with securing a mortgage.
Understanding your financial goals and situation
In order to get the best from your initial meeting with your mortgage adviser, you’ll need to know your financial goals and where your finances stand currently.
In preparation:
- Note your assets and liabilities
- Work out your income and expenses
- Outline your goals
- Consider your family’s financial needs
- Know your financial strengths and areas for improvement
- Have all necessary documentation to hand
- Think of any questions you’d like answered in advance
The broker’s role in assessing your needs and finding suitable mortgage options
Your broker’s role is critical in helping you assess your needs and finding fitting mortgage solutions.
They work by using a tailored approach to find the most suitable deal for you.
How brokers compare different lenders and products
A whole of market adviser has access to many more deals and saves you having to connect with lenders individually; this saves you a great deal of time. You may even find they have access to deals that high street lenders don’t.
The mortgage application process and how brokers assist
The process typically involves:
- obtain pre-approval for a mortgage before looking for a property, so you know what you can afford
- find your property
- make an offer
- make the mortgage application
- wait for your mortgage valuation
- obtain your mortgage offer
- wait for conveyancing
- exchange contracts
- pick up your keys
Once you’ve authorised your broker to proceed with your mortgage application, it’ll be submitted to the lender you’ve chosen, for approval. Your broker should then handle its progression and offer regular updates.
