Using a Mortgage Broker
An important thing to understand is that when you receive mortgage advice, your mortgage broker has a duty of care.
We have to recommend a suitable mortgage and be able to justify why the particular mortgage we have chosen is right for you whether its a fixed, discounted, Repayment mortgage, the length of mortgage, set up fees…
Mortgage broker is with you from start to finish
Mortgage brokers are with you from start to finish. One of the main benefits of using a mortgage broker is that if any problems occur during the application, the adviser will know the best course of action.
Mortgage brokers know the industry
Mortgage criteria have tightened massively over the past few years especially with the Mortgage Market Review (MMR), and arguably widest-ranging, development. MMR has been designed to ensure mortgage borrowers can prove affordability, even in the event of a rate rise, and those extra checks have understandably increased application times. Mortgage brokers know lender turnaround times and which are the speediest.
That’s why it’s so important to stay in the loop – and to have a mortgage broker on your side who understands it all. A broker deals with lenders on a day-to-day basis, so they’ll know what the application process is like for each one and can tell you which lender can process your application with minimal delays.
Knowing what to do
Then there’s the fact that, because a mortgage broker put lots of business to lenders in a year, they can exert influence and chase things in a way you just can’t do by yourself – and that can be invaluable should things get held up. We know immediately who to contact.
Other mortgage broker benefits
A mortgage broker won’t just advise you about your mortgage. They will also look at life insurance, critical illness, payment protection and even buildings and contents insurance you have.
Insurance include:
• Death
• Critical illness (such as cancer, heart attack or stroke)
• Redundancy
The importance of mortgage advice
Mortgages are a lot more difficult than they first appear. Knowing what rate, what term, what lender, what features, what insurance are all time-consuming and complex matters.
Why We Know Mortgages Ltd
We can see clients within 24-48 hours and discuss all your mortgage and insurance options and having access to the whole market.