If you’re looking for a mortgage, you might be wondering whether or not you should talk to a mortgage adviser or go directly to a lender. The process of getting a mortgage can be confusing, especially if you are a first-time buyer or looking to invest in property via buy-to-let or any commercial loans for the first time.
In addition, recent legislative changes have resulted in a tightening of the rules with regard to mortgage affordability checks, the qualifications of mortgage brokers and the information they must provide to borrowers about their services and fees. Since the changes, both lenders and brokers must consider your financial situation and assess your affordability when suggesting suitable mortgages for you. They must also be able to prove they have done this.
Whilst this legislative revolution has made it harder to obtain a mortgage, it is also made it far safer to use a broker. You can now trust mortgage advisers will undertake a fully comprehensive financial assessment and therefore point you towards a range of mortgages you will almost certainly be eligible for. They can also help speed up the application process by getting you fully prepared and steering you towards mortgages you will most likely be accepted for.
You can go directly to your high street lender and ask for a mortgage. But you should keep in mind that the advice you get from these lenders will refer only to their own products rather than being an unbiased view of the market as a whole. You will not gain access to any broker-only deals, even if they’re offered by your chosen lender. Therefore it is always a good idea to approach a mortgage broker for advice before you make a decision.
In addition, every lender has different criteria. A client with income that’s a bit variable from overtime or bonuses, for example, will be accepted by some lenders and not others. A mortgage adviser will check that you meet the criteria of the lenders and work out which is the most suitable scheme for you.
Lenders will lend different amounts as well depending on various criteria. That amount can vary quite a bit depending on the lender you use. So what a mortgage adviser is really doing is looking at all of the lenders at once, which may be as many as 100s, saving you from having to go through them one by one.
There are many reasons why using a mortgage adviser could be the right decision for you. The main reasons, as mentioned before, are that they can save you hassle, time and money.
As well as guiding you through the mortgage process, mortgage advisers can ensure that any application you make is in the best shape to be accepted by a lender. By pulling together all of your documentation and getting it into a format that lenders can easily understand they will save you a lot of energy and time.
DID YOU APPLY ?
On LendingTree, Bankrate, lowermybills, nerdwallet, or any of the other lead generating websites?
Did you know that when your credit is pulled, a credit inquiry is made, and you become what is known as a “trigger lead”, companies buy these mortgage leads in bulk, and that’s why you get slammed with mortgage offers.
Mortgage advisers will be able to help you understand how much you can borrow and how much you can afford to repay each month. They will find you the best product available from a large variety of lenders to which you will not have access. In addition, many lenders offer ‘intermediary exclusive products’. This means that by using a mortgage adviser you have access to the whole market and the opportunity to get the best deal for you which is a time-consuming process for you to do alone. Importantly they are able to ‘pre-check’ your finances, reducing the chance of a later decline harming your credit file.
They can also help you to liaise with estate agents, lenders and solicitors to keep your life as simple as possible. They will complete and check any applications and paperwork saving you time filling in unfamiliar forms.
By using a mortgage adviser, you will also benefit from FCA protection and access to the FOS in the unlikely event that anything goes wrong.
These days, brokers do more than simply pick up randomly one out of a list of available mortgages. So it could be worth your while to see what they can offer. You should not forget that avoiding paying broker fees could cost you thousands of pounds over the next few years if you end up with a worse mortgage deal than a broker could secure for you.
Once you have decided to employ the services of a broker, you need to find the most suitable adviser who could arrange the best suitable mortgage for you. The most important two questions you need to ask your adviser outright are how many lenders they work with and what their fee structure is. The more lenders, the more options you have at your disposal and the more likely you could be to get a good deal for your requirements. Therefore it is always advisable to choose a broker who is a whole-of-market broker or who advises and recommends from a comprehensive range of mortgages rather than a tied broker who recommend offers from a particular lender. We also suggest you ask friends and family for a recommendation and check the internet for reviews. Mortgage brokers have to tell you from the outset exactly what range of mortgages they can offer.
Mortgage brokers will be paid a fee by the lender for arranging your mortgage with them. This is called a procuration fee and is usually a percentage of the loan that you took out with them. This is an arrangement between the lender and your broker and does not require any payment from you. However, another fee may be received by a mortgage broker via a broker fee. This is paid by you (the client).
As you are now aware how important to seek advice from a mortgage adviser, we suggest you contact us to get a second opinion.
Once we have all information, we will be able to search for the most suitable product for your needs amongst the 1000’s of mortgage products on the market with over 170 lenders. Once we have found the best one for you, we will arrange a second meeting with you to discuss , the product we recommend. This initial service is free of charge.
Robi Finance Ltd
4 Pelham Court, Cambridge CB4 3TD, Tel no: 01223 560 472 – 07956827018, Email: [email protected]
The company is registered under Reg No:14639627 in England and Wales.
Robi Finance Ltd is registered with the Information Commissioner’s Office under registration reference: ZB477056 Copyright © 2021. All Rights Reserved.
Robi Finance Ltd is an Appointed Representative of Connect IFA Limited 441505 which is Authorised and Regulated by the Financial Conduct Authority and is entered on the financial services register (https://register.fca.org.uk/s/) under reference 995310.
The FCA does not regulate some forms of Business Buy to Let Mortgages and Commercial Mortgages to Limited Companies.
Not all services we offer are covered by the Financial Conduct Authority.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The information, advice and/or guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
A fee will be payable for arranging your mortgage with Robi Finance Ltd. The amount of the fee will depend upon your circumstances. Your consultant will confirm the amount before you choose to proceed but we estimate it to be around 0.65% (min £499). The initial consultation is free.
Commission Disclosure: We are a credit broker and not a lender. We have access to an extensive range of lenders. Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your personal circumstances and requirements, though you are not obliged to take our advice or recommendation. Whichever lender we introduce you to, we will typically receive a commission from them after the completion of the transaction. The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender. Commission paid to us may vary in amount depending on the lender and product. The lenders we work with pay commissions at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.
How To Make a Complaint: It is our intention to provide you with a high level of customer service at all times. If there is an occasion when we do not meet these standards and you wish to register a complaint, please write to; Compliance Department; Connect IFA Ltd, 39 Station Lane, Hornchurch, RM12 6JL or call: 01708 676110. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service www.financial-ombudsman.org.uk.
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