When we were first time buyers back in 2010, everything about getting a mortgage seemed daunting. We were both in our 20s and had lived at home with our parents all our lives. Getting out into the big wide world of house buying was a little scary to say the least! So we enlisted the help of a mortgage broker. 11 years later down the line and we still have the same mortgage broker who has done us well. We are currently seeking their expertise to help us remortgage, so we can pay off our help to buy loan we had in 2017 to buy our current property. With house prices the way they are at the moment it’s a good idea for us to remortgage as we know the value is in the property.
From personal experience, I can highly recommend a mortgage broker service. But what are the benefits of using a mortgage advisor and broker?
Market Knowledge
A knowledgeable mortgage broker victoria or elsewhere brings valuable market insight and stays up to date with the latest mortgage products, new deals, and competitive interest rates. Unlike walking directly into a bank, where you’re typically offered only that institution’s specific products, a broker has access to a broader range of options that may better suit your financial situation. They can also help you avoid lenders with hidden fees buried in the fine print that you might otherwise miss. Over the life of a mortgage, the expertise and guidance of a skilled advisor can truly prove invaluable..
Your Circumstances Will Be Tailored
All our financial circumstances differ. For example, buyers with lower salaries can ask help from an earning relative and apply for a joint borrower sole proprietorship mortgage. With myself being self-employed it can be harder to get a mortgage or remortgage. We are apparently “riskier” clients without that stable monthly income. As I’ve been told! So your mortgage advisor will take this into consideration when searching the market for a mortgage product with a lender. They will know who will lend to a self-employed customer.
In our circumstance, we are in the process of remortgaging to pay off the Help To Buy loan. We are about halfway through the process as we have had to have two valuations on the property. One for the mortgage lender to make sure the house is what it is and isn’t falling down. And next week we have the second for the Help To Buy company to see what the house value is, as we have to pay a percentage to them on what the house is worth. Thankfully our mortgage broker has dealt with paying off Help To Buy loans, therefore his knowledge is invaluable.
Save You Money, Stress and Time
A mortgage advisor will complete the paperwork for you, saving you stress and time. They will also look into your finances to make sure the mortgage is affordable to you. Your mortgage advisor and broker can also help you with finding the right protection products for your mortgage if that is something you’re interested in. For instance, you may want to take out income protection now that you have a mortgage commitment. This is not compulsory, but it is certainly recommended.
They will also look beyond the mortgage interest rates and take into account all the fees involved with taking out a mortgage, ensuring that you know exactly how much you need to budget. Without the knowledge of any extra costs, that cheap mortgage you found might not actually be as cheap as you thought.
There are so many benefits to having a mortgage advisor and broker and with their duty of care policy, I believe from personal experience that using one is the best option.
*This is a collaborative post
Certainly do help the process so much