Mortgage Brokers in Cirencester
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What does a mortgage broker do?
A mortgage broker (or mortgage adviser) acts as an intermediary between the applicant and the mortgage lender. They have an overall view of the market and are therefore likely to have access to exclusive deals that you do not.
Using a mortgage broker will set your mind at rest that you have a comprehensive view of all the different types of mortgage products available to you. They will tailor their lender search to your specific set of circumstances and financial situation. This not only saves you time and money, but also the potential disappointment of being rejected.
A mortgage broker will need to have a substantial conversation with you before they can proceed with the task of finding you a lender. This is so that they can gain a full and clear perspective of your overall financial situation. It’s a good idea to prepare for the types of questions you might be asked and take plenty of documentation with you. This can help speed up the process.
Most of the questions will surround mortgage loan affordability criteria. They will certainly ask about your income and any deposit savings you may have. Below is a list of some suggested documents to take with you on your first visit. In the case of a joint application, both applicants should have these available:
- Proof of Identity
- Employer details and payslips
- Proof of address ( a recent utility bill will be most helpful)
- At least 3 months worth of bank statements, more if available
- A list of your regular outgoings (such as loans, utility usage and travel costs)
What are the benefits of using a mortgage broker
The main benefit of using a mortgage broker is that they are experienced in finding the best deals, for a wide range of circumstances. Whilst most brokers charge a fee, it’s worth weighing this up against the longer term savings they can help provide to with.
They can also save you a lot of time. As well as bearing some of the administrative burden, they are able to steer you away from specific lenders that are likely to reject your application. In addition to wasting your time applying to lenders that are not likely to accept you, rejections will affect credit score. This will also have a knock on effect on future applications.
Mortgage brokers vs. going directly to your bank
A mortgage broker can offer you an unbiased view of the whole market, as they do not offer any mortgage products themselves.
Whilst it may be easy and comfortable to visit your own bank, they cannot give you unbiased advice. A bank acting as the lender will always have a vested interest in pushing their mortgage products as they receive commission for doing so. They are not likely to consider if their own interest rates are the best available to you.
What services do mortgage brokers offer?
Whilst some mortgage brokers specialise in certain types of mortgage, most will be able to help you with the full range of mortgages. Whether you’re a first Time Buyer (FTB), looking to remortgage or perhaps self-employed, an authorised and regulated mortgage broker is able to find the best mortgage for you.
In some cases, they can also offer further financial advice, such as for mortgage protection policies and a wide range of other insurance products.
What are the benefits of using a local broker?
As well as having access to the best mortgage deals in the Cirencester, a local broker will have the advantage of local area knowledge. They will have dealt with banks and estate agents in the local area many times, so can offer recommendations on local contacts.
Knowing the Cotswolds area well, they can also help to prepare you for what to expect on property searches. From familiarity with future developments, to council tax bands, local knowledge can be very beneficial to your home buying experience.