If you want to climb the ladder of home ownership, you’ll probably need a mortgage – only a privileged few among us actually have the means to buy property without some financial arrangement with a third party (mortgage lender). However, there are many different kinds of mortgages out there, and each mortgage lender will have their own requirements and offers. So which is best for you?
That’s where mortgage brokers come in – and that’s where you can gain invaluable advice on the best deal available for you. So how do you choose the partner that will help you climb the property ladder? Here’s how to choose the ideal mortgage broker for your needs.
Get a ‘whole of market’ deal
Talking to high street mortgage lenders, such as banks or housing societies, will get you plenty of offers – but these offers will be tailored to suit their needs. For these reasons, it’s important you get a ‘whole-of-market’ broker (a broker that is familiar with all the different mortgage deals from various institutions, such as an independent mortgage advisor Bristol offers like Open Vision Finance). Ideally, your mortgage broker has access to all kinds of lenders.
Some lenders may not be amenable when you employ a broker and want to deal with you only – they are the direct-only mortgages. Although brokers understand this, it is not the industry standard, and hence the lending institution should always inform you of this. You’ll want to do some research on this. Even if your lender is direct-only, the advice of your mortgage broker is still invaluable and you may be able to hire your mortgage broker on different terms.
What’s it going to cost you?
Different brokers have different fees. Some may charge you a flat fee, whilst others may charge you a percentage based on the amount you want to borrow. A good broker will be honest and straightforward from the start.
Finding the right one
You should expect the following from your mortgage broker:
He or she should understand your circumstances
He or she should be able to explain everything clearly
He or she should be able to justify his or her recommendations in detail.
When you’re looking for a mortgage broker, you want to be sure you partner with someone who has both the knowledge and the experience to find you the mortgage that’s ideal for you – and you want someone who has your best interests in mind. Make sure you find someone you can talk to; someone who listens to you, understands your needs, and can explain to you the ins and outs of mortgage contracts in a simple and straightforward way. Your future will depend to a large extent on what kind of mortgage you’re able to attain, and hence, on the invaluable advice you can receive.
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