Mortgages are some of the largest financial agreements most people make during their lives and should not be entered into lightly.
Given the huge sums of money involved in a mortgage contract and the fact that securing the best deal will affect you for decades to come, many people choose to seek the services of a professional mortgage advisor during the application process.
In fact, over 80% of property sales in the UK are now conducted through mortgage brokers.
Mortgage advisors will help ensure that you are able to meet the complex affordability criteria required to acquire a mortgage, scour the crowded market for the best deal to suit your circumstances, and organise your documents and paperwork to give you the highest possible chance of success.
When should I use a mortgage advisor?
Many people falsely believe that a mortgage broker’s role is limited to finding and applying for a mortgage but seeking the advice of an expert can be advantageous at any stage of your property search.
If you are buying your first home, for example, you may be unsure about how much you will be able to borrow from a mortgage lender and are, therefore, unable to begin your property search in earnest.
Using the same affordability criteria as lenders a mortgage advisor will analyse factors such as deposit size, income, expenditure, and credit score to judge how much you can realistically expect to obtain a mortgage for and still be able to meet your repayment schedule.
Once they have conducted this analysis, they may give you some advice on how to become a more attractive investment for lenders such as paying off any existing debts, improving your credit score through small credit card payments, and increasing your deposit size.
The earlier you start taking these steps, the better, and it is, therefore, recommended that you consult a mortgage advisor as early as possible.
What services do Mortgage Advisors Offer?
Mortgage advisors conduct a range of actions on your behalf that will help reduce the stress of moving house, and ensure you get the best deal possible.
The services that can be provided by mortgage brokers include:
Finding the Best Deal
The first and most important role of any mortgage broker is to find their client the most affordable and suitable mortgage deal for their needs.
To do this they will carefully search through thousands of products offered by lenders and will often be able to find deals that are not available to the general public.
Mortgage advisors will have networks of contacts within the property industry and many of the best rates are reserved for buyers who apply through a respected broker so even if you have the time and energy to attempt a search yourself you will almost always send up paying more in the long term.
Your advisor will also use the same affordability criteria as the lenders themselves when beginning your search to eliminate unsuitable and unrealistic mortgage products and stop you from wasting your time applying for the wrong plans.
Managing your paperwork
Buying a house involves a LOT of paperwork that can be extremely time consuming, especially if you have limited experience.
There is nothing worse than finding your dream home only for a misprint or missing document to lead to a rejected mortgage application.
By letting your broker handle all the admin associated with buying a house you can make sure this doesn’t happen, they will have handled hundreds of applications and will have all your documentation and forms ready to go at a moment’s notice.
General Advice
As their name would suggest, a mortgage advisor paisley is there to help and guide you through finding a mortgage. At any stage of the house buying process, they will be glad to answer any questions you may have which can be especially reassuring for first time buyers.
All mortgage brokers in the UK have a legal duty of care to their clients so you know that any suggestions or advice that you are given is sound and worth listening to.
Get in Touch
At CSR financial we have been providing our customers across the West of Scotland with industry leading mortgage advice for over 30 years.
Based in Paisley, we prove a jargon free approach to mortgage advice, aiming to make a potentially stressful process as smooth and hassle free as possible.
We will use your information to filter through a huge range of over 2000 mortgage products from 40 different lenders meaning that whether you’re looking for your first home, or adding to an existing property portfolio, our experts will be able to find the ideal mortgage solution for your needs.
To speak to a mortgage specialist today contact us by phone on 0141 212 2636, or drop us anemail us at colin@csrfinancial.co.uk.