Mortgages can be more complex than they first appear, so it is incredibly valuable to receive advice from a professional on what could possibly be the biggest financial transaction in anybody's lifetime, especially as a property may be the largest asset a person ever has the opportunity to own. The seriousness of this situation must not be underestimated as it has implications for the security and integrity for both the lender and the borrower.
For this reason, it is important to address the question of "how to choose a mortgage broker?" A mortgage broker, or mortgage advisor, has a dual role. One of expert mortgage advice and research and one of sourcing the best product for an individual's needs.
It is crucial, therefore, to choose a qualified, professional mortgage broker who has the best access to mortgage providers and lenders from across the country, who are not tied to one bank, or building society with its more limited choice of mortgage products and who also offers impartial mortgage advice on the whole of the market.
A qualified mortgage broker must be fully licensed to give mortgage advice. Whereas some lenders will have call centres where the people answering the phones may not be qualified at all. Our mortgage brokers at The Mortgage Library are all qualified.
The mortgage advisors that use The Mortgage Library are "on your side" and not tied to a lender. This means they have access to 1000s of products, rather than just the products on a lender's range. This guarantees the client will get the most competitive and suitable product based on individual circumstances.
All lenders and mortgage providers will have certain criteria and eligibility to meet. This can lead to a very time-consuming process which your mortgage broker will enter on your behalf. Those mortgage advisors, however, that use The Mortgage Library will have access to a huge range of products under one roof that may suit all the clients varying needs. Owing to their relationship with lenders, some mortgage brokers can also often access exclusive deals that you may not be offered if you went direct to the provider.
Going directly to a bank or building society does not mean a client will get a better deal as they may get offered the only deal and being "turned down" means a negative entry on a credit report.
The mortgage brokers using The Mortgage Library, know the industry. They are professionals in that area. Eligibility and criteria are constantly changing daily and there are certain rules designed for the borrowers to adhere to. Certain lenders will favour specific scenarios more than others, so your broker will know who will look most favourably at your unique application, helping to ensure there are minimal delays as well as the best chance of success in achieving the mortgage.
By choosing a mortgage broker that has access to The Mortgage Library, a client can also receive a packaged service in which private surveyors and solicitors can be sourced and advice on insurance needs can be given.
Choosing a mortgage broker does not have to be difficult and using the information discussed here, should give a "heads up" as to what to look for to get the best person for the job.
The FCA does not regulate surveyors and solicitors and we act as introducers for them.
