The wrong choice of mortgage could lose you many £s;1000s over the years, so it is important to ensure you always achieve the best deal which is matched to your unique circumstances. This is done by researching who can give you the most choice of mortgage products and it is not always a traditional Bank or Building Society.
A bank can only provide products from their own internal range, whereas an impartial Mortgage Broker can access thousands of products from across the whole of the market. This is where brokers have a huge advantage over lenders and could result in saving you a lot of money and time.
The benefits of using mortgage brokers who use The Mortgage Library are significant because using a library of products as well as mortgage advisors that explain them to you, means that your individual needs are catered for.
These mortgage brokers can guarantee a call back on the same day and even give the option of face to face support or over the phone, whichever is most suitable. On the other hand, it is common to have to wait 2-3 weeks to see a mortgage advisor in a bank.
With the choice offered by a mortgage advisor through The Mortgage Library, it is possible to find advantageous interest rates as well as low fees. Our brokers often have access to ‘special offers’ that only they can use.
A bank is often limited to one set of criteria, which can make it less likely for them to approve your application first time round. To avoid this, mortgage brokers have access to a comprehensive range of providers at The Mortgage Library, allowing a more flexible and time-efficient approach to lending. They have the industry knowledge and relationships with banks to ensure they have a full understanding of their criteria.
With restricted hours used by banks and low usage of mobiles, they can be hard to contact. You may even find yourself speaking to someone who is unqualified based in a call centre. Our mortgage brokers provide a ‘hand-holding’ service from the beginning, with impartial mortgage advice, to the end, the mortgage product. Providing support 24 hours a day, 7 days a week.
The way a mortgage application is processed can affect your credit score because hard searches on your credit record get noted and if you cannot then meet a lender’s criteria, you may find yourself with a bad credit rating.
This can potentially be avoided by using our mortgage brokers who would start off by assessing your credit report and give you advice without affecting your score. They also have access to specific lenders who specialise in helping those who have been declined by high street lending. It cannot be underestimated how important this advice is.
Banks and Building Societies were most useful when they rewarded the loyalty of ‘savers’ with a mortgage. Indeed, if you did not save money with them, you did not get a mortgage.
Loyalty is not key with Banks today and products and service are now more limited.
The best mortgage brokers who have access to The Mortgage Library, can and will offer the best service, plus we have a comprehensive range of mortgages products, as well as the best choice of mortgages.