Using an independent mortgage broker can not only save you time and money but also a huge amount of stress. But how do you find the right mortgage broker for you? May have been introduced by a friend or family member or found them online. But how do you make sure they’re the right fit for you before you instruct them?
We made this list below to help you make sure you find the right mortgage broker for you.
Are you fully independent?
The most important question to ask is if the mortgage broker is independent. If they are not independent, they may only have access to a handful of lenders who may not be the cheapest or be able to help you if you do not meet their criteria. The more lenders the mortgage broker has access to the more likely they are to be able to find you a lender who can approve you and more likely to find the cheapest deal available.
How many lenders do you have access to?
A mortgage adviser can advertise that they are independent if they have access to more than one lender, but the larger the panel of lenders they have. So, a great question to ask how many lenders they have access to on their panel.
Do you advise on bad credit mortgages?
Not all mortgage brokers offer advice on adverse credit cases. This can be due to a number of reasons – either they do not want to work on this type of case because of the extra work required or they simply don’t have access to adverse credit lenders who could help you. If you have adverse credit on your credit file such as defaults, CCJs or bankruptcy you will need to know if the adviser can help you before you instruct them.
Do you have access to exclusive mortgage deals?
If the adviser is part of network, they can often get access to exclusive mortgage deals that aren’t offered to customers directly. Exclusive deals are only available for a short period and carry better interest rates so an adviser with access to these deals can save you a lot of money.
Do you advise on buy to let mortgages?
Just like this adverse credit – not all mortgage advisers offer buy to let mortgage advice because it doesn’t fit their business model or they don’t have access to the lenders.
Do you charge a fee?
Not all mortgage advisers charge a fee, so you need to ask if they do.
How much is your fee and when is it due?
If they do charge a fee you need to ask how much they charge and when you are due to pay it. Depending on when they charge their fee you may need to make adjustments to your budget to accommodate.
Do you have a reviews page?
You may have been referred to a particular mortgage adviser by a friend or family member who had a good experience with that mortgage adviser. But you want to check their reviews page to make sure that most people who have used their service also had a great experience and your friends experience wasn’t a ‘one off’.
Do you specialise in a particular area of mortgages?
Some adviser specialist in a particular area of mortgages such as helping self employed clients or first-time buyers. You want to ask if they have a niche they specialise in and if you fit that niche. If they have little experience in your case type they may not be the best adviser to help you.
Do you offer personal insurance advice?
A mortgage is the biggest financial commitment make and the biggest debt you will ever take out in your life so you need to protect yourself financially to ensure you can pay the mortgage in times of sickness and have your debt cleared in full upon your death so that your family do not inherit your home. Ideally you want a mortgage adviser that can recommend life insurance products to you to protect your income and mortgage, after all they are the ones, you set you up with the debt in the first place.
Do you work with solicitors and surveyors?
When buying a house there a few different professionals you will need support from to make your dream home yours. Before you complete on your purchase you will want to get a full survey on the property to make sure the house is in fit condition for you to live in, this will require a RICS qualified surveyor.
You also need a conveyancer to complete the legal work of making the home yours, by working with a mortgage adviser who works closely with reputable solicitors and surveyors they can recommend you to them to save you looking around. They can also work closely with them to provide updates on your case to put you at ease and hopefully speed up your purchase or remortgage.
Will I have a dedicated adviser throughout the process?
This will vary depending on which advising firm you use, but here at Green & Green you have an allocated mortgage adviser for the life of the relationship with us. Although a house purchase or remortgage is a transaction that you may go through so some firms may pass you from person to person, but we see this as a relationship so you will keep the same adviser for life to build that relationship, and they will know your case inside out.
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