Direct Bank Mortgages Vs Mortgage Advisors for First Time Buyers
Would my bank offer me the best mortgage product available?
Many first-time buyers understandably approach their banks for mortgage advice.
There are more than 100 mortgage lenders in the UK, each with a range of mortgage products and with differing mortgage lending criteria. It is unlikely that the first bank approached will be the bank that will best suit an individual’s unique requirements and situation.
Choosing the right mortgage for you is one of the most important decisions of your life. Therefore, using a professional mortgage adviser makes so much sense.
What if you researched the mortgage market yourself and then approached the lender offering the mortgage deal you want directly?
Even when you do your own independent research and find the best mortgage deal on the market, the process of applying for a mortgage directly with the bank and completing their forms can generally be such a lengthy process that by the time you have managed to get an appointment and gone through the fact-finding and financial assessment process there may then be better deals available with different lenders!
Furthermore, if you are working and trying to also apply for your mortgage this can be time-consuming and can be a stressful experience. Working with an Independent mortgage advisor can make the home-buying process and remortgage process substantially easier.
How do Independent Mortgage Advisors work?
Independent Mortgage advisors are completely impartial and are therefore not part of a specific bank, but they work from a comprehensive panel which is representative of the whole of the market taking into account your individual circumstances to place you with the lender offering you the most competitive deal.
There are so many benefits of using an Independent mortgage advisor, such as:
- They will research the mortgage market for you, knowing also which lender would be most suited to your circumstances. For example, if you have only 1 year of Self-employed Income, a mortgage advisor will know which lender will accommodate this where others will not.
- They work from a comprehensive panel which is representative of the whole of the market.
- They will give you advice on the different types of mortgages and help you decide which type would be best suited to your attitude to risk
- They will generally find a time suited to you – I personally make myself available at the evenings and weekends if this is the most convenient time for the customer to meet
- They will complete the lengthy application forms and deal directly with the lender on your behalf
- They will keep you updated throughout the application process
- They will also generally offer advice on the level of insurances you should ideally have in place once you have your mortgage offer
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE