While it is possible to get a mortgage without the help of a broker, there are many benefits of seeking the advice of such a professional. Although tempting to go it alone or just going to your bank and settling for whatever they offer you, spending time and money on a broker could well save you both in the long run.
The first benefit of seeking the advice of a mortgage broker is that they you are protected if you use their services as they have a duty of care to you to ensure that you end up with a suitable mortgage. If any complaint arises, they have to be able to justify why that particular mortgage is right got you and if their advice wasn’t as good as it needed to be, you can get compensation. Although you should have some protection by going direct to a bank, and they do have to ensure affordability, there is less protection for you compared to going with a broker.
A mortgage broker will also be up to date with all of the latest changes to the industry, the most notable change being the Mortgage Market Review. This was a major change to the industry and ensures that borrowers are able to afford the mortgage even if the interest rates increase. This means that more proof is generally needed in order to be accepted for a mortgage and can mean it takes longer to come through. A broker will be able to provide advice on this and, because they are up to date with all the information, they are well placed to know the best mortgages for you to go for.
Another major advantage of using a broker is that they are fully qualified to give you the best advice which differs to if you go to your bank as you may find they aren’t as qualified and well placed to ensure the deal is the best one possible for you. Getting independent, unbiased, advice will also mean that the broker is on your side. They want you to get the best deal and work to ensure that they secure the best one for you and your situation.
If all of those reasons weren’t enough, getting independent advice will lead to much more than getting the best possible mortgage. A broker will also look at life insurance, payment protection and even buildings and contents insurance to ensure that they are suitable. They will also make recommendations based on your mortgage about suitable insurance to cover you in case of serious illness (cancer, heart attack or stroke etc.), redundancy and even death to ensure that your family has suitable protection.
If you’re looking for a mortgage and are finding it a large minefield, don’t hesitate to get in contact with AMG Mortgages today and see how they are able to help you get the best deal and rate possible.