Whether it is your first home, or you are moving up or down the property ladder when it comes to getting a mortgage, where is best to go? Is it better to head to your high street bank or use a mortgage broker that’s near you? As one of the biggest financial decisions you may ever have to make, it is important that you get it right!
A local mortgage broker can research a range of different products and offer specialist knowledge of the market. They are independent, so not reliant on specific lenders and can make impartial recommendations on what mortgage is best for you.
What is a mortgage broker?
A mortgage broker acts as the middleman between you and potential lenders. They are independent, so they will offer unbiased advice based on your personal circumstances. When you use a broker it allows you to choose from a range of different mortgages and rates, rather than being restricted to a few products from the same lender (such as a bank).
A mortgage broker has a legal duty of care to not only find the best deals for you but to ensure that you fully understand the intricacies. They are qualified, licensed and regulated to not only understand the complexities surrounding different products and lenders but to ensure that you get a mortgage that is best for you.
A broker will take the time to get to know you, your circumstances and your hopes for the future. They can then provide independent advice on a range of related financial products such as life insurance, critical illness plans, payment protection, and even buildings or contents cover. Use a highly rated broker and you will save lots of money by achieving the best available rate for you.
Table of Contents
What will mortgage brokers near me be able to do?
Initially, your broker will search the mortgage market to find you the very best rates and mortgage deals. A broker will be able to filter through hundreds of different banks and building societies and about 14,000 different mortgage deals available they will find the right mortgage for you. This will be the one with the best mortgage interest rate and also the lender offering the best incentives to attack you as a new customer.
Once the whole mortgage market including exclusive deals has been searched and you have the best deal the mortgage broker will submit the mortgage application to the lender. The mortgage broker will then see your application through to completion communicating with your solicitor and estate agent. as well as your mortgage lender.
What are the benefits of using a mortgage brokers near me?
Although a simple online search will throw up hundreds of mortgage brokers, it actually makes more sense to choose someone who is based near to you.
Why is it best to use mortgage brokers near me?
- Face to face meetings. When it comes to making such big life-changing decisions, it is always better to discuss matters face to face. Afterall there is nothing worse than toing and froing on email, sitting on hold or waiting for someone to return your call. Face to face in the same room is great but not always possible however Face to Face video calls are just as good.
- Estate Agent. Brokers will have built good relationships with estate agents in the area. This will help your purchase run smoother.
- Solicitors. An important part of any purchase is your solicitor. Again, using brokers and having a mortgage adviser or consultant will help for a smoother purchase.
- Time and cost-effective. Good things to come to those who wait, unless of course, you are worried that your dream house might slip through your fingertips! If you want to get the ball rolling quicker, why not let someone else trawl through mortgage rates and fill in forms for you? A good broker will have access to the best deals and even exclusive rates, so it could save you time and money in the long run.
- A wider choice of lenders. Most mortgage brokers, such as YesCanDo Money, have access to the ‘whole market’ which allows them to offer a greater choice of rates and products from a variety of lenders. This is something that those who are affiliated (such as banks) are unable to provide.
- Your best “interests” at heart. You can rest easy, safe in the knowledge that you will receive impartial advice from a qualified professional who is licensed and registered to trade with the Financial Services Authority.
But it’s not all about the products and services they offer. Mortgage brokers can also offer invaluable market insights into the surrounding landscape, market conditions, lending risks and opportunities, and can provide information that could prove helpful to your situation.
For example, although we are based in Havant, at YesCanDo Money we are able to offer impartial advice to those in neighbouring areas such as Portsmouth, Waterlooville and Gosport. As we are familiar with the property market in these search areas, we have built up a strong connection of contacts (such as estate agents and solicitors) who can assist you on your property journey. Sometimes legal chat (we call it L C) can be overwhelming, especially when you are focusing on the figures. This is why we aim to be the middle man explaining everything in a way that is easy to understand.
Why using an independent whole of market broker is a good idea
If you go to just the one mortgage provider, for example, your bank you will only get what that bank can offer you. Therefore if you want a good deal you have no choice but to see the rates and offered by all mortgage lenders. You may be able to offer you a mortgage it may be able to offer you a reasonable rate however it is very unlikely that they will get a mortgage that offers the best rate and incentives. To get the best rate you need to search the whole of market.
Does it make sense to stay with your existing mortgage lender?
With over 14,000 mortgage deals there is little chance of your existing bank or building society having the very best rate for you! Your current lender will rely on you being lazy and settling for the new interest rate that they are offering. It is not hard to switch lender as mortgage brokers will contact all the lenders and do the hard work on your behalf!
Moving to another lender?
Moving away from your current lender over to another lender is very easy. Don’t be put off as it is most definitely far easier than you would think! The money you can save from moving lenders can be quite eye-watering monthly. When you then multiply these monthly savings over mortgage term the saving can be considerable. Lenders rely on you taking the easy route and staying with them. The lenders will offer you a deal that looks good but could cost you a small fortune if you choose to take the deal and stay with them rather than switching lenders.
YesCanDo Money – your expert mortgage provider
One of the biggest barriers that people have to use a mortgage broker is the fees they assume are associated with them. After all, moving is expensive enough without having to pay out for advice. At YesCanDo Money, however, we offer No Fee Mortgages allowing you to enjoy a personal touch without being charged a penny.
Our brokers are based in Havant and are perfectly placed to provide mortgage advice to those living or looking for property in Hayling Island, Portsmouth, and Waterlooville. We have a range of independent mortgage and protection advisors who can help with everything from first time purchases to help to buy and buy to let.
At YesCanDo Money we offer mortgage advice both inhouse, on the telephone and face-to-face. And, with access to thousands of different products, rates, and lenders, we guarantee that we’ll have a mortgage to suit.
We know that buying your own home can often feel daunting, but with our extensive knowledge and our insight, we can assist you in finding the best mortgage that is right for you.
We are brokers that use modern technology to communicate with our customers. We use online tools such as WhatsApp and video calls like Zoom, FaceTime and Skype.
We want you to be able to say – I used the best mortgage broker near me!
Are mortgage brokers regulated?
Yes, mortgage brokers are authorised and regulated by the financial conduct authority (FCA).