Whether it is your first home, or you are moving up or down the property ladder, when it comes to getting a mortgage is it better to head to your high street bank or use a local mortgage broker? 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 look at a range of different products and offer specialist knowledge of the local 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 and what do they do?
A mortgage broker acts as the middleman between you and potential lenders. They are independent, so will offer unbiased advice based on your personal circumstances. This then 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 are never mis sold.
By taking the time to get to know you, your circumstances and your hopes for the future, they can also 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.
What are the benefits of using a local mortgage broker?
Although a simple online search will throw up hundreds of mortgage brokers, it actually makes more sense to choose someone who is based locally to you.
There are many reasons to choose a local mortgage broker:
- 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.
- 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 local mortgage broker will have access to the best deals and even exclusive rates, so 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. A local mortgage broker can also offer invaluable market insights into the local 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 and Waterlooville. As we are familiar with the local property market in these search areas, we have built up a strong connection of contacts (such as local estate agents and solicitors) who can assist you on your property journey.
YesCanDo Money – your expert local mortgage provider
One of the biggest barriers that people have to using a local mortgage broker are the fees they assume are associated with them. Afterall, 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.
Based in Havant, we are perfectly placed to provide local 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 buying 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 thousand 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 local insight we can assist you in finding the best mortgage that is right for you.