Mortgage Advice – Broker or Direct Lender?

Mortgage Advice – Broker or Direct Lender?

Getting a mortgage is one of the biggest financial decisions you will make, so it is important to get this right. We believe that the advice from the mortgage broker outweighs that from the direct lender.

Here’s why: The broker has an unrestricted range of the whole mortgage market, whereas a direct lender is simply that; they just deal in their own product. A mortgage broker specialises in finding lenders who will meet your needs for a mortgage. They will only recommend mortgages that are most relevant to your requirements and will have an intimate knowledge of which lenders are most likely to accept your mortgage application. A direct lender will have their own specific set of criteria and any one of these could see your mortgage application rejected i.e. lender doesn’t accept properties with an unusual construction type, will not accept settled County Court Judgement's (CCJ's) or takes a more conservative approach to self-employed income or to those who are still in a probationary period at work.

They will also be able to access more mortgage deals than are available directly to the public. This is because there are mortgage lenders who only lend through mortgage brokers and many lenders who create exclusive mortgages only available through a mortgage broker.

Mortgage brokers remove a lot of the paperwork and hassle of getting a mortgage.

A broker must be qualified to give mortgage advice.

A mortgage broker won’t just advise on your mortgage. They have a duty of care to advise on any related life assurance, income protection or even buildings and contents cover. They will recommend insurance based on your circumstances, post mortgage, to make sure that you are fully protected in the event of:

  • Death
  • Critical illness (such as cancer, heart attack, stroke, etc)
  • Income protection, should you suffer an accident or illness that prevents you from working.

We understand that the mortgage process can be stressful, our fully qualified and experienced staff eliminate a great deal of administrative work away from you. You can book your free initial consultation appointment with us today.

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