Save Time and Money: Why Hiring a Mortgage Advisor is a Smart Move

Apr 28, 2024 | 0 comments

Whether you’re a first-time buyer, you’re looking to enter the buy-to-let market, or it’s time to remortgage your property and you’re looking for some guidance, hiring a mortgage advisor can make what can be an overwhelming process much simpler. Let’s take a look at some of the main advantages to working with a mortgage advisor.

 Obtain Expert Advice and Guidance

Although it’s generally a good idea to do a little bit of research on the types of mortgages that are available and current interest rates ahead of your first meeting with your mortgage advisor, they are ultimately there to guide your decision making process and make what could be a challenging process as straightforward as possible. So, if you don’t know very much about mortgages, don’t panic because reputable mortgage advisors are equipped with all the information you’ll need throughout the process.

As well as guiding you towards lenders with excellent reputations, mortgage advisors also know which lenders have less-than-ideal payment terms and conditions that you should stay away from. Your advisor will also explain the different types of mortgages and deals currently available, look at your finances to advise how much you can reasonably expect to borrow, and tailor their guidance based on your circumstances and long-term financial objectives.

 Secure the Best Possible Deal

Independent mortgage advisors aren’t tied to a single lender so they have access to a variety of different lenders and products which, in turn, offers you more options and an extra bargaining tool when it comes to negotiating the best price. With that in mind however, mortgage advisors often have relationships with particular lenders and the ability to contact them directly, which means they may be able to help you to secure a deal with a lower rate than you would be able to obtain yourself.

Additionally, mortgage advisors may be in the position to encourage lenders to waive one or more of the fees that generally apply when purchasing a mortgage, which may include arrangement, booking and valuation fees. This could save you significant sums in comparison with a DIY approach.

 Speed Up the Process and Save Valuable Time

Finding the right mortgage for your circumstances isn’t an easy task, particularly as there are numerous lenders out there to explore. Mortgage advisors maintain open channels of communication with a range of lenders, including both recognisable high street names and smaller, highly reputable lenders you may not have heard of before. Mortgage advisors also understand how to work around the schedules of even their busiest clients, ensuring that the application process proceeds as smoothly as possible. So, essentially, they’ll put in the leg work on your behalf, expertly completing paperwork, chasing lenders for updates on your application, and generally making sure that progress is being handled as efficiently as possible.

 Increase Your Chances of Approval

Obtaining approval from lenders isn’t always an easy process, particularly if you have a few blemishes on your credit history, you are self-employed or you are viewed as a high-risk borrower. Working with a mortgage advisor can improve your chances of securing approval, as they have a comprehensive understanding of the specific criteria that each lender uses when determining whether to approve or reject an application.