HOW AN INDEPENDENT MORTGAGE BROKER CAN HELP YOU


With a wide variety of mortgage comparison websites available on the internet, those who are looking to buy property would be forgiven for assuming that a mortgage broker is a luxury that can be disregarded with without any major loss. The comparison websites, after all, claim to carry out an extensive search of the mortgage market, giving their users a list of the most competitive rates available for any given mortgage type at any given time.

However, such claims are, almost three quarters of all mortgage applications are submitted through an intermediary, and this figure is expected to continue to rise steadily over the years. Why, are there then so many borrowers choosing the help of a mortgage adviser when searching the property market?

Avoid rejections – rate comparison websites do, in some cases, give users a list of the lowest rates available on the market currently, they do not provide users with a list of the rates for which they could be eligible. This is important as lenders have a distinctive set of requirements that must be satisfied by the mortgage applicant in order for a mortgage loan to be accepted. These requirements include age, residency, passport, occupation, income amount, other mortgages and income source – with nothing to say nothing about the actual property in question. If the borrower does not meet these requirements, their application will be rejected, and then the record of this rejection will be left on their credit report. The more rejections a borrower has on their credit report, the harder it will be for them to get a mortgage.

Mortgage brokers are well versed in the unique criteria and requirements of each lender and are therefore able to cater their product recommendations based on such considerations. This means that the likelihood of a mortgage rejection shrinks considerably when applications are submitted via a mortgage broker.

Reduce stress – a good mortgage broker will tirelessly work behind the scenes to make sure that you are free from all stress. Having overseen thousands of mortgage applications before, they would be able to pre-empt most issues before they even arrive, taking away all complications from the process. If unavoidable problems do arise, they would then know what to do to deal such and how to avert any future issues.

Save Money – although comparison sites give users with a list of the best deals they currently have available on the market, a mortgage broker will be able to give you with the best deal on the market for which you are eligible for. Many lenders will offer a product that are only available through intermediaries – such products will not be available through web comparison sites. A good mortgage broker will have working good relationships with specialist lenders who can, in certain situations, be able to give borrowers a bespoke product that they would not be able to arrange themselves.

Knowledge of Specialist Lender Market – most of our clients come to us after they have been rejected for a mortgage by a high-street bank. Therefore, frequently have little or no hope a mortgage being offered, then to find that there are a lots of lenders who are willing to offer them a competitive deal. This is because most mainstream lenders often have extremely rigid requirement that severely restrict the kind of borrower. They might, for example, reject applicants for just being self-employed, or the fact that they only have one year worth of company accounts. There are a whole range of specialist lenders, who are very often willing and able to lend to such individuals; Azembel Mortgages has a positive working relationships with in order to obtain the best terms for their clients.

If you would like to speak to one of our expert mortgage advisers, you can get in touch by calling us on 0208 191 0007 or by emailing us at info@azembel.com