If you’re in the process of buying your first home, likely the one thing which it all rests upon (assuming you’ve already saved up a large enough deposit) is whether or not you can get accepted for a mortgage. Of course, whilst there’s technically no reason why you can’t find a mortgage yourself and apply, there’s a whole host of reasons why you should leave it to a professional and use the services of a mortgage broker.
Many first time buyers assume, however, that this will cost a small fortune and stay as far away as possible. This generally isn’t, in reality, the case and we’ve teamed up with Leeds mortgage brokers, Search Mortgage Solutions, to take a look at why first time buyers should always use a mortgage broker to see themselves secure the very best deal on their mortgage.
You’ll Often Find Fee Free Mortgage Advice
You’ll generally find that you’re able to receive completely fee free mortgage advice from a number of brokers which means you won’t need to pay a penny. This, to first time buyers should be the main attraction, given that every penny towards a deposit counts. Many mortgage brokers will receive their fee in the form of a referral fee from a lender and, as such, are able to offer their services free of charge to borrowers.
This, of course, means that you’re able to seek professional advice at absolutely no cost to yourself whilst still reaping all the benefits of it. By brokers offering their services in this way, it opens them up to a wider section of the market ensuring all parties benefit.
You’ll Receive Professional Advice
One of the hardest things when trying to arrange your own mortgage is knowing what works best. Understanding the difference, say, between a fixed-rate and a tracker mortgage can be difficult if you’re not familiar with the concepts and understanding in too much depth isn’t always necessary.
Of course, by using the services of a mortgage broker, you’ll be in a position to ensure you’re taking out the right type of mortgage based on your financial circumstances both now and moving forwards without needing to worry too much about the different options.
You’re simply letting your mortgage broker find the right mortgage for you using their in-depth knowledge and experience and presenting you with the options. Whilst the final mortgage is ultimately your call, they’re there to advise you on which best meets your needs and requirements.
You Could Receive Better Rates
Many mortgage brokers have access to exclusive rates from lenders which going direct would never see you getting. This again is one of the main benefits and when you consider that you could see yourself saving money (by getting a lower mortgage rate) without needing to spend a penny on advice, surely it’s a win-win situation? Even a small reduction in interest rates could see you save a small fortune both in monthly repayments and over the entire term of the mortgage and, as such, it’s suggested you speak with a broker and see what they’re able to offer.
Above all else, in many cases using the services of a mortgage broker sees you with absolutely nothing to lose yet so much to gain and, as such, is strongly advised for all first time buyers! Be careful, however, to ensure that your chosen broker is independent!