Monday, June 29th, 2015
What Is The True Value Of Great Mortgage Advice? However tempting it might be to consider cutting out the middleman when searching for a new mortgage, a reputable broker could prove invaluable for the following reasons.
Choosing the right mortgage is no longer as simple as just opting for the cheapest rate or lowest payment. Recent changes to lending criteria are often overlooked or not understood by the casual viewer, whereas a good broker will be able to take these details into account when providing specific mortgage advice. These criteria have tightened following a number of regulatory changes, with the main focus now being to ensure that borrowers will still be able to afford any new mortgage in the event of a further significant rate rise and of course, these extra checks have increased application times for high street lenders.
It’s important to have a mortgage broker on your side that understands it all and can provide you with the correct advice. A broker deals with lenders on daily basis and this can help to get an application processed with minimal delays given that they know the background criteria for each lender and can bring this knowledge and experience to bear when advising you and processing your application.
In addition, a mortgage broker will get you access to far more products than you would have to choose from if you went direct to a lender and will always act in your best interests when giving mortgage advice. Although many reputable brokers charge a fee, as you get immediate access to their vast knowledge, experience and advice, this approach can pay for itself many times over.
Some examples of where a mortgage broker such as Caboodle Finance can help are:
For The Self Employed – Each mortgage lender will assess income for self-employed people in different ways and a broker will know what calculations each lender uses. For example some lenders use salary and dividends for Limited Company Directors and others use net profit.
Income Sources – The broker will also have a good knowledge of which lenders accept additional incomes such as bonuses, commission, benefits, maintenance & allowances. These can have a huge bearing on the application and any affordability calculations.
Credit Reports – A broker will usually suggest obtaining a copy of your credit report so they can see if there is anything that may affect a lenders decision. Late payments, disputes and defaults on things like mobile phone accounts and utilities are not uncommon these days and brokers will know how to handle them. Alongside their mortgage advice, they can also give you some tips on how to improve your credit score.
Buy To Let Mortgages – A broker will have an understanding of the different rental calculations that may be applied by each lender, and will also need to take into account the size of any existing portfolio, as well as personal income and home ownership status. So, does that sound like the sort of bespoke mortgage advisory service you’ve been looking for?
Call Caboodle Finance of Sutton Coldfield, Birmingham today on 0121 308 9114 or alternatively just click HERE to find out more.
Caboodle Financial Services Ltd
Mere Green House
46-48 Mere Green Road
West Midlands B75 5BT
Telephone: 0121 308 9114