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Why use a mortgage broker?

Finding the right deal for your mortgage is vital. This is a huge financial commitment and every month you will be paying out a significant sum of your income. Finding a good deal can also be complicated, as there are so many lenders on the market and so many variations in a person’s personal circumstances.

That’s why a professional mortgage broker could help you to get the right deal available to you and also to help you access mortgages that you previously thought were not attainable.

Here’s why you should consider using a mortgage broker:

  1. FCA Accredited: Brokers need to be accredited to give advice, working under statutory regulation by the Financial Conduct Authority. This means that they have extensive expertise in the industry and also will not look to offer you products for their own gain.
  2. Products exclusive to brokers: Brokers can access mortgages that may not be available on the high street. This offers a much wider spectrum of deals to the customer that they would otherwise be unable to obtain on the high street.
  3. Intrinsic market knowledge: A mortgage broker has an extensive market knowledge and will know which lenders are likely to reject your application. They also understand that some mortgages need to be turned around quickly and so will bear this in mind when proposing deals to the customer.
  4. Removing the stress: Mortgage brokers remove the stress from the process. They’ll help you to fill out forms, do the chasing and look to complete the process as quickly as possible. They will keep in touch with the estate agent and solicitors if required.
  5. Specific circumstances: Not every person has a steady monthly income or a spotless credit history. Mortgage brokers will be able to work with you, whatever your circumstances.
  6. Flexibility: Mortgage brokers can be contacted at most times of the day….and will often respond! Unlike high street banks and building societies, there are no real ‘set’ hours of work. If something needs doing to help a customer, then it is invariably done.
  7. Additional services: Mortgage brokers often offer the full package to help your house buying process go through smoothly. With Faulkner Powell, this means help to find insurance and protection for your property.
  8. Loyalty: Mortgage brokers rely on a good reputation in order to increase their customers. That’s why they work in the best interests of the customer as they want to be recommended to family and friends, as well as repeat business.

    If you would like to make use of a friendly, approachable mortgage broker, contact Faulkner Powell Mortgages today.

Your home may be repossessed if you do not keep up repayments on your mortgage

How to source the best broker

Finding a trustworthy mortgage broker is important. Here are some tips for finding a reliable mortgage broker:

1. Check they are qualified

A mortgage broker should be properly qualified and registered. In the UK, mortgage brokers are required by law to be registered by the Financial Conduct Authority (FCA), in order to be authorised to give mortgage advice. If they are not, then they should not be trusted. Most lenders insist this requirement and so you are unlikely to get the best available deals.

2. Compare fees

It is a good idea to see how brokers will take their final fee. Some will look for an upfront payment, but many others will only be paid once a mortgage is agreed, or their fee will be added on to the cost of the mortgage or more commonly brokers are paid a fee by the lender on completion of the mortgage. Choose a method that suits your financial situation best.

3. Compare services

It’s a good idea to compare the services that mortgage brokers can provide. Some work predominantly online but many prefer to work in face to face meetings or by phone, to offer a personal service.  Think about what works best for you and look for a mortgage broker that suits your needs.

4. Read reviews

Often, the best form of review is by word of mouth by friend or family, but there are other avenues. Some mortgage brokers will have reviews on their website, but you can also read what people have to say on their social media platforms such as Facebook. Do enough research as some reviews may be from friends or even competitors.

5. Availability

Mortgages often need to be in place quickly and failure to act could see the property fall through. You should look for a broker who is flexible to your needs. That doesn’t mean that you should be able to contact them at 3am but some flexibility on weekend contact or evenings may be more suited to your lifestyle.

6. Trust your instinct

Once you have compared mortgage brokers, it’s time to trust your instincts. Do you feel you can trust the mortgage broker to deliver for you? You must feel comfortable that they will deliver on their promises.

Finding a trustworthy mortgage broker can make the house buying process a relatively pleasant experience. It’s important to be comfortable with a provider.

If you’re looking for family friendly advice, from a trustworthy mortgage broker, speak to Faulkner Powell Mortgages today.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Have you found your perfect house?

Choosing your next property is a huge decision. This could be your ‘forever home’ and it’s obviously a decision that you are likely to ponder for some time. But how do you know when you’ve found your perfect house? Here’s a few ways to help you work out if the property you’re viewing is the one for you.

Does it meet your needs?

Have a clear idea of your exact needs before looking for a house.  There will be some fundamental basic requirements that every person will have. Whether that’s the amount of bedrooms required, a large garden, close to transport links or a school. If it doesn’t meet the basic needs and criteria that you set out then it isn’t the home for you.

Can you afford it?

Properties are expensive. You should have a budget in mind…speak to your mortgage broker to find out realistically what mortgage you can obtain before proceeding further. There’s no point looking at properties that you can’t afford and that could put you into financial difficulty.

Can you see yourself living there?

Sometimes you get a feel for a property but in practical terms, can you see yourself living there? Does the layout fit with your needs? Would it be suitable for children or pets? Is the kitchen bug enough? Do you need more than one bathroom? If it doesn’t feel right then it probably isn’t.

Are you talking about a property all the time?

Are you already thinking about what you would do to a property? Have you imagined the life you would lead in this property and sharing it with family and friends? That’s a good sign that you have already mentally ‘moved in’.

You can’t find an alternative

If you feel like your favoured property is way and above others you have seen and you are just comparing for the sake of it, then you have probably found your dream home.

Do you keep visiting?

If you keep driving by your favoured property or you can’t stop viewing it on the Internet then it is probably time to make an offer!

If you have found your dream home or you would like to know how much you can afford, contact Faulkner Powell mortgages to find out more.

Your home may be repossessed if you do not keep up repayments on your mortgage