Mortgage brokers are professionals who help people find the best mortgage options. They can provide valuable advice and they know what lenders want. This is a great option for people who don’t have the time or experience to get through the process on their own.
Why use a Mortgage Broker Birmingham?
At London Mortgage Advice Ltd, we feel that there are several advantages to working with a Mortgage Broker in Birmingham rather than going straight. Of course, that is our view!
There are several advantages to switching elsewhere. Therefore it is worthwhile to investigate your mortgage choices. Thankfully, most people will opt to speak with a Mortgage Broker in Birmingham. In this blog, we will examine both routes’ pros and cons.
Going Direct in Birmingham vs Mortgage Broker in Birmingham
The first advantage of using a Birmingham Mortgage Broker is that, while most main street banks may be addressed directly, not all mortgage lenders can.
This means that speaking with a Mortgage Broker in Birmingham will help you get the best price across all lenders on our panel, while a mortgage lender may still have some specials you cannot receive by going to a mortgage broker.
An experienced Birmingham Mortgage Broker normally charges a fee, but this may be different when dealing straight. We can assist you in recommending additional services that you may require at a far lower cost than you could find through a lender.
Previously, individuals might argue that “the bank manager understands my finances through and out,” but this was no longer the case when credit scoring was implemented.
Going direct may be a quick and easy procedure if you know what you’re doing and what you’re looking for. On the other hand, if you don’t know what you’re doing, you can jeopardize your chances of ever getting a mortgage since you won’t meet all of the lender’s requirements.
A reputable Birmingham Mortgage Broker will be able to go over the various lenders’ mortgage criteria and match you with the best mortgage deal. We constantly strive to give the best advice the first time.
Mortgage Advice Past vs Present
Mortgage counsellors from high street banks used to approve you for a mortgage regardless of your circumstances. You would receive no Mortgage Advice in Birmingham or consumer protection.
The government outlawed this practice in 2014. Only experienced Mortgage Advisors in Birmingham may now offer expert Mortgage Advice in Birmingham to consumers and make product recommendations.
The main disadvantage is that you must speak with certain people at a bank, which might take months.
As a result, the use of a Mortgage Broker in Birmingham has grown in popularity.
As a firm, we provide numerous time slots seven days a week, allowing you to choose a time that suits you rather than months in advance!
If you book your free initial mortgage appointment early, you may be able to talk with one of our Birmingham Mortgage Advisors the same day.
Modern Day Challenges
Nowadays, the most difficult element of the mortgage procedure is matching up against the requirements of the appropriate mortgage lenders.
It is also important to remember that packages with the lowest rates sometimes include higher setup costs.
You may have found an outstanding offer only to discover that you must first pass affordability tests to be qualified for that deal in the first place.
We can identify the best acceptable offers for you with the assistance of a Mortgage Broker in Birmingham.
Newer Regulations
Mortgage applications may be more complex than they once were, partly due to the rules enacted in the aftermath of the 2008 economic crunch.
This is not always bad, as it reduces the likelihood of someone falling behind on their payments, something both consumers and mortgage lenders do not want to happen.
There are still many instances that may give applicants problems, some of which a Mortgage Broker in Birmingham may be able to assist with.
- You have a bad credit record.
- You make a living as a self-employed person.
- There is a mixed deposit source, i.e. Gifted & Savings.
- Opting for Let to Buy. Renting your current home to buy another.
- Being a contractor or working under a zero-hours contract.
- You might need help to meet the affordability requirements.
Lending Criteria
As an experienced Birmingham Mortgage Broker, we have witnessed mortgage lenders demonstrate their competitive prowess by attempting to give lower interest rates than their competitors.
Because of regulatory changes, the other distinction between these lenders is their mortgage lending requirements and whether or not the consumer can match up with them.
Some mortgage lenders may provide more options for self-employed candidates than others, whilst others may not but will be more liberal with things like bad credit mortgages.
Still need more convincing?
Our professional mortgage advisors in Birmingham will constantly keep you updated, with availability from early to late every day of the week and prompt responses.
With our services as a Mortgage Broker in Birmingham, people are so busy nowadays. It is often easier to use a professional service to take the stress off your shoulders.
This is especially beneficial for professional applicants dealing with customers of their own who do not have the time to run through their process themselves.
Book Your Free Mortgage Appointment
If you would like to go direct, that’s fine, but whether a customer is a First Time Buyer in Birmingham, Self Employed in Birmingham, or looking to Remortgage in Birmingham, they prefer to enlist the services of an expert Mortgage Broker in Birmingham.
Book your free mortgage appointment today with our Mortgage Broker in Birmingham and our Mortgage Advisors in Birmingham will see how we can help you along your mortgage journey.