The mortgage market is a highly competitive and crowded space. Getting your mortgage through a Mortgage Broker in London can help you get the best deal for your needs. The benefits of getting your mortgage through a broker can be manifold. They include getting multiple quotes from different lenders, pre-approval before applying for loans, and helping with the complicated process of buying or selling property. Businesses that provide brokerage services to help individuals buy, sell or avoid foreclosure.
Unsurprisingly, borrowers are turning to professionally qualified intermediaries for advice on their borrowing requirements. If you are looking for a high-value mortgage, it makes sense to speak to an expert rather than applying online or by telephone, where you’re unlikely to benefit from independent, bespoke advice.
Technology firms have released data showing that brokers are responsible for arranging six out of ten mortgages in the UK as opposed to the one in five that are arranged through a lender or branch network. Using a broker has many benefits and it is proven that they are most likely to succeed in getting the application offered and completed. London Mortgage Advice Ltd understand from research done by others that 75 percent of all mortgage applications arranged through an intermediary went to offer. And, even more impressively, 85 percent of the mortgages provided via a broker went through to completion.
London Mortgage Advice Ltd understands also that 27% of bank mortgages and less than one-fifth (15 percent) of mortgages arranged by mutual are currently sold through their branch networks.
The research also found a clear difference between banks and building societies as to where their mortgages come from. Mutual were found to lean more heavily on the intermediary market with three-quarters of their mortgages being arranged via a broker. In contrast, just 35 percent of bank mortgages were arranged through a national or London mortgage advisor.
Further benefits of using a broker are the swiftness with which things get done. On average, just under one-fifth (18 percent) of mortgage offers were produced within five days, with banks higher at nearly one-third (30 percent) and mutual lower, at just over one in 10 (12 percent). Around three-quarters of mortgage offers (73 percent) were issued within 14 days.
Lenders, applicants and intermediaries see time to offer as the key measure of efficiency and customer service. It will be extremely interesting to see what changes are implemented over the next 12 months and the impact these have on mortgage efficiency.
Not only will the offer itself be provided swiftly, but dealing with experts means that you will know pretty promptly what is and isn’t possible and they know who to go to for what product. The relationship they have built up over time with lenders ensures that you get the best possible deal that perhaps another broker/individual would not be offered. Time and efficiency are key to high net worths’ who are usually cash-rich and time-poor.
As well as providing bespoke large mortgage advice, an intermediary can also deal with the paperwork involved in the process. If you want to avoid applying for a mortgage, you should certainly consider speaking to a mortgage broker in London.