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When you begin the process of buying a home, you will inevitably face the question of who to turn to with your mortgage needs. Finding a lender and securing the loan is a complicated process, and a broker is the person who acts on your behalf in your best interests throughout the entire thing. Therefore, this is not a decision you can afford to get wrong, and here are some big things to look for before you get the ball rolling.
Assess Your Finances
If you haven’t already, sitting down with your finances and creating a clear idea of where you stand is long overdue. You must know the exact amount of household income you have so that affordability can be calculated and also get to know your credit file. This will lead you to the right service. For example, people with a bad credit history that features CCJs or recent defaults will struggle to secure a lender, so they will require a broker who knows how to navigate this on their behalf.
If you are buying a house in Bristol, it makes sense to enquire with a local provider, for instance, The Mortgage Company. For mortgage advice Bristol residents can and should favour a service that knows the area to answer important questions like ‘how much can I borrow in Bristol’? This should help you secure a tailored approach that is informed with relevant insight into the Bristol mortgages market.
Check the Selection
Some mortgage brokers opt for a niche service that only assesses certain select products from the wider market. However, this is not always a good thing because it means you are missing out on potentially better rates and general options that could make the difference between being accepted or rejected. Stick with the companies that advertise more options at their disposal and this will improve your chances.
Observe the Fees
Every broker has their own policy when it comes to the amount of fees they will charge you. This figure can range from £200 to over £500 in some cases, and it is up to you as to what you can comfortably afford. This is a crucial decision and will influence your choice because some people just can’t foot the bill for a really expensive service. It is also important to ask what is included in the mortgage fee and when it needs to be settled by so there are surprises along the way. Some brokers charge a percentage fee and others have an upfront cost model instead.
Finally, always take a look at what previous clients have to say. This is a great place to uncover any negative feedback that may be useful in terms of having all of the information you need to proceed. It could also show you that the broker is one to trust and treats its clients well, which would be incredibly advantageous.
Searching for the right mortgage broker means investing time into the process. You may not find the perfect fit on the first try, but that is why you must keep going!