Why Should I Use a Mortgage Broker in Manchester?
Mortgage Broker in Manchester | Mortgage Broker Advantages
The benefits of using a Mortgage Broker in Manchester
In our opinion, there are a lot more positives when going with a Mortgage Broker in Manchester than there are if you went straight to a Mortgage Lender. This doesn’t mean you can’t or shouldn’t go direct, they’re readily available online or in a branch.
That being said, it’s still worth exploring your options. We find that most people use a Mortgage Broker in Manchester, however, in this article, we’ll explain the pros and cons of both paths.
A Mortgage Broker like us will likely charge a broker fee on top of the other costs, whereas the Mortgage Lenders don’t require this payment, thus saving you money on that front.
In the past, you could’ve argued that “the Bank Manager knows my finances inside out”, but when credit scoring came in those statements were made redundant. You may also find that the lender offers exclusive direct deals.
They do this to attract business from both consumers and brokers alike. These deals are sometimes available only via the Mortgage Broker and not the branch.
Before 2014, your Mortgage Lender would be allowed to let any member of staff sway you towards a potential mortgage (that likely wouldn’t benefit you), without any proper mortgage advice or consumer protection.
By 2014 this was thankfully banned, with only experienced Mortgage Advisors allowed to provide Mortgage Advice and make recommendations for their products. This of course took some adjusting and customers could be left waiting for a month or maybe more, just for an initial appointment.
Sometimes this can still happen, which isn’t great when you’ve just had an offer accepted for a property. Because of issues like this, applications via Mortgage Brokers started to rise. We offer a same day service, aiming to put you through to a qualified Mortgage Advisor in Manchester either immediately or at the most within the same day.
Prior to the 2010s, it was much more difficult to compare possible mortgage deals. Fast forward to the present day and looking for such deals is significantly easier, with everything just a Google search away.
The difficulty now lies in finding a lender whose criteria and features can be personalised, based on your individual circumstances. You must be wary though, that the deals with the lowest rates tend to carry high arrangement fees.
Another point to take note of its affordability. No matter how good a Lenders deal is, you have to be able to afford it. Because this is such a big deal, many people choose to go with a Mortgage Broker in Manchester as we’ll compare the criteria and find something that matches you and your circumstances.
These days, thanks to tightened regulations post Credit Crunch, mortgage applications are no longer so simple. There are a variety of things that could potentially be a hindrance when you’re making your application. These can include:
- Having a poor credit history.
- Receiving self-employed income.
- Using 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.
- Struggling on the affordability front.
Over the years, Mortgage Lenders would show their competitive side, often trying to offer better deals than the next Lender. Nowadays, because of tightened margins, their differences come from their lending criteria.
Examples of these include the amount some would lend to the self-employed compared to others, as well as being slightly more lenient to previous adverse recordings on your credit report.
Whatever the situation, it is completely unique to you. When you explain this to an experienced Mortgage Broker in Manchester, they will likely have encountered something similar before. Hopefully, they’ll use this experience to recommend the most appropriate mortgage for you, at the lowest rate available to you.
Our service goes beyond just the mortgage too. Customers will rely on us for more, even if the application is straightforward. We are able to discuss how much they’re planning to offer on a property, recommend services such as solicitors and property surveys, and go through any available protection.
Another major aspect of the service a Mortgage Broker in Manchester provides is the ability to be more responsive than the lenders’ direct propositions. Out of hours and weekend, appointments are common-place, as are our Mortgage Advisors in Manchester working late on an evening to respond to customers emails.
An often-overlooked factor of why most applicants prefer a mortgage broker is that everyone seems to be busy and you just might need someone to handle the full transaction and take away your stress. Professional applicants will really see the benefits of this as they have clients of their own that they’re able to charge their services to.
Maybe in the future, lenders will want to take back more clients from brokers. If this happens, it’s fairly unlikely they’ll staff-up their branch networks. It’s more likely they will make investments in technology to transact with customers online.
For clients who want to do business that way, with say a straightforward product switch, it’s great. Generally, whether they’re first time buyers in Manchester, Self-Employed in Manchester or looking to remortgage in Manchester, people enjoy having the “human touch” when it comes to the mortgage process.