Today we live in an uncertain economic environment and yet in a world full of opportunities, therefore we like to be prepared and when it comes to our finances, there is one thing we all like: being well informed. If you looking for mortgage advice in Birmingham, we believe, as a group of experts, that there are some really good reasons to use a mortgage broker in Birmingham, so here we will talk about the pros and cons of both methods so that you can make the best well-informed decision.
That being said, we know that there are many options when it comes to mortgages, for example, you can still go directly to the lender, whether it’s via a branch or online. However, we discovered that most people still use a mortgage broker, due to the advantages it brings. So let’s review some of the cases.
As a first-time buyer in Birmingham, you may not have much experience, but one thing is for sure: We all like to save some money. So, when we think of mortgage advice, one of the options that first comes to mind is to go directly to a Bank or Building Society, so that you won’t have to pay a broker fee. However, that option became unattractive when credit scores came in a few years ago and people started looking for other alternatives.
Another of the mortgage products on the market are those offered by lenders that are only available directly. This is a strategy that is often implemented as a means of attracting a good business distribution from consumers and brokers alike. By being exclusive, they are able to turn on and off these products when they deem it necessary, this method often causes confusion in the market and in consumers.
However, from 2014 onwards, lenders were no longer allowed to sell mortgages without professional advice. It should be noted that up to that point, many consumers felt that non-advisors had been trying to push actual advice on them, and they weren’t able to benefit from some of the consumer protection. A benefit that does accompany sales conducted by professionally trained mortgage advisors, reason why most people still use this service.
Because of this, in late 2014 the lenders reached an agreement. This system was threatened and it was not unusual to have to wait more than a month just for an appointment and it still happens today. Of course, this is not the best scenario when you’ve just had your offer accepted on a house. So, many began to make their applications through mortgage agents, who assure you professionalism and a mortgage service the same day, like ourselves.
Another important point when applying for a mortgage is affordability, no matter how good the deal is if it is not enough money. That is why we believe that a broker is a really good option. With our mortgage advice in Birmingham, we can assure you of the best deal and our service when you need it, in a professional and personalized way. When you call us, we try and put you through with a qualified mortgage advisor either immediately or at the very least, within the same day (unless requested otherwise).
Applying for a mortgage can sometimes be difficult. Each case is unique and there are many reasons that can complicate an application. Some examples are:
• Poor credit history.
• Self-employed income.
• Mixed source of deposit (savings/gift).
• Let to Buy (keep your current home and buy another).
• Contract workers / zero-hour contracts.
In previous years, lenders were able to stand out from the competition simply by offering a deal that was similar to but better than another lender. In modern times this is very different, with lending criteria being what separates one lender from another. However, as we mentioned before, when we talk about our well-being and finances, we do like to be well informed, and therefore consult with experts on the subject. Your situation is unique, and what you need is not a better loan than someone else’s, but a better one for you and one that suits your situation.
That’s why we think that seeking professional mortgage advice in Birmingham is the best alternative. When you explain your position to an experienced mortgage broker in Birmingham, there is a chance they have come across something a little similar in the past, allowing them to personalize their service and help you through. With a little luck, professionalism, and a lot of work, your mortgage advisor will be able to recommend the most suitable mortgage for you at the lowest possible rate.
More than that though, it’s not just about getting the mortgage. Even if the application itself is straightforward, our clients trust our experience and knowledge for more than that. For example, we will discuss how much they are going to offer for the property they are buying, and our team of mortgage brokers in Birmingham can recommend other professional services such as solicitors, as well as explain the different types of surveys and protection available to them.
Another major advantage of using a mortgage broker is that they tend to be much more responsive than lenders might be. It’s not been unheard of for our team to work late at night, out of hours, working hard on client cases at full speed to ensure service is prompt, but also efficient. Our team is committed to offering our service when you need it and how you need it.
Also, another point that is often overlooked when looking at why clients may prefer a broker is that everyone is very busy these days. It is possible that you are a self-employed in Birmingham, a full-time worker, a working mom and you need a mortgage but do not have time to do it, that is where your advisor can take the burden off for you. Professional applicants especially see the benefits of these as they have clients of their own to charge for their services and appreciate the benefits of having an expert on board.
Technology is taking over, and the future of the mortgage market is no different. Perhaps in the future, we will see lenders who want to compete with the broker’s business. If this happens, they are unlikely to staff-up their branch networks.
Technology is great, and it is a service special for customers who are happy to do business that way, especially for the cases that are straightforward. For most people, however, there is an element of “reality,” a “human touch,” that you can’t get anywhere other than talking to a mortgage counselor yourself. The mortgage broker becomes your ally and can provide you with a satisfying experience, a complete service with all the benefits that the client requires and attention that technology cannot provide.
Having said all this, the reasons for hiring a mortgage broker in Birmingham are vast and if you want to ask any questions related to mortgages, seek or obtain this service from the hand of a professional team adapted to your needs, get in touch and we’ll put you through with a mortgage advisor in Birmingham as soon as possible.