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With the huge variety of mortgage comparison websites and mortgage brokers available, it can be challenging to know where one can find trusted expert advice on property finance. Comparison websites and ‘best buy’ tables cannot hope to reflect the wide range of factors involved in a mortgage that affect the overall cost. It takes experience and expertise to weigh up all of the variables and recommend the right lender. Afterward, the right deal will need to be negotiated and agreed upon. Additionally, the pricing of mortgages varies significantly between lenders, depending on their assessment of the quality of the lending. This is determined by factors such as loan-to-value ratio, loan size, income, and general financial status.
This is where the value of an independent mortgage broker proves invaluable. They are able to provide unbiased trusted advice to individuals seeking mortgage advice. In this article, we explain the invaluable expertise and benefits of using an independent mortgage broker.
An independent mortgage broker operates without ties to any specific provider, allowing them to provide guidance on the whole range of mortgage products available in the UK.
Being an independent, whole-of-market mortgage broker sets us apart from other providers who are limited to a select group of lenders. We work with more than 175 lenders, spanning from small building societies to major global banking institutions, including mainstream banks, Private Banks, and specialised mortgage providers. This extensive network extends to lenders who do not engage directly with consumers. This provides access to a far greater range of options, placing our consultants in an optimal position to find the right mortgage product for each client. We provide completely impartial, expert advice so that clients can make well informed decisions based on a complete picture of the lending landscape.
High street lenders can only offer a mortgage from their own range and can be relatively inflexible on lending criteria, rates, and fees. Given the number of lenders there are, including those who have no high street presence at all, a broker with access to the whole of the market is able to offer many more options and will be more likely to be able to find the best deal available. Especially when a good working relationship has been established with Private Banks and other sources of bespoke finance.
Bespoke finance, negotiated on an individual basis, is the most cost effective combination of rate, features and benefits for clients who have larger or more complex finance requirements than average. Clients come in many shapes and sizes and, whilst diligent lending is designed to deliver the same outcome for all, the circumstances and characteristics of one borrower might be quite different from another.
Whilst you can conduct a certain amount of research online yourself, an independent, fully qualified mortgage broker can help you decide whether to go for a fixed, variable, discounted, or tracker rate, depending on your individual requirements and attitude to interest rate risk.
A broker’s experience is invaluable in putting the application together to ensure that it is presented in the best possible light and that affordability is clearly demonstrated to the lender. This not only helps secure the level and structure of funding that you require but also on the best possible terms to meet your current needs and circumstances.
When you consider just how many different definitions of ‘income’ exist amongst mortgage lenders, you can imagine how bewildering it might be to negotiate your own way through a mortgage application. Coupled with that, you may also be negotiating on a property, in competition with other would-be buyers. A broker will be able to tell you what deadlines you need to hit to arrange your finances and satisfy the vendor that your offer is the one he should accept.
Obtaining a suitable mortgage quickly and at a competitive rate has never been more arduous. The effects of changes in regulation mean that lenders must follow strict processes to ensure that all borrowers have sufficient means to service and repay debt. At Private Finance, your mortgage arrangements will be handled on a day-to-day basis by your broker so you will not have to deal with call centers or spend time providing personal information via online forms.
A broker can help you work out the best way to repay the mortgage; capital and interest repayment or interest only (using pensions, investments, and other assets you own and can liquidate).
Private Finance is one of the UK’s leading independent mortgage brokers, weathering multiple economic cycles and market changes. We’ve collected the breadth of experience and expertise necessary to solve almost any mortgage problem – no matter how niche or specialist.
As a client of Private Finance, our aim is to provide you with an exceptional client experience through best-in-class, holistic independent mortgage advice. You’re free to discuss your project with us at any point – not just when you’re ready to purchase. Whether you’re trying to understand how much you can borrow or you’re looking to sense check an idea for a property investment, our consultants are available at any time to help you make better, more financially informed property decisions.