Why use a Broker?
Buying a house is one of the biggest, if not the biggest, purchase you will make in your lifetime. For most people the ability to do this will depend at least partially on the ability to secure a mortgage; this can be a daunting task – particularly for first time buyers. This is where mortgage brokers can come in handy. At The Mortgage Exchange we aim to take a lot of the stress out of it and essentially do all the leg work for you!
What is a mortgage broker?
A mortgage broker’s role includes sourcing mortgages for clients based on a thorough analysis of their circumstances and needs. A broker will then inform and guide clients towards the mortgage that best suits their needs.
Who are we?
The Mortgage Exchange is a wholly independent, whole of market broker. This means that we will look at mortgages from the whole of the market available to brokers, not just a select few lenders, when we search for a mortgage for you. When giving advice we will make a ‘comprehensive and fair’ analysis of the market and provide ‘unbiased and unrestricted’ advice – our style is to guarantee reliable mortgage advice appropriate to any individual who makes contact with us. We have over 20 years’ experience in doing this and we continually ensure that we have the most up to date market knowledge.
Advantages of using a broker
You don’t have to use a mortgage broker when you are looking to take out a mortgage, you can do the research yourself and go directly to the lender. However, there are certain advantages that come with using a broker. These include:
- We do a lot of the work for you. Instead of you spending hours trawling the internet or traipsing around banks to find the best deal we will search the market and compare the deals available to you. Our knowledge and experience of the lenders comes into play here too – just because a deal is the cheapest does not mean it is the right choice, there are many factors to consider.
Where can we provide support?
Our role doesn’t end when we give you advice, we are here throughout the mortgage process. Any questions you have about filling in the application form, about the offer you receive, about the house buying process etc., we will endeavor to answer. We are always at the end of the phone or email or of course through coming into the office to ask questions. We pride ourselves on creating long, lasting relationships with our clients and therefore will also be in contact again before you go onto a lenders standard variable rate at the end of your initial deal (usually 2, 3 or 5 years) to see whether remortgaging can save you money.
- We can advise on other products too. Taking out a mortgage is a huge financial step and it is important that you understand any insurance policies which can help protect you. The main insurances which we will automatically quote for you are life insurance and buildings/contents insurance. It is then up to you whether you decide to take out a policy through us or not, remembering that whether you decide to take it out through us or not a property with a mortgage on it must have buildings insurance.
- We are on your side. A mortgage broker doesn’t work for the lender, we work for you. We don’t have any allegiances to any single lender. This means you will have access to more products than if you went direct as if you go direct to a lender you will only have the choice of their range of mortgages.
- We know the industry. Since the 2007-2009 crash there have been lots of changes to mortgage criteria, we understand these changes and how they work practically with different lenders – this minimizes any potential delays in getting your mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
The Mortgage Exchange is authorised and regulated by The Financial Conduct Authority.