With the rise of the internet and in particular social media, there are literally thousands of UK mortgage brokers online, offering a vast number of mortgage products of every type, from repayment to interest only, commercial to bridging. Although these brokers are so easily accessible there is a genuine case for using an established, local mortgage broker.
When it comes to arranging your mortgage it actually makes more sense to take an old-school approach. A local mortgage broker, someone based near you who understands the local landscape and has local insight, can be absolutely invaluable. Here's why.
A mortgage broker understands complex mortgage products
A qualified mortgage broker is actually a specialist financial adviser, they have a deep, broad understanding of the various different mortgage products on the market, and how they work. And It's their job to live and breathe mortgages and so they are likely to be able to find a mortgage that suits your budget and circumstances whilst causing you little to no stress.
Because this type of financial product is incredibly complicated, with masses of small print, it makes sense to actually speak to someone face to face. It's too easy to make assumptions. It can be hard to understand the products on your own. You could potentially end up making a rash, uninformed decision by choosing a product that was chosen for you by an online computer algorithm, a decision that could ultimately cost you a lot more than it needs to.
A mortgage broker has a legal duty of care towards you
Because they have a legal duty of care towards you, mortgage brokers are legally bound to find the best deal for you. It also means you have legal comeback if it turns out you were sold a less than ideal mortgage. Do it all yourself and it's less likely you'll be able to harness the law to put things right.
Know you're speaking with a qualified expert
While you can decide to become a mortgage broker out of the blue, without a formal university degree, a qualified mortgage broker will have taken and passed a Certificate in Mortgage Advice and Practice, the industry-recognised CeMAP qualification. Find an advisor who is properly qualified and you can rest assured they'll know exactly what they're supposed to know, something that’s hard to be 100% certain about when you're working exclusively online.
Ask the right questions, get the right answers
A mortgage is a very large loan, and as such you don't want to dive in without asking plenty of questions. You'll want to talk about the size of your deposit, your repayment preferences and interest rates, and go through all of your personal information, things like your credit history and outgoings, with a fine toothed comb.
Box ticking online might not be good enough when your circumstances are unique. Being able to give details and explanations in person can make all the difference. You should be able to arrange an in-person meeting with a local mortgage broker either at your home, their office, or somewhere else mutually convenient.
Local insight can save you making costly mistakes
Imagine you live in Kent. You find a mortgage broker, Kent based and with lots of local knowledge. You let slip you're ideally looking for a brand new property on the X estate, there is a likelihood that your broker being local may know of an estate agent or event a property vendor who may be selling a property on X estate. There's no way an online-only mortgage broker service would have the same local insight to hand when compared to a mortgage broker in Kent.
Go local, do an excellent job of your mortgage
Do you feel comfortable arranging a long term loan of hundreds of thousands of pounds over the web? Or would you rather find a local expert mortgage broker in Kent and be 100% certain you've got the very best mortgage deal for your circumstances, and for the property you want to buy? Make sure you make the right decision for your personal situation.
The Prospect Tree Mortgages team are experienced mortgage brokers in Kent and can travel to meet you in at a location that best suits you. Get in touch with us via our enquiry page or call us directly on 0800 8620 840