Choosing an Independent Mortgage Broker
Choosing an Independent Mortgage Broker
You can save time and money – and get the best deal – by consulting a broker
Although it’s possible to approach mortgage lenders directly, people often find that challenging. ‘With so many companies and types of lenders to choose from, you might feel analysis paralysis,’ Investopedia remarks. You could end up overwhelmed and struggling to decide which mortgage is right for you. Fortunately, there’s a tried-and-tested alternative: consulting an independent mortgage broker. We’re the largest in Devon and have a team of expert mortgage advisors. We’ve been providing clear guidance about all aspects of mortgages for over 25 years.
Asking an independent mortgage broker to help you get the most appropriate deal can be extremely advantageous. The broker will have in-depth knowledge of the UK mortgage market, fully understand the mortgage application process and do most of the legwork. In a nutshell, an independent mortgage broker strives to save you time and money, whether you’re a first-time buyer, pursuing equity release with a lifetime mortgage, or in a different situation.
There are many things to consider when getting a mortgage, from how much you can afford to borrow to interest rates. So it can be incredibly reassuring to have an independent mortgage broker regulated by the Financial Conduct Authority on hand to guide you every step of the way, as is clear from customer reviews of our Devon branches.
Compelling Reasons to Seek Independent Advice
There’s no shortage of compelling reasons to enlist the help of a mortgage advisor at an independent mortgage broker. We’ve already highlighted some of them – now let’s explore the subject in more detail.
Your Gateway to the Unlimited Mortgage Market
If you visit a High Street bank, say, you’ll only hear about that particular lender’s options. The same is true if you approach an online-only lender, such as a challenger bank. Contacting company after company can be time-consuming and stressful, especially if you’re buying your first home and so are new to mortgages.
By contrast, an independent mortgage broker will perform a comprehensive search of the unlimited UK mortgage market then make well-informed recommendations based on your specific needs. Because the broker is independent and working as an intermediary, they’re not tied to one lender’s options and lending criteria. They’re free to consider an unlimited range of lenders and help you decide which one, and which mortgage, is right for you.
An independent mortgage broker run by experienced mortgage advisors is a ‘one-stop shop’ for mortgages. That’s why we’re called The Mortgage Shop.
Access to Exclusive Mortgage Deals
Another major benefit of consulting an independent mortgage broker is that they often have access to exclusive mortgage deals, e.g. options from lenders who don’t engage directly with the public.
One of those broker-only deals could be perfect for you – but would be out of reach without a broker’s help.
Can Boost Your Chances of Success
Another key point is that obtaining independent mortgage advice ‘can also improve your chances of being accepted for a mortgage,’ in Money Helper’s words. That’s because your advisor will ‘know which lenders are best suited to your particular circumstances’.
This specialist insight can be invaluable, particularly if your circumstances are unconventional and may therefore exclude you from mainstream mortgage options. For example, if you’re a freelancer, have just got a new job, have a poor credit rating or are buying a property with a thatched roof, you may need a specialist lender. An independent mortgage broker is well placed to help you find the right one.
Streamlining the Mortgage Application Process
It’ll be a relief to hear that your mortgage advisor at an independent mortgage broker will shoulder much of the responsibility regarding your mortgage application.
They’ll know precisely what your proposed lender requires in terms of checking your identity and financial status. They’ll tell you which documents to provide, as well as helping you to fill in all the paperwork and get it processed promptly.
Protecting Your Mortgage
There’s no getting away from the fact that mortgages are serious, long-term commitments. Repayment periods of 25 years are common.
But an independent mortgage broker will help you to look to the future with confidence. For example, we advise customers about a variety of mortgage protection options, from buildings insurance to unemployment cover, designed to offer peace of mind.
Devon Independent Mortgage Broker
With over 100 years of combined mortgage advising experience, our helpful team enables people across Devon to get the best mortgage deal as quickly and easily as possible. You may not even need a face-to-face appointment.
Whatever your situation, simply contact The Mortgage Shop today for tailored, independent advice.
Standard Health Warning & Regulatory Statement
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured against it. All loans subject to status. Ask for a personalised illustration. You may be required to pay a broker fee depending upon the type of mortgage recommended. Registered in England and Wales 3110231 – Registered Office: Sommerville House, 30 Southernhay East, Exeter, Devon EX1 1NS. The Mortgage Shop is a trading name of The Mortgage Shop (Exeter) Limited which is authorised and regulated by the Financial Conduct Authority. FRN 302305 Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.