Whether you decide to use a Mortgage Broker in Liverpool or go direct to a lender, there are good reasons for both but the majority of people often use a Mortgage Broker in Liverpool rather than the latter. Nowadays, a person has the option of either going into the branch or going online which makes it easier and more accessible for going forward with a mortgage application.
In regard to going direct to a Bank or Building Society, the biggest reason people choose to follow this route is that they are simply saving money but they don’t have the security that they would have had in the past. Years ago, a bank manager would have known the finances in and out but this disappeared when credit scoring was introduced.
Another potential advantage is that a few lenders offer exclusive mortgage products that may only be available when going direct. The reason behind this is so that they are to do business with both customers and Mortgage Brokers in Liverpool as sometimes these options are available via brokers but not the branch.
From 2014, lenders had become banned from selling mortgages on a non-advised basis when customer interaction is involved. Until then, some applicants were under the impression that they had received advice when in actual fact, they hadn’t. As a result of this, they weren’t able to benefit from some of the consumer protection that is included with proper advised mortgages sales.
Towards the end of 2014, lenders had become accustomed to this change but it was a common occurrence for applicants to be kept waiting for a month or more just for an appointment. This isn’t ideal if you’ve just had your offer accepted on a house. These service issues had led to more applications being made via brokers due to Mortgage Brokers in Liverpool such as ourselves offering a same day Mortgage Advice in Liverpool. When you’re after a Mortgage Advisor in Liverpool with us, we try our hardest to offer a same day mortgage service.
With the convergence of the internet and information being rapidly available, it’s a lot easier to compare mortgages, however, the difficulty is finding a lender whose criteria and mortgage features are tailored to your circumstances. It’s important to remember that deals that offer the lowest rates tend to carry high arrangement fees.
Another point would be Affordability. It won’t matter how good a lenders’ deal is if they won’t lend you the right amount of money. Remember buying a house is a big deal and you need security during the process.
Most mortgage applications that we say day-to-day aren’t simple and there are a lot of factors that make a case more complicated. For example:
· Poor credit history
· Self-Employed Income
· Mixed source of deposit (savings/gift)
· Let to Buy (keeping your current house and buying another)
· Contract workers/zero hours contracts
When looking at lenders, it’s apparent that they differentiate themselves by offering a deal better than the lender closest to them. These days, it’s different because they differentiate themselves on lending criteria. For example, some lend more to self employed applicants or take a more sympathetic view on certain parts of a credit report.
When you explain your scenario to a Mortgage Broker then they will have usually come across a similar case and hopefully they can reflect on this and find the best ways to help and offer the lowest rate possible.
However, It’s not just about getting a Mortgage. The application can sometimes be straightforward but out customers rely on us for so much more. For example, we discuss how much should be offered on the property they are buying, the different types of surveys and protection available and also able to recommend other professional services such as Solicitors, Conveyancers, etc.
Another key aspect is that a Mortgage Broker in Liverpool tend to be far more responsive than lenders’ direct propositions. When you approach a Mortgage Broker in Liverpool then you’ll be able to access out of hours and weekend appointments.
One of the overlooked factors in why applicants use a Mortgage Broker in Liverpool is down to time. Everyone is busy these days and if that’s the case you’ll want someone to handle the full transaction to take the stress out of the situation. We often see Professional applicants appreciating the benefits of this the most. They have clients of their own and can therefore see the reasons to have an expert on board.
If lenders feel they want to improve their services then it will have to be by improving their customer service in order to speed up appointment times, so they this will mean making investments in technology to transact with customers online. That’s great for customers who want to get their mortgage application on the way but it means there wouldn’t be options where you’re able to talk to your Mortgage Advisor in Liverpool as and when you need to face-to-face.