You may have heard the expression ‘living for the weekend’- willing the working week away, so that you can spend two precious days with your loved ones, enjoying all of your favourite things. Sadly, it often becomes interspersed with ‘domestic admin’, like DIY and cleaning. That’s why so many of us outsource these tasks: leaking pipes are swiftly dealt with by a plumber; the new extension is expertly constructed by builders; and gardeners break a sweat on our behalf. So why would you happily offload these tasks but not the hassle of your mortgage?
Purchasing a new home, remortaging, or buying a commercial property, can be incredibly time-intensive; it can also incur many unforeseen costs, and prove to be complex beyond belief! Yet, time and time again, most of us opt to go it alone and try to source a mortgage ourselves, mainly because it’s seen to be the ‘cheaper option’.
The truth is that using an expert can be invaluable. Mortgages can be far more complicated than you may first think and there are many layers to mortgage planning, which can be overlooked. In addition, going it alone can actually cost you more in both money and time, so using a broker can be beneficial all round.
Whole of the Market
Going to your local bank to secure a mortgage may seem like the most obvious choice, but can they give you exactly what you need? If the explosive rise of internet shopping has taught us all one thing, it’s to shop around! Your local bank may be friendly, but they could be expensive, not provide you with everything you need and may not be able to provide the aftercare you deserve. They can also only provide their products and are not able to tell you that there’s a better deal at their rival company. An independent Mortgage Broker can. They are able to look for the best mortgage for you from the whole of the market. They aren’t on the lender’s side, they’re on yours, and are able to offer a far wider range of opportunities and choice than if you went direct.
Complex Laws
Over the last few years, the rules governing mortgages have also significantly tightened: Affordability is scrutinised, background checks are far more in-depth and rate increases are now reviewed. Understanding these changes, and how they work in practice, means that a Mortgage Adviser can ensure that you are getting the best possible deal for your circumstances, in the quickest and most-cost effective way. They will also provide you with ongoing reviews, as and when your circumstances change.
The Bigger Picture
Like all aspects of financial planning, it is important to look at the bigger picture, and ensure that all everything is working together to help you achieve your goals. Typically, a Mortgage Broker will just advise you about your mortgage; in contrast, our mortgage solution integrates all elements of your plan. We can also look at any related life insurance, payment protection and even buildings and contents insurance you have to make sure that you have the most suitable protection in place. Having a safety net should be the cornerstone of your financial planning, so why risk your most valuable asset?