A good mortgage broker can help you find the most suitable deal based on your specific situation. They have specialist knowledge and software that enables them to choose a mortgage deal more confidently than you’d be able to by yourself. This includes a deep understanding of each lender’s criteria, which helps ensure that you only apply for a deal you’re likely to be accepted for, as being rejected by a lender can damage your credit score and make it harder to get a mortgage next time. A good mortgage broker can also save you a lot of time and stress. They’ll get everything they need from you and then handle the application from start to finish on your behalf. Trying to find and apply for a mortgage by yourself can take a huge amount of time and you may not end up with the right deal.
However, not all mortgage brokers are created equal, and this has become even more apparent in recent years with the addition of online ‘virtual mortgage advisors’. In this guide, we’ll discuss what you should look for when trying to find a good mortgage broker.
How Many Mortgage Deals & Lenders Do They Have Access To?
One of the main reasons to use a mortgage broker is to find the most suitable deal available to you. However, you may be surprised to learn that some brokers only have access to a limited number of lenders. In other words, they’ll only be able to find you a deal out of the relatively small number they have access to. To ensure you end up with the most suitable deal available to you, you’ll want to look for an independent mortgage broker, as they usually have access to the whole market of mortgage products. At Michael Usher Mortgage Services, we search through thousands of mortgages from hundreds of lenders to make sure all your options have been identified before choosing the right deal.
Will You Get a Real Advisor With a Real Local Office?
Finding, applying for, and finalising a mortgage can be a complicated and stressful process, so doing it without a professional by your side is a frightening prospect. If you’re tempted to use an online ‘virtual mortgage broker’, you should be prepared to feel somewhat alone, as this type of broker typically can’t provide a personal, hands-on experience. Some of these services expect you to do a lot of the leg work and offer little in the way of human interaction. At Michael Usher Mortgage Services, you’ll get a dedicated advisor and paraplanner who will cater for your every need. They’ll be in our office on Frimley High Street or reachable by phone if you ever need to get in touch, and they’ll keep you updated regularly from start to finish. Knowing you can speak to your advisor easily helps to make the experience much less frightening!
Will You Get a Paraplanner to Speed Up Your Application?
Applying for and securing a mortgage involves a lot of admin and chasing, especially if you’re buying a new house (as opposed to remortgaging). Mortgage advisors are busy people, and those companies who don’t employ paraplanners can often bite off more than they can chew – which means applications can stall and clients can be left in limbo. At Michael Usher Mortgage Services, you’ll have a dedicated paraplanner as well as an advisor dealing with your mortgage. Your paraplanner will make sure all your admin is sorted quickly and liaise with your lender, estate agent, and solicitor to ensure the process goes as smoothly as possible. Alongside your advisor, your paraplanner will keep you updated and be on hand if you ever need to chat.
Are Their Mortgage Advisors CeMAP Qualified?
CeMAP stands for ‘Certificate in Mortgage Advice and Practice’, and it’s one of the most sought-after qualifications in the industry. It’s fully recognised by the Financial Conduct Authority and it gives advisors the knowledge and skills they need to offer the right mortgage advice to clients. All of our advisors are CeMAP qualified – plus, they have the advantage of being part of a trusted team of local mortgage advisors who have been doing this for over 30 years!
Do They Help Protect Your Mortgage With Insurance?
It’s always important to protect your mortgage, because if you can’t keep up with the repayments you may lose your home. With the rising cost of living and economic uncertainty of recent months, this has become even more of a risk for families across the country. There are various insurance products designed to protect your mortgage if your family was to lose income due to death, illness or injury; or to protect your home from theft, fire or floods. At Michael Usher Mortgage Services we understand how important it is to protect our clients and their families. We provide a FREE Insurance Advice Service where our specialist insurance advisors help you find the right insurance based on your situation and apply for your policy free of charge.
The Bottom Line
Most people looking to remortgage or buy a house decide to use a mortgage broker, but not everyone knows how to choose one. Amongst the other points mentioned above, it’s important you have access to the whole market of deals, are able to speak to your advisor in person or on the phone whenever you need to, and have a fully qualified mortgage advisor and paraplanner working on your case so you can move forward quickly and confidently.
At Michael Usher Mortgage Services, we’ve been helping our local community for over 30 years! We search thousands of products to find a deal that suits your needs. We also guide you through the process and liaise with your lender, estate agent and solicitor to ensure your remortgage goes smoothly, and we also help to protect your mortgage with our FREE Insurance Advice Service.
Book your FREE no-obligation consultation with one of our friendly advisors to get going quickly. We have offices in Frimley and Basingstoke, or we can help you remotely via phone or video call if you’d prefer. We look forward to chatting with you!
Book your FREE no-obligation consultation here
Think carefully before securing any other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage.
