Navigating your way around the property market, mortgage deals, mortgage terms and buying a house can feel overwhelming at times. That’s why engaging with a mortgage broker is a route many homeowners and future homeowners choose to take.
Having someone by your side to lead you through the process who has a wealth of expertise and knowledge can lift a huge weight from your shoulders and save you time.
However, finding the right adviser for you can be another hurdle to overcome before you feel settled in your house purchase process. With so many options on the market, how do you know that you’ve chosen the correct professional team to support you in this phase of your life?
Here are four aspects to consider when choosing which mortgage broker to engage with:
Do your research
You may know a lot of people who have been through the house buying process and, now that you’re ready to take that step, you’ll have recommendations about mortgage brokers coming at you from all directions. Or you may be tempted to go with the first or second mortgage broker that appears in your Google search if you’re looking around by yourself.
Whichever situation you find yourself in, look in-depth at the individual or company you’re thinking about using to ensure they are legitimate, have the permissions required to undertake the work you require, and that they provide top-quality service.
The first port of call would be to look the individual or firm up on the Financial Services register. If they’re not on the list or aren’t authorised and regulated, then it’s crucial to immediately look elsewhere. If you need more options but struggling to know where to look, the Financial Services register allows you to search by postcode for trusted organisations near you.
Of course, ensure to also explore whether the service or firm you’re potentially looking to engage with has built a solid reputation for putting its clients’ needs and exceptional customer service at the heart of its operations. You want a firm that doesn’t see you as a transaction, but as an individual. Reviews on pages like Google and Trustpilot are all very telling and will showcase relatively quickly whether the firm or person you’re looking at is worth investing in.
Choose an adviser who can give you access to the breadth of the market
Ensure you use a ‘whole of market’ broker. Some advisers can only use a limited number of lenders, meaning although they might be offering you the best deal from their choice of lenders, it isn’t necessarily the best deal within the marketplace. Remember, if you are thinking of going to your bank for your mortgage, they can only offer their own products.
Additionally, check whether your broker charges fees. Some brokers will charge an admin fee or an application fee, on top of what they may be paid by the lender. These fees can vary, and not all brokers charge them.
Your adviser should remain impartial
The only person that matters during your time working with a mortgage broker is you. Engaging with an adviser should mean they support you with the heavy lifting, with your best interests and your needs at the heart of your working relationship.
Any good mortgage adviser will do exactly that, they will advise you through the process. Expect your adviser, after listening to your needs, to tell you what product most suits your circumstances. Additionally, if you change your mind at any point in the process, or your circumstances change, your adviser should remain supportive and there to help you navigate whatever situation has arisen.
Look for a provider who keeps you in the loop
The housing market, especially over the past two years, is a space prone to rapid change, and it can be difficult to know exactly what those changes mean to your situation.
Mortgage brokers, whether you’re working with them currently or you’ve worked with them in the past, should be the first people coming to you with support in more turbulent times. Whether you’re struggling to understand what current inflation rates mean for your re-mortgaging process or how rising interest rates might impact your ability to secure a mortgage, a good adviser will be able to tell you exactly what you need to know to make an informed decision about your future in property.
Mortgage advisers are there to make your life easier when going through the motions of buying a property; at no point should you feel like your needs aren’t being prioritised, that the process is unclear or that you have had little or no communication. Finding the right mortgage adviser is imperative to making this next chapter of your life as seamless and as fuss-free as possible.
To talk through the options available to you with Cooper Associates Mortgages, get in touch with us today. Our advice is free and we have access to the entirety of the market. For help on managing your mortgage, get in touch.
