With the UK housing market’s volatility and the UK watchdog predicting a further increase in mortgage interest rates by the end of 2023, it appears to be a precarious time for first-time buyers.
Many prospective buyers turn to large bank chains for a mortgage. However, a mortgage broker has access to a variety of lenders and can offer first-time buyers more choices and flexibility when it comes to buying your first home.
In this blog post, we’ll explore the variety of benefits that come from choosing a mortgage brokerage over a traditional bank, so you’ll feel more prepared when navigating the mortgage maze.
Receive a personalised service
Compared to working directly with the bank or mortgage lender, an independent mortgage broker can provide a personalised service.
Whether you have a bad credit score or are self-employed, a mortgage broker will be able to explore the market and act as the middleman between yourself and the lender, ensuring that you are presented with the best options for your unique circumstances.
Save time, save money
The home-buying process can be a time-consuming one, especially for first-time buyers.
A mortgage broker can submit the mortgage application on your behalf, and using a professional’s services can give you a better chance of your mortgage application being accepted.
Using a mortgage broker can also reduce the risk of you being faced with unexpected fees during your mortgage journey. They will also make you aware of any government schemes that could help you save money.
Better rates and offers are available
One of the biggest benefits of working with a mortgage brokerage is the fact they have access to the whole of the market and are not tied to certain lenders (this is a limitation of going direct to a bank). These relationships with lenders enable them to negotiate competitive interest rates and better mortgage terms on your behalf.
Jargon-free expertise
If you’re unfamiliar with the terminology surrounding the property market, you can quickly become overwhelmed by mortgage jargon.
Professional mortgage brokers can cut through the complex terminology and talk you through the relevant paperwork and terms and conditions in a way that you can easily understand.
They will make sure that you understand the options available to you and discuss the pros and cons of each.
Ongoing support
A mortgage broker’s support doesn’t end once your loan is secured.
They will be able to offer advice when you come to remortgage, and at The Mortgage Brokerage, we can support you with buildings and content insurance and securing the best deal on any other financial cover that you may require later down the line.
Do you need support from a mortgage broker?
From exploring the market to better rates and continued support, a mortgage broker is an invaluable partner in your journey to homeownership. For homebuyers, the decision to enlist the help of a mortgage brokerage can lead to a smoother, more cost-effective purchase.
So, before you head to your local bank or lender for a mortgage evaluation, consider reaching out to a mortgage brokerage with first-hand expertise and extensive knowledge of the market.
The Mortgage Brokerage can provide you with the services you need for a seamless property purchase. This service includes an outstanding rate-checking service to compare the best market rates without the personal cost and a FREE no-obligation first consultation.
To receive expert advice with a personalised touch, call our team at 0191 432 6177 or contact us here.
*DISCLAIMER: Your home may be repossessed if you do not keep up repayments on your mortgage*
