One of the key professionals you’re going to want on your team when buying a house or remortgaging your property is an experienced mortgage broker. And if your property is in Gloucestershire, you will have plenty of mortgage brokers to choose from! It’s so important that you take your time to pick the right person to get the best deal for you and your circumstances. Here are our top 3 questions you should ask when looking for a Gloucestershire mortgage broker.
Are you a whole of market mortgage broker?
Some brokers are affiliated to a limited number of carefully selected lenders and can only arrange mortgages with them. This means that they do not have access to every lender and therefore every rate that is currently on offer. Other mortgage advisors are what we call ‘whole of market’ and this means that they can access rates from all the lenders and have no incentive to choose one over another. A whole of market mortgage broker will have your best interests in mind and will only be doing a good job if they find the best residential mortgage product for you.
Why would I use a mortgage broker instead of a price comparison site?
Price comparison sites are paid for by lenders so you won’t always see every available product listed on the site. In addition, mortgage brokers will often have access to some rates that are not available to direct customers.
Mortgage brokers in Gloucestershire will know the property market well and have experience of each lender. They will understand each lender’s specific application process, lead times and which documents they require etc so they will be able to make the process as smooth as possible and take away a lot of the leg work from you.
If you have adverse credit you should definitely consider getting expert advice because your case may be more difficult to place and you need specialist knowledge of the various mortgage lenders to ensure that your application is accepted.
What fees do you charge for arranging a mortgage?
In Gloucestershire, different mortgage brokers are charging a wide range of fees for using their services. Some brokers won’t charge a fee at all and will simply cover their costs from the commission they receive from the lender. Be careful here. Think about the motivations of a broker who isn’t charging a fee. Will they be willing to go the extra mile for you and will they be completely neutral when it comes to choosing a lender for you?
Many Gloucestershire mortgage brokers will charge a fee to cover the admin costs and time spent arranging your mortgage. This fee can vary from roughly £200 – £600. The advantage of using a broker that charges a fee is that you can have every expectation that will bend over backwards to get you the best possible deal.
So there we have it. 3 great questions to ask when choosing a mortgage broker in Gloucestershire! Now you can crack on with climbing that property ladder! Don’t forget, it’s always worth asking around amongst family and friends for a recommendation and checking out reviews on Google and Trustpilot. The most important thing is to TRUST your mortgage broker and feel confident that they have your best interests at heart.
Hudson Rose is a firm of mortgage brokers in Gloucestershire with offices in Nailsworth, Cirencester and Cheltenham. They have a refreshing approach to financial services always aiming to keep things colourful and fun but with a deep-felt commitment to customer service and professionalism. Why not check them out?
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