Why Should You Contact a Mortgage Broker when Buying a New Home? 

Buying a new home can be an exciting time but, for most of us, the purchase of a house is one of the biggest financial decisions we’ll make in life – and the majority of us will need to take out a mortgage.

Signing up to a long-term loan like a mortgage can have far-reaching implications for your overall financial health, so it’s essential you reach out to a trustworthy, knowledgeable specialist to guide you. Here are just a few all-important reasons why you should find a mortgage advisor and why their advice is so vitally important before taking out your loan.

Understanding what mortgage brokers do

Why should you try to find a mortgage advisor? Well, firstly, doing so can save you time and money – and can also potentially prevent you from entering into the wrong lending agreement. An accomplished mortgage broker will give you invaluable advice, learned through many years of working in the market with countless numbers of people in the same situation as you.

A mortgage broker will sit with you to work out, in detail, your current out-goings and commitments to formulate a better picture of your here-and-now financial position. Moreover, they will also ask questions to try and forecast your potential future out-goings.

Based on this information, they will offer bespoke advice regarding how much you should borrow and over what term. A good mortgage broker will then scour the market to find mortgage solutions tailored to your particular circumstances. In addition, they can also considerably speed up the mortgage application process by dealing with the majority of your paperwork.

Why should you use an advisor?

Finding the right mortgage for your precise situation can be a long and drawn-out process as the market is littered with lenders offering a huge variety of loans. Crucially, an advisor will have pre-existing knowledge of the loans available and be able to advise you which lenders are most likely to consider and approve your application. They will also offer you unbiased, impartial advice on which products they consider best for you – and which to avoid.

Importantly, a broker will also be able to steer you clear of companies they think will turn you down – to avoid getting black marks on your credit score that could potentially adversely affect future applications.

How to Prepare for Your First Meeting with a Mortgage Advisor

Even the most skilled advisor will need to get an idea of your specific position, so it’s a wise idea to do a little background preparatory work to help them understand your circumstances better. As a rule, an advisor is interested in assessing your current and predicted financial health so having answers to the following will help:

  • How much do you think you can realistically afford to borrow?
  • How long would you like the mortgage to run?
  • Can you afford to make a deposit – and, if so, how much?

While your advisor will undoubtedly offer advice on each of these topics during your meeting, you will still make the process quicker and easier for them if you have even an outline idea of what you’re looking for.