It’s a well-known fact that you can approach a high street bank directly and apply for a mortgage directly with them. However, just because you bank with them, will you truly get the best deal available to you? We are regularly asked what the benefit of using a mortgage adviser is. Here are a few examples of how getting advice from a ‘whole of market’ adviser may save you both time and money.
Different lenders have different calculations for how much they would be willing to lend someone in the exact same situation. An affordability calculator ran with two direct competitors, on 11th June 2019, resulted in the following results:
High street - £285,000
Intermediary - £291,000
Although these figures aren’t worlds apart, they may be the difference between getting your dream home or missing out on it.
Differing criteria – By limiting your options to one provider, if you fit outside on their criteria you may get a simple, “we’re sorry, no”. Different lenders have different criteria so that they sit in the market they wish to be in. If you don’t fit in you may find yourself back to square one. By using a mortgage adviser, we would do this leg work for you. Before any applications are made we would ensure that all criteria are hit meaning that the potential of damaging a credit file by numerous declines is avoided.
Time – If you are using a traditional high street bank or building society, you may find that the wait to see someone at a time to suits drags into weeks rather than days. The benefit of using an adviser is that we understand your working situation and would work around this to arrange a time to suit you. This also carries on to the application process; we would complete the applications on your behalf and be both yours and the providers point of contact for all supporting documents required or further enquiries.
If you’re an employer who already takes advantage of the Financial wellbeing surgeries, we are also able to offer mortgage advice as a part of this as a further benefit to your staff. Please contact your servicing adviser to arrange this.
By Jonathan Birkby – Ethos Mortgage Team
As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments.