There are quite a lot of mortgage brokers Newcastle have to offer can be quite confusing when it comes to making a decision. Depending on if you have prior experience of buying a property you may not even know what a mortgage broker is!
A Newcastle mortgage broker should be able to inform and guide you to making the best decision when buying a property, not only that but a really good mortgage broker will work with you for years to come to ensure that you really do continue to get the best deals, you don’t have to pick one and stick with it for the rest of your life!
Mortgage Brokers Newcastle: How To Pick A Good One
Wants To Form A Long Term Relationship
As life progresses so does the mortgage market along with the deals that are released by mortgage lenders. A good mortgage broker will want to be by your side for many years to come. You don’t have to pick a mortgage and stick with it for life, you can change it and get a better deal when one becomes available.
As your life progresses and your needs change so does your mortgage requirements and this is when you need a trusted expert on mortgages by your side.
So it is in the interest of a mortgage broker to do right by you from the start.
Recommend Appropriate Protection To You
Most people don’t trust a bank or building society who want to you to take out their insurance protection because you probably realise there are cheaper and better protection deals elsewhere, or as with the PPI scandal they could be selling you something that you just don’t need, people mistrusting banks less than before PPI became a buzz word. This is one advantage to using a mortgage broker rather than approaching a lender yourself. They are more often than not impartial when it comes to a particular protection product and will source the best one for you without the pressure sell.
Access To The Whole of the Market
A good mortgage broker will not be tied to a particular lender or type of deal. If you use a comparison website for your mortgage quote or approach a lender yourself directly then you are likely to have a restricted range of lending options in front of you. A mortgage broker with full market access does not have this restriction and can find a solution that fits your requirements.
Straight Talking Mortgage Advice
Do you really understand all of the mortgage industry jargon? Does your head live in figures all day long and are you able to predict what will happen to mortgage products over the years? Probably not, most people wouldn’t. It’s up to you if you decide to visit a local Newcastle mortgage broker or deal with one from afar but every single time you should be able to understand clearly what their message is to you. Any jargon should be easy to interpret into plain English so that it just makes sense on a level that you understand.
Communication Is Super Important
Moving house or buying for the first time? Regardless of your reasons for moving it is going to be stressful! In fact statistically speaking it is one of those big things in life that stress most people out. That’s why the last thing you want is a mortgage company who don’t keep you informed of where things are up to.
You shouldn’t have to do the chasing, a good mortgage broker will ensure that you know exactly what and when things will happen and what is required of you. Yes, communication is important!
Professional & Friendly People
As we’ve already mentioned you should take advice from a good mortgage company for years to come. Can you imagine dealing with an individual who is great at their job but a horror to be around! Professional and yet down to earth and friendly let’s you go far in this life and the same should be true of the broker you pick too. Newcastle is full of lovely friendly people including your local mortgage brokers, you just have to pick one.
Testimonials and reviews are the life blood of business. Bad reviews are not always fair but if they are consistent and justified then it is worth steering clear of that company. On the other hand good reviews and happy customers show that a company is worth checking out yourself.
There are plenty of review websites around the internet a simple Google search for <company name> reviews will show you what you need to know. Make your own choices but make informed ones.
Why You Need Mortgage Advice
The world of mortgages is complex, gone are the days of the simple interest only or capital repayment mortgage; the choice is vast and if you don’t believe us then speak to a broker to find out just how big the marketplace is. Here are some suggestions (certainly not extensive) as to your own position and why you should take the advice of a mortgage broker.
|First Time Buyer||For the first time buyer obtaining a mortgage can seem incredibly complex. The process itself is bad enough but to find out just how many deals there are for first time buyers is just immense. You will benefit from an impartial mortgage broker who lives and breaths the mortgage market and who can sort everything out on your behalf.|
|Buy To Let / Investment||If you are looking to invest in property then the chances are you have bought before so you probably have some insight into the mortgage market. But like all good business decisions you should factor your time into your decision, you should also bare in mind that a good broker will be working with you for years to come finding you the best deals. So let the experts do the leg work for you and find someone who will fight your business corner to get the best deals for years to come on your behalf.|
|Remortgaging||There are lots of reasons why people remortgage. Whether it is to find a better deal or to release equity built up there are such a huge range of mortgages that it makes sense to get the advice from a broker with whole of the market access so that when you remortgage you get a better deal than the one you currently have.|
|Home Movers||Most people enter the housing chain at some point in their lives. Home movers will benefit from the services of a mortgage broker by letting them sort out all of the nitty gritty details and help relieve the stress of moving for you.|
There are other things that a mortgage broker can help with too such as:
- Insurance protection for your mortgage
- Help with bad credit and obtaining a mortgage
- Work with you if you are self employed
- Knowledge of government schemes such as Help To Buy
What Should You Ask? Here’s Some Examples:
- Do you take commission or charge a fee?
- Are you able to access the whole of the market or do you work with particular lenders?
- I have bad credit can you help?
- I am self employed can you help?
- What evidence do I need to give you to proceed?
- Will I be assigned a dedicated broker to my case?
- What is the likely turn around time to approval?
- What can I do if my application is not approved?
- How long will my mortgage offer last once made?
- Are you based in Newcastle?
Mortgage Deals Are Complex
You should know that mortgage go beyond the simplistic interest only or capital repayment. There are actually a vast range of products for the many variety of situations that people find themselves in throughout life. Lenders understand that people and their circumstances are unique and most have a product suited to you.
Why You Shouldn’t Rely Upon Mortgage Comparison Websites
In short, they are not human. A mortgage broker with years of industry experience and whole of the market access cannot be substituted with a few slider bars that tap into a database with your variables which then spits back what it has been told is currently available.
The truth is mortgage products come and go, they don’t hang around. A mortgage broker often has a relationship with the lender and can pick the phone up to talk to a real person who can then make a personal judgement on why you may be suitable for that deal even though you have a good income but bad credit for example. A computer can’t really do that.
We answer these and many more questions that people frequently ask in our mortgages FAQ section here.