09 May Why use a mortgage broker?
Why might you use a mortgage broker?
Your personal circumstances have changed and a mortgage broker can help
There is no such thing as a ‘good’ or ‘bad’ client for a mortgage broker. It is simply our job to understand your personal circumstances and tell you where you will be able to go to seek finance. Even in a short space of time, your personal circumstances can change significantly. Many life events can come and go without you considering the implications they could have on your mortgage or protection. If you think something may have changed that is of importance, such as marriage, having children, a change of job or even changes to your health, let your mortgage broker know so they can revisit your options for you.
You may have had a mortgage application declined in the past for various reasons. However, there are now a growing number of specialist lenders offering mortgage finance, meaning we have more options when it comes to helping those with more complicated borrowing scenarios. So, if you have been declined in the past it does not necessarily mean that you cannot obtain finance now.
A mortgage broker will need to gather all the information from you needed to understand your current circumstances. At Trafalgar Square, all our clients start their journey with us by filling out a mortgage Fact Find. This is a data capture form that, once complete, will tell us everything we need to know about your circumstances. Once we can fully understand these, we will be able to give you bespoke advice and mortgage product options.
Whatever your preferred choice is, we will apply for an Agreement in Principle for you, and eventually submit the full mortgage application on your behalf. We will also liaise with other parties involved, such as lenders, solicitors and estate agents, so that you don’t have to.
Your mortgage product is coming to an end
If your current mortgage deal is coming to an end you will automatically be moved onto your lender’s Standard Variable Rate when your current rate ends. This means you may end up making higher monthly repayments. If you want to check you are not paying more than you need to be, using a mortgage broker can help.
At Trafalgar Square, we contact our clients in advance to let them know that their current rate is due to expire and let you know what their available options are. This could be staying with the same lender and taking out a simple product transfer or looking at the market as a whole to see if there are better rates out there that would be more suitable. The market and mortgage products are likely to have changed over the period of your fixed rate so it is always worth looking into all your available options.
You are considering investing in another property
For more niche projects that require specialist lending, such as Buy to Lets, HMOs, and Commercial developments, using a mortgage broker can be very beneficial. A good mortgage broker will understand and assess your personal circumstances and the restrictions that might surround these in terms of obtaining finance.
At Trafalgar Square, our mortgage brokers also get to know each client’s long-term financial goals, and what the potential risks are surrounding them. This means that we can work towards helping you achieve these goals, rather than only looking at what we can do for you today. There are currently tens of thousands of mortgage options available. A mortgage broker will do the hard work on your behalf by searching through them to determine which ones will suit your needs best. If your profile fits into the category where you can walk into a branch of any high street back then we would recommend doing this as well. However, most people tend to find that they do not fit into this category and will turn to a mortgage broker for a solution that is tailored specifically to them.
To discuss the mortgage market
Whether you’re looking to purchase your first home, add to your professional property portfolio or help your children onto the property ladder, a mortgage broker can assist you in finding the best possible solution. The property market is evolving constantly and lenders are always changing their criteria. Having a mortgage broker who understands your personal circumstances and long-term investment goals means that they will be able to notify you of such changes and keep you up to date with the latest mortgage news.
At Trafalgar Square, we regularly produce a newsletter for our clients to keep them up to date with any changes in the market and regularly inform them on what the latest rates are.
If you would like to speak with a mortgage broker at Trafalgar Square, please do not hesitate to get in touch with us! We work with property investors from across the UK and are always happy to help.