Lots of people, especially those who are first time buyers, don’t know where to start when it comes to looking for a mortgage. Today we aren’t going to look at whether it’s a good or bad thing that not many people know how to start – the bigger thing we want to address is know where to look in the first place.
Where to begin
When it comes to thinking about where to find a mortgage, the first place that the majority of people would think to look is a bank. And why not? On the face of it, and especially if you haven’t had much experience on the world of property purchases before this point – it makes sense to think of the bank first.
Particularly if you’re a first-time buyer now, in your 20’s or 30’s and the only financial dealings you’re likely to have experienced are setting up a bank account, getting hold of a credit card and maybe leasing a car – why would you think to look of anywhere except a bank?
When your parents were getting a mortgage it would have been through a bank, but the world of work is different now. Times have changed, and so should your approach.
The problem with approaching banks first
The problem with taking a bank first approach to the mortgage challenge is that you’re inadvertently painting yourself into a corner.
The reason is that by just going to the one bank you’re only looking at options in a fraction of the market. Naturally when applying through a bank they will only look to place you with one of their mortgage products, thereby it’s a much smaller pond to pick from.
Mainstream lenders and banks will have particular criteria that they will want a borrower to meet. Obviously one particular term, for one particular bank, is never going to be perfect for any prospective clients. Comparatively, when working with a broker you’ll likely to get a much better “hand holding” relationship – rather than potentially getting pigeonholed into a product that isn’t quite right.
Why talking to a mortgage adviser can be more advantageous
When it comes to dealing with a broker, rather than a bank, we think that we have a couple of key advantages that will help you out when it comes to securing a mortgage.
Unlike approaching a bank to secure a mortgage, when working with a whole of market broker like ourselves you actually have access to the whole of market for mortgages. You’re in a much bigger pond, with many more products (some of which are only accessible to members of the public through a broker), and some of them are going to be a lot more specific to the individual circumstances you come to your application with.
Our aim when working with clients is to give you the most appropriate advice and guidance to help you find the right solution for you. If you would be interested to have a conversation with us and explore your options, give our friendly team a call today on 01268 744 333 or send us a message below.