The process of getting a mortgage can be complex. It’s a big financial decision with a lot to consider and plenty of documents to provide, which is why mortgage brokers exist. We’re here to make your life easier and provide expert advice and recommendations.
When embarking on your journey to becoming a homeowner, it can be easy to overlook the importance of a mortgage broker. With a mortgage being such a significant financial commitment, having a mortgage broker on your side is a no-brainer to ensure you get the best mortgage for the right rate.
We often get asked by first time buyers about the benefits of using a mortgage broker. To help provide an overview of why clients choose to use one, here’s five reasons for you to consider.
1. Mortgage brokers have whole of market access
Our mortgage advisers have exclusive whole of market access. This means we have access to an extended pool of lenders in the UK when searching the market on your behalf.
There are around 200 lenders, so when you choose to work with us, you get the most options. From high street banks and building societies to more specialist, independent lenders, we’ll find the right lender for you. Without the support of a mortgage broker, your options could be more limited. But with our support, a whole new market opens up.
Another key advantage of whole market access is that we’re in a position to secure you the right mortgage deal for your unique financial situation. We can search on your behalf and find the lender that is both the cheapest and has the lowest risk of being declined. All grounded in our experience of securing hundreds of mortgages over the years.
Watch: Why use a mortgage broker? (1:13)
2. A broker can help you to save money
Having spent years working directly with mortgage lenders, the strong relationships we’ve built definitely pay off. We know our way around the landscape and can use that to our advantage, helping you to potentially save money.
How, you ask? Part of our service at Mortgage Synergy involves getting to know you, your finances, and your personal circumstances. For us, it’s not just another sale. We go above and beyond for our clients to create lasting relationships.
Our mortgage advisers will take the time to understand your situation and needs, and recommend the right mortgage deal based on this. A good broker doesn’t just find the best mortgage rate, they considers your situation, affordability and factor into their recommendation all fees associated with the mortgage. For example, lender arrangement fees, survey fees, early repayment charges, exit fees, any incentives given like cash back or a free survey.
The type of interest rate—fixed or variable—, the length of your mortgage, and the type of property all impact the cost.
The ‘best’ deal on paper might not be the right fit for your financial position, so we always want to take that into account when recommending a mortgage for your needs.
3. They’ll take care of the application process
The mortgage application process is a lengthy one, and we all know how complex and time consuming dealing with paperwork can be. By working with Mortgage Synergy, our mortgage advisers will ensure your application is in tip-top condition—correctly filled out and necessary evidence attached. You’ve done the hard part of saving for a deposit, so leave the rest to us.
As a mortgage is a legally binding contract, it’s vital to get your application right. Any mistakes or missing information can cause delays in the process, and that’s the last thing you want when planning your next adventure in your new home. The home buying process is stressful enough. Clients have confidence that we’ll take care of the mortgage side, so they can focus on other important aspects of buying a home.
We’ll make sure that when your application reaches the mortgage lenders, it’s smooth sailing from there. All whilst taking the hassle out of dealing with underwriters.
4. Mortgage brokers are accredited and regulated
We’re regulated by the FCA (Financial Conduct Authority), so we’re qualified to give advice and recommendations which are tailored to you. We’re experienced and part of our role as expert mortgage advisers includes keeping up to date with laws and regulations. In fact, we’re required to log our Continuing Professional Development (CPD) every year to show we are keeping our expert knowledge up to date so we can be better to advise you.
Since our advice is regulated, your mortgage sale is protected. Should a mortgage deal not be the right fit for any reason, you’re covered financially. Having this peace of mind can be reassuring for prospective first-time buyers – most of which come back to us when it’s time to remortgage or purchase their next home.
5. We’re here every step of the way
We aim to provide the best quality service every step of the way. From the second you get in touch with us, whether that’s over the phone, in person at our office, or through video call, we’re always on hand to provide guidance and advice.
It doesn’t matter if you’ve already had a property offer accepted or you’re just getting started with a Mortgage in Principle (MIP), your dedicated mortgage adviser is there for it all. We have experience at every stage of the process, so we’ve always got some special tidbit of expertise to share with you.
From assessing your finances and borrowing eligibility to arranging life insurance to accompany your mortgage, we’re here for it all. Confused by mortgage jargon? We’ll explain it and simplify everything. We make the mortgage application as simple as possible and ensure you know what everything means.
To wrap this up, if you’d like to speak to us to find out more, please do contact us. We’re a friendly team who are available to help you get the mortgage you need for your new home.