Spellman Financial Services

Should i use a mortgage broker

Should i use a mortgage broker

Do I need a Mortgage Broker

Taking out a mortgage could be one of the biggest financial decisions you’ll need to make in life, so it’s important to get it right.

You could ‘go direct’ to find the right mortgage for your circumstances. As long as you’re prepared to spend time and effort scouring a very competitive market for the lender and deal you feel most comfortable with.

You’ll also need to consider things like lender administration and booking fees. The length and type of mortgage you need. Any valuation costs and repayment methods.

All of which can affect the total cost of your loan. And you’ll need to take out insurance; for buildings and contents and to protect your mortgage payments if you have to stop work.

Advice from your Lender

Lenders will, of course, be able to give you guidance on any mortgages they offer. But you won’t necessarily know how their deals compare to other deals on the market.

Mortgage Advice from us

Unlike lenders, we don’t have a vested interest.

In fact, as part of Openwork, one of the UK’s largest financial adviser networks, we can access competitive rates from most of the UK’s best-known lenders, many of which aren’t available on the high street.

What’s more, we will take the time to get to know you, your circumstances, and your overall financial position.

We’ll also want to understand what type of mortgage you believe is right for you and talk you through the pros and cons of each option.

Using our expert knowledge and database of several thousand mortgages, we will find the ones most suitable for your needs.

We’ll work with you to complete the relevant paperwork and liaise on your behalf with solicitors, valuers and surveyors.

We can also talk you through the features and benefits of financial protection for your new property and we’ll stay in touch throughout the process – and into the future.

If you’d like more information, or you need help planning your first, or next, property purchase, please get in touch.

Why should I use a Mortgage Broker

If you’re still unconvinced, see some extra considerations below on what value Mortgage Brokers can bring to the process:

  • These days, they can be trusted. Regulations have been hugely tightened since the financial crisis and rules bought in following the Mortgage Market Review in 2014, transformed the advice process to ensure responsible Lending. Mortgage Brokers must be professionally qualified (CeMap), be upfront and honest about any fees, provide customer centric advice and justify their reasons for the products recommended.
  • More than one Mortgage Lender to choose from.
  • They understand what is required from, and the jargon used by Mortgage Lenders, Solicitors and Estate Agents. They can act as the “middle-man” and explain and guide you through the whole process.
  • Exclusive Deals – Mortgage Brokers often get exclusive rates that will not be available by going directly to the Mortgage Lender.
  • Expertise – they know the Mortgage Lenders Criteria, what they require and what their time scales are.
  • They’ll Save you time – Lenders will process Mortgage Applications received by Mortgage Brokers quicker than they would for customers going direct. When customers apply directly. The lender is required to give customers advice and complete all the due diligence themselves.
  • Relationship – Brokers have existing Relationships with the Mortgage Lenders and will have a direct contact to a Relationship Manager who are there to help.

How to choose a Mortgage Broker

Great reviews – this could be consistently high reviews you’ve spotted online. Or a Mortgage Broker a friend or family member has recommended.

Fair fees – If an Advisor is charging you a fee, it is more than £500 and your case is relatively straight forward. It’s probably best to move on and find a different Advisor. If you’re happy with the Advisor you have found, see if you are able to negotiate their fee down.

They are fully CeMap qualified and regulated by the Financial Conduct Authority

Get in touch!

If you need Expert Mortgage Advice. Please complete the below contact form and we will get in touch within one working day.

Please note

The information provided will only be used to contact you and will not be held for marketing purposes.

Address & Telephone

102 Stoney Road, Coventry, West Midlands, CV3 6HY
Telephone: 07739387944

Opening Hours

Monday-Friday: 08:00 – 20:00
Saturday: 08:00 – 14:00
Sunday: By appointment
Other times: can be arranged by appointment

Spellman Financial Services is an Appointed Representative of Openwork Ltd, which is authorised and regulated by the Financial Conduct Authority

Spellman Financial Services is registered for Data Protection purposes through the Information Commissioners Office