While the internet can offer facts and figures for mortgage comparison, that is really all it can offer and the literature obtainable from edges, building societies and supermarkets can only serve to confuse matters. In these times, a mortgage broker who has a wide working knowledge of the mortgage industry and is able to adapt the search to your requirements is highly useful.
Consumers are using mortgages for many different reasons, including providing themselves with a safe, financial future – perhaps in the form of an investment character or buying character for letting purposes. This, of course, is a specialist area of the mortgage market and requires the skills of an experienced mortgage broker.
Those with sufficient equity in their home can simply apply to re-mortgage it and, hopefully, release enough funds to buy the investment character outright. However, those who cannot release the necessary capital can use a mortgage broker to source a buy- to-let mortgage. In this case, the amount an applicant can potentially borrow is dependent on the projected income of the rental character, although having a place increases the level of competitive deals that can then be sourced.
If the second character is a holiday home bought for part-time use by the buyer, the mortgage company will then require proof that the mortgage repayments on the holiday home and the first character will be covered by the applicant’s income. Should the character be oversea, there is the additional complication of finding a UK lender who is willing to lend on foreign character or a lender in the chosen country must be approached.
This is where an experienced mortgage broker can really make the difference to a new or inexperienced buyer. ‘Whole of Market’ mortgage brokers have unlimited access to the thousands of mortgage deals and products that make the current market so competitive.
Independent mortgage brokers can find a mortgage to suit any purpose and do it with the client’s best interests at heart, as they are not beholden to particular mortgage companies. ‘Whole of Market’ mortgage brokers, such as the aptly-named The Mortgage Broker Ltd, garner a wealth of experience from dealing with the numerous lenders vying for custom. By dealing with a wide and varied range of products, their skills and skill are developed and their understanding deepened, allowing them to apply their knowledge to other aspects of mortgage procurement, such as self-certification or negative credit mortgages.
The quality of a mortgage broker can often be assessed by the quality of the mortgage they offer; mortgage comparison is an basic part of their trade and the greater the selection they have to choose from, the more likely it is they will be able to source a mortgage to suit a borrower’s needs.