You’re excited. You’ve been saving your deposit for what feels like forever! In some instances, you’ve sacrificed so much to get to this point.
You’ve possibly been looking at properties already and seen your bank who said what value of property you could afford to buy. You may already have an agreement in principle.
Now pause. The agent wants to know who you are using to arrange your mortgage. Well, you’ve seen your bank and that’s all ok right? Well, maybe. However, have you considered the possibility of using a broker
But brokers charge a fee? Why would I do that when I can go to the bank for free?
You’re right, some brokers do. However, their job is to search the whole of the market to find you a great deal – sometimes better than what the bank has offered you. In some instances, the bank will offer brokers better deals than what they can offer their customers so for that reason alone it is always worth speaking with a whole of market, independent broker. The fee could be added to the mortgage and it may even work out cheaper.
A proactive broker will chase your mortgage offer on your behalf, which reduces stress for you and makes the process more efficient so you are less likely to miss out on your perfect property.
Questions to ask the broker before committing:
• What is your fee?
• When will you take your fee? Can I pay by card? Cash? Or can it be added to my mortgage?
• What is required by me up front to start the application?
• How quickly can you submit my application?
• Do I need to meet with you in person?
• How often will you check on my mortgage application?
• Do you have a dedicated sales progressor that will chase my application up?
Documentation to prepare ahead of submitting your application:
• Proof of ID - valid passport, driving licence
• Proof of address - valid driving licence if you have not used it for ID or utility bill dated within 6 months
• Proof of deposit – your bank statement with the money showing in there. If you have a gifted deposit coming from family or friends, then you will need a letter from them confirming that they are gifting you the deposit.
• Last 6 months bank statements – make sure that you have not missed any dates out. You may need to request this from your bank if you are unable to print them out.
• Last 6 months wage slips.
A good broker will ask for all these things up front to be able to “package” your application properly and make sure that there are no delays.
Although we do not have an “in house” mortgage broker, from our experience of managing sales transactions we have carefully selected the most efficient, whole of market, financial advisors.
Even if you are thinking of staying with your current lender or have spoken to a mortgage broker already, we would still recommend getting another opinion. At worst, you will get confirmation that the deal you’ve been quoted is the best one for you. At best, you might find you can borrow more or make considerable savings on your monthly repayments.
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