This is a question I get asked many times and the answer is simple.
Using a fully independent mortgage broker not only saves you time and hassle, it can also save you a lot of money. Traditionally people would rely on the deals offered by their bank, as this is what their parents did or they may have been with the bank for several years. Unfortunately, there is no loyalty with the high street banks and the harsh truth is they may charge you more for being a faithful customer.
They can only offer products from their range which is usually very limited and up to fairly recently they couldn’t even advise you on the best product. They would employ staff who were not qualified to give advice and could only offer information only. Fortunately, the regulator has stopped this practice and now the FCA insists that the banks only employ fully qualified advisers. However, this change has resulted in a shortage of branch based advisers, which subsequently has now meant 2 to 3 weeks waiting time for a face to face appointment. This coupled with their branch closure programmes results in an impossible task of ever seeing their adviser.
The internet is also another good source of information and we are seeing more and more people trying to secure the best deal by searching online. The problem is that there is too much information on the net, in fact over 17 million results for mortgages in google alone. As the lender’s products change on a daily basis, most of this information will be either wrong or out of date. Most comparison sites only have details of the headline rate which is not always the best advice as it may have a big arrangement fee or an extended tie in period.
Buying a house and getting a mortgage can be very complex. It may also be one of the biggest financial decisions you ever make. Therefore, it’s very important that you seek truly independent whole of market advice. Most brokers can search over 10,000 different products and use some very sophisticated technology to enable them to keep track of the latest deals.
The other main reason for using a mortgage broker is accountability and redress. To advice on mortgages in the UK, you need to be qualified and demonstrate ongoing professional development and product knowledge. The financial services industry is one of the most heavily regulated industries. Each adviser has to ensure they have given the best, most suitable advice and will write to you to explain their recommendation in detail. If you feel you have been mis-sold a product then you are entitled to refer you case to the regulator and ombudsman.
Here at Lets Talk Mortgages we offer independent, whole of market advice and pride ourselves on providing quick response times. We have access to 18 advisers across Yorkshire, including at our offices in Hull, Doncaster, Sheffield and Leeds. We can arrange free initial consultation either at your home on an evening or at our offices during the day.
To find out more please visit www.lets-talk-mortgages.co.uk