What is a Mortgage Broker?

Mortgage Broker Nottingham

What is a mortgage broker and what mortgage advice can they offer?

Our in-house mortgage advisor, Paul, offers some words of advice.

Would you buy a pair of designer prescription glasses without first having an eye test?

Would you part with your hard earned cash to buy a brand new car off the forecourt without first test-driving it?

Would you book and pay for a late deal holiday without first checking your passport was in date?

Would you chance viewing properties and finding the one of your dreams without actually knowing you are good for the mortgage?

Of course not!

A mortgage broker is just another word for mortgage advisor.

Using one of our highly trained and experienced mortgage advisors to obtain a mortgage Approval in Principle (AIP) before viewing any properties will ensure there’s no heartache at a later stage.

An AIP is a fully credit checked and credit scored application which lets you know if a particular lender will actually lend you the money, giving you the confidence of knowing you could actually buy that house!

An AIP comes in several guises, such as a Mortgage Promise, a Decision in Principle or a Mortgage Certificate.

The process of obtaining one is pretty straight forward; meet one of our advisors for an informal chat where they will take all of your current personal and financial information.

Using their wealth of knowledge, they will then research the market to find not only the cheapest deal for you, but to pinpoint which lender(s) are most likely to lend the amount you want, based on your current circumstances.  All lenders will calculate your maximum mortgage in different ways, meaning some are more generous than others.

There are lenders for pretty much most circumstances, from those who are self-employed, to those with lower available deposits and also clients with a chequered credit history; the job of our advisors is to find that lender and then confirm whether they would actually consider lending you the money.

Most Estate Agents will want to know your position and are able to proceed so that they can tell the seller of the house your current position.

Those viewers with an AIP are taken more seriously than those without.  This is because when you make an offer on the house and want the seller to take the house off the market to avoid further viewers outbidding you, the seller can be confident you are good to go and are then more likely to stop further viewings on the house.

Would you sell your car to someone and let them drive it away on the strength of them telling you they think that they can get the money together and will be back with the cash if they can?

Of course not!

Sometimes it’s not always straight forward though;  you could actually be declined for a mortgage with most, if not all lenders, but there is always a fundamental reason for this.

Once we can establish what is stopping an approval, we can discuss ways forward.  This may be something as simple as ensuring you are registered on the electoral register at your home address or maybe clearing a credit card or two may do the trick.

To conclude, having an approved Agreement in Principle before you view properties puts you in the best position you can be – it will give you the confidence when viewing and you can actually think to yourself “This house could be mine!”, rather than falling in love to later find it just doesn’t work out!

Why not register your interest to book a mortgage advice appointment today?

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up with repayments on your mortgage. Think carefully before securing a debt against your home.