Buying a house is the biggest purchase
most people make in their lives. Mortgages give you the freedom to
buy your property, however they are a commitment that requires
monthly payments for many years and form a significant proportion of
your monthly income.
Choosing the right mortgage is very
important, yet many people rush straight to their bank or building
society and accept their mortgage products with only a small amount
of research. Others take a different view and visit every web site,
entering their details into every on-line form in the hope of
finding that elusive “killer deal”.
We’ll show in this article that there
is another far more sensible approach that can save you considerable
amounts of money – using the services of an independent
mortgage broker who can access the whole of the market.
I’ll make an admission here. Before
working in financial services, I had always assumed that I could get
the best mortgage deals from the high street banks or building
societies. I was wrong.
Many other people make the same
assumptions and they will probably be wrong too. I’ll show you why.
The two important things to look for if
using a mortgage broker is that they are independent and that they
can assess the whole of the market.
How independent mortgage
brokers can save you money
If you go to a bank and ask for a
mortgage, it is highly likely that they will only offer you their own
products. They cannot match your specific needs to a wide range of
available products, they can only fit their own products around your
requirements.
What a bank or building society offer
may not be the best for you – either with interest rates,
mortgage type (fixed rate, capped, discounted etc) or arrangement
fees.
A mortgage broker who is independent
can quickly, through automated systems, search through all the
available products from all the banks and building societies, on the
market and has a far better chance of finding your great mortgage
deal.
The secret is to find that good
mortgage broker who is independent and has access to the whole of the
market. At MoneyHighStreet.com we know this and that is why we have
partnered with an excellent mortgage broker, CK Financial Solutions,
to help our readers find the very best mortgage deals.
Learn
more about our mortgage broker partnership here
High Street banks offer the
best mortgage deals don’t they?
I thought that no one could beat the
high street banks or building societies for the best mortgage deals
and I was wrong for a very simple reason.
Mortgage brokers get discounted rates
from some high street banks because of the huge volumes of business
that they send to these banks. So, a good mortgage broker can
actually get you a mortgage rate with some high street banks that is
lower than you can get from that bank.
This is so important that I’m going to
write it again, in bold:
A good mortgage broker can
actually get you a mortgage rate with some high street banks that is
lower than you can get from that bank.
You probably don’t believe this, but it
is true. If you are looking for a mortgage or remortgage, then fill in our quick and
simple mortgage
enquiry form here and see what our mortgage broker partner
can do for you.
Something else that you should know
If you go straight to your bank or
building society first and make an enquiry about a mortgage, then
they make a note that you came to them first and prevent any mortgage
brokers passing them your details.
This means that a broker cannot arrange
a mortgage with a bank or building society that you have already
approached. If the broker can get a discounted rate with that bank,
but your enquiry is already logged at the bank, then you will not get
the broker discounted rates.
The secret is to talk to a
mortgage broker first and then go to the bank or building society to check
that the broker has found you the very best deal. A good
broker won’t mind you doing this as he will be confident that he has
done the very best that he can for you.
So, in summary
- Seriously think about using a
mortgage broker – they can save you significant amounts of
money - Choose an independent mortgage broker with access to the whole market
- Mortgage brokers can get some deals that some banks, themselves, cannot provide
- Talk to the mortgage broker first and then the banks and building societies
- Mortgages are big, expensive, commitments so take the time and effort to get the very best deal
possible
Click here to learn about the MoneyHighStreet mortgage broker partnership