Why you need advice on mortgages

The comparison between comparison sites and professional advice

In this day and age, we are all becoming more tech savvy and buying more of what we need online, sometimes just at the click of a button on our phones. But when it comes to your mortgage, should you make this kind of decision in the same way? After all, for most of us, there is no greater financial commitment. It is tempting with comparison sites seemingly doing all the hard work for us and making it so we don’t need to meet a total stranger or even leave our living room.

However, there are many compelling reasons why advice from a mortgage professional is even more valuable now than in the past. When the Mortgage Market Review was adopted in April 2014, it became tougher for many to match banks’ and building societies’ criteria; and every year since has seen a rise in people using mortgage brokers to arrange their finance rather than going directly to the lender – hardly surprising given the inflexibility of some organisations.

If you employ a professional, trust them to get the job done – by a professional we mean a qualified whole of market mortgage broker or Independent Financial Adviser (IFA) who works for you. Not a bank adviser who can only sell their own products. Also remember estate agents are rarely qualified and do not have the same set of regulations protecting you as the above will have; and the broker/IFA is working for you, nobody else. Trust them with the market, they have nothing to gain by recommending you the wrong product and are professionally bound to recommend the most suitable one for your needs. If you look online and find a 'cheaper' deal it is almost certainly one not suitable for you in terms of borrowing what you want.

Remember, if you buy online through a search engine, you are making an 'informed choice' and have no comeback if it goes wrong; using a broker gives you the peace of mind that they are taking responsibility and you are protected by their regulations.

Also, it's not uncommon for mortgage deals on comparison sites to be out of date. This could mean going through to a lender, sending them all your documents, only to find weeks later that the deal they offered through the site has gone – imagine your disappointment as you discover that the bank now charges more than several others. Brokers’ systems are updated daily and they usually get notified if products are going to be withdrawn, at least a few hours in advance, meaning they can reserve the old rate for you, if the new rate is higher.

Importantly, everyone’s situation is different and a broker gives you bespoke advice. Perhaps you have missed credit payments, have a lot of outgoings, are borrowing the maximum you can, are short term self-employed / contracted or have little or no deposit equity. Or if you are new to the UK, or even your job, or are using an elaborate tax plan recommended by your accountant to declare minimum income – there are other scenarios too – picking out the 'best rate' from a search engine is useless to you as that company will probably not lend to you. A broker will know who can lend to you, what they will need from you and how long it might take, as well as what it will cost. Your broker will also deal with all the calls, emails, document requirements and inevitable curveballs from the lender to save you the stress.

An experienced broker has picked up other information over the years too, like good solicitors to use, how to handle the agent or even haggle the price and they have good contacts at all major banks and building societies which can prove very helpful should the path not be a smooth one; sometimes they even get better rates than you can get going direct. What's not to like?

We have an experienced team of advisers who will be only too pleased to help you and we are free to use.

So remember Euxton Mortgage market and No Broker Fees when looking at mortgages.

February 2018