A mortgage adviser is, contrary to the name, a lot more than just an adviser. In fact, they can offer you some serious benefits that will make finding the ideal mortgage a lot easier. The might find better deals, apply on your behalf and also answer any questions that you might have.
So if you’re looking to buy a home in Leeds, consider speaking to a mortgage broker first to learn more about the local property market and what you could do to make huge savings.
Three Best Rated in Leeds
We are very proud to be listed as one of the Top 3 Mortgage Brokers in Leeds, by Three Best Rated, as recognition of us providing consistent high-quality service in our area of business.
What do mortgage brokers do?
A mortgage broker is also known as a mortgage advisor. They’ll speak to you about your financial situation and review different mortgage offers that are available to you. They’ll base their suggestions on your personal financial situation and also apply for one on your behalf once they’ve found the right one and agreed it with you.
The goal is to save you time, money and effort in finding the right mortgage for your situation. They’ll also have a wider reach to search for different mortgage offers while also offering you advice, such as how likely you’ll be accepted for a particular mortgage offer. They’ll also speed up the process of finding and applying for a mortgage since they handle the majority of the paperwork for you.
Can’t I look for a mortgage myself?
Yes, you can! However, the goal of using a mortgage broker is to save time and open up more options. Using a broker will save you a lot of time and result in fewer headaches as they’re accustomed to navigating the mortgage industry. They’re also experts at finding deals that are suitable for your financial circumstances, meaning you might find the right deal, more quickly. Mortgage broker’s also have access to mortgage lenders that aren’t on the high street – and even for those that are, they may have access to products you might otherwise not be able to have.
Mortgage brokers offer you experience, expert knowledge and peace of mind. A good broker will know exactly which lenders to speak to based on your financial situation and also help you apply for deals that you’re likely to be eligible for.
Finding a mortgage broker in Leeds
It’s important to seek a mortgage broker that has knowledge of the local property market. If you’re thinking of buying a home in Leeds, then a mortgage broker in Leeds is going to have good knowledge of the local market and lenders that would be willing to work with you.
Some of the key factors that your mortgage broker will look into include:
- APRC (Annual Percentage Rate of Change)
- Size of the deposit that you’ll be expected to put down
- The standard rate you’ll be switched to after your fixed-rate deal expires
- The amount of interest charged and how often it will need to be paid
- Flexibility when it comes to your mortgage, such as overpaying without being charged or taking a break from payments
- The length of fixed or variable rate deals and how much flexibility they offer
- The overall term of the mortgage
These factors can sound confusing if you’re a new first-time buyer or don’t have much experience with mortgages in general. Your mortgage broker will break down these terms and help explain things in a much simpler way to give you a better understanding of what to expect and look out for.
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