There are two ways to apply for a mortgage:
- Doing-it-yourself by going direct to the mortgage lender
- Using a mortgage adviser
Whether you are buying your first home, moving, remortgaging or buying an investment property, if you are applying for a mortgage you have two main objectives:
- To get the application accepted
- To get the right mortgage deal for your circumstances
While the temptation amongst many people might be to take the DIY option, there are some excellent reasons why using a mortgage adviser might be the more sensible option.
Nine out of 10 accepted
New research has found that 88% of mortgage applications made through mortgage advisers in the second quarter of 2017 were accepted (Source: Intermediary Mortgage Lenders Association.)
Commenting on the figures, Peter Williams (pictured), Executive Director of IMLA, said: “The percentage of successful applications continued to grow across the board, a testament to the ability of the intermediaries to match consumers with suitable products in what is an increasingly complex marketplace.”
Getting your mortgage application accepted? Box ticked!
There are of course other reasons to use a mortgage adviser, including:
Choice of lenders: We have access to dozens of mortgage lenders and thousands of mortgage products. If you take the DIY route you will be limited to those available online, over the phone or where you can visit a branch. We might even suggest a lender you’ve never heard of!
Time: Our systems, knowledge and experience will save you time. In a fast-moving housing market, the days, and even weeks, we can shave off the process might be crucial.
Finding the right product: The temptation among many homebuyers might be to opt for the mortgage with the lowest interest rate. Sometimes that will be the right thing to do. However, as the mortgage products with the lowest interest rate often come with the largest arrangement fee; finding the right deal, over the long term, isn’t always as straightforward as it seems.
Knowledge & experience: In 2016, we helped arrange over £200 million of mortgages. Finding the right mortgage for our clients is what we do every day of the week; you might apply for a new mortgage every few years. That knowledge and experience means your application stands a better chance of getting accepted first time (especially if you have challenging circumstances) and on the right mortgage product.
Expert advice: We were recently awarded the ‘Shoppers’ Choice’ award in a mystery shopping exercise of mortgage advisers in Southampton.
Get in touch
If you are a first-time buyer, moving home, need a remortgage or you’re a Buy to Let investor, our mortgage advisers are here to help you.
We can be contacted on 0800 612 8099 or you can complete our online enquiry form for by clicking here.