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The Pros & Cons of Using a Mortgage Broker in Beverley

Embarking on a mortgage journey can feel overwhelming, especially for first time buyers in Beverley or those looking to move or invest in property. With numerous options available, it’s crucial to make informed decisions from the start to save time and costs down the line.

At our company, we offer a personalised and friendly service, catering to your specific mortgage needs. We understand the complexities of the process and have the expertise to guide you through it. Our team is dedicated to providing expert mortgage advice in Beverley, assisting both new and existing customers.

In this article, we’ve compiled a comprehensive overview of the advantages and disadvantages of working with a mortgage broker in Beverley. Discover why many people trust us for their mortgage advice needs in Beverley and benefit from our knowledge and guidance.

Why use a mortgage broker in Beverley?

Cost-Effectiveness

While some believe that finding a mortgage deal on their own will save them money, the reality is more nuanced, especially when it comes to a mortgage broker in Beverley. While brokers may charge a fee, the actual cost depends on individual circumstances and the chosen company.

If you have extensive knowledge and a straightforward case, going direct might be easier and more cost-effective. For more complex situations or if you lack knowledge in the mortgage market, seeking the assistance of a mortgage broker in Beverley can prove invaluable.

Without proper knowledge, you run the risk of choosing the wrong deal or facing a rejected mortgage application. Both scenarios can lead to increased expenses or negatively impact your credit score, affecting future mortgage prospects.

With a dedicated mortgage advisor in Beverley, their primary goal is to help you achieve your mortgage goals. They strive to provide the right recommendation the first time, at the best price. While there may be a service fee involved, the potential savings in the long run can outweigh the costs.

Local Bank Branch Relationship 

In the past, many customers preferred approaching their banks directly out of loyalty and familiarity with the traditional way of conducting the mortgage process.

Back then, customers would visit their local branch and often interact with the same bank manager, benefiting from their expertise and personal knowledge of their financial situation.

Previously, having the bank manager personally review and approve your mortgage application was seen as advantageous, as they possessed a deep understanding of your finances.

With the advent of technology and online banking, the mortgage process has undergone significant changes, particularly with the introduction of digital credit scoring.

Nowadays, the bank manager does not manually assess each case. Instead, a sophisticated online system evaluates your eligibility for a mortgage. This process is standardised and applies uniformly across banks, ensuring fairness regardless of the institution you choose.

The focus has shifted from personal interactions to digital assessments based on objective criteria.

Exclusive Mortgage Products 

While it’s true that going directly to a lender can offer access to exclusive deals, it’s important to note that these options may be limited to that particular company. Banks typically provide their best deals, but they may not consider other lenders’ offerings.

It’s worth considering that mortgage lenders extend beyond banks, and there are numerous alternative options available. The deal a bank recommends may not necessarily be the most competitive one among all available lenders.

Seeking specialist mortgage advice in Beverley can provide you with a significant advantage. Our expert mortgage advisors in Beverley will thoroughly review your case and leverage our extensive panel of lenders to find the best deal tailored to your specific needs.

Another benefit of consulting a mortgage broker in Beverley is access to exclusive deals that are not available elsewhere.

Whether you’re a first time buyer, moving home, or looking to remortgage in Beverley, we can present you with a wide range of options to choose from, ensuring you find the most suitable mortgage solution.

Changes to Regulation & Consumer Protection  

In the aftermath of the 2007-08 credit crunch, significant improvements were made in the mortgage market. One of these changes came in the form of the 2014 Mortgage Market Review, which required lenders to provide mortgages only with extensive expert advice.

Gone are the days when anyone at a bank could grant a mortgage without proper checks or qualifications. The new regulations ensure that customers receive appropriate advice tailored to their circumstances.

These changes also introduced consumer protection measures that were previously lacking. If you believe you have been misadvised, you now have the option to file a complaint with the Financial Ombudsman or seek compensation through the Financial Services Compensation Scheme.

This increased consumer protection provides reassurance to customers, ensuring they receive reliable advice and guidance throughout their mortgage journey. This applies not only to mortgage brokers in Beverley but also to mortgage lenders, as both are subject to these regulatory requirements.

Book an Appointment with a Mortgage Advisor in Beverley

Choosing to approach a bank instead of a mortgage broker in Beverley can come with a drawback in terms of timing. Getting in touch with someone at a bank can often take months, and once the process begins, you may not receive frequent updates throughout your mortgage journey.

At Beverleymoneyman, we prioritise responsiveness and convenience for our customers. Our dedicated team of mortgage advisors in Beverley will reach out to you at a time that suits your schedule.

We’re available from early morning to late evening, seven days a week, including weekends and even some bank holidays.

We understand that every customer has a unique lifestyle, which is why our advisors are available throughout the day. You can easily book an appointment beyond traditional 9-5 hours or on weekends through our simple online booking system.

Our commitment to responsiveness doesn’t end there. Whether you’re at the beginning or nearing the completion of your mortgage, our friendly team will keep you informed every step of the way. If there are any changes, your dedicated mortgage advisor in Beverley will promptly get in touch with you.

It’s this emphasis on high-quality service that has made local mortgage brokers in Beverley like us a preferred choice for many. Instead of national banks, more and more people are opting to approach knowledgeable local experts who provide personalised support and guidance.

Handling of Complex Scenarios 

With our extensive industry experience, we have encountered various scenarios that can present slightly more challenges than the usual mortgage cases.

One such scenario is a mixed deposit, where two different sources of funds, such as a gifted deposit and personal savings, need to be audited and accounted for. Additionally, individuals on zero hour contracts pose considerations regarding the consistency of their income.

For those looking to make a second property purchase, assessing their affordability and financial capability becomes crucial. Self employed individuals in Beverley without a fixed income also face challenges in securing a mortgage.

A poor credit history can also impact an applicant’s eligibility, as lenders may view it unfavourably. Ultimately, affordability is a key factor, determining if applicants can comfortably manage the mortgage.

In the past, mortgage lenders competed primarily by offering better deals, but the focus has now shifted to meeting specific criteria. It’s important to note that while you may find a cheaper deal, it may not align with your unique circumstances and requirements.

Applying for a mortgage involves a hard search, which leaves a footprint on your credit file. Declining a deal in principle can negatively impact your credit file without clear reasons provided, adding to the frustration.

At Beverleymoneyman, we understand the intricacies of these situations and have the expertise to guide you through them. Our mortgage advisors in Beverley will leverage their knowledge and experience to help you find suitable mortgage options, even in challenging circumstances.

We are committed to providing personalised advice and support throughout the application process, ensuring you have the best chance of securing the right mortgage for your needs.

Agreement in Principle

Mortgage brokers in Beverley play a vital role in helping you navigate the mortgage application process and increase your chances of approval. With their extensive network of lenders, they have access to a wide range of options and can find the most suitable deal that aligns with your specific criteria.

Once they have assessed your case, they can initiate the process of securing an agreement in principle for you. At Beverleymoneyman, we prioritise efficiency and aim to provide you with an agreement in principle within 24 hours of your free mortgage appointment.

It’s important to note that an agreement in principle does not guarantee or automatically commit you to a mortgage. It offers the advantage of having an expert review your credit file in advance, which can help protect your credit score.

Our team of dedicated mortgage advisors in Beverley is committed to getting our recommendation right the first time, ensuring that you have the best chance of a successful mortgage application.

Should I use a Mortgage Broker in Beverley? 

When it comes to finding the right mortgage solution, there are advantages and disadvantages to both approaching a mortgage broker in Beverley and going directly to lenders. The choice ultimately depends on the speed and level of security you desire.

At Beverleymoneyman, we are a dedicated mortgage broker in Beverley with extensive experience assisting clients at various stages of their mortgage journey.

Whether you’re a first time buyer in Beverley taking your initial steps into the mortgage world, nearing the end of your fixed period, or looking to remortgage in Beverley, our team is here to provide expert guidance.

You can easily book a free mortgage appointment or remortgage review to speak with our knowledgeable mortgage advisors in Beverley. We understand the importance of flexibility and strive to accommodate your availability, subject to our schedule.

To gain further insight into our services, we encourage you to explore the exceptional customer reviews we have received.

These testimonials reflect the high level of service we consistently provide to our satisfied clients. Additionally, you can find valuable mortgage-related content on our YouTube channel, MoneymanTV.

When it comes to your mortgage goals, our team is dedicated to helping you find the right solution. Contact us today to discover how we can help you on your mortgage journey.

Date Last Edited: January 17, 2024

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Beverleymoneyman.com & Beverleymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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