Premier Plus - Independant Financial Advisors

Why use a mortgage broker?

There are some advantages to using a mortgage broker that may be obvious however there are also several distinct benefits of which you may not be aware. Here's a breakdown of the main reasons to use a mortgage advisor:

• Getting "true" lowest cost
• Getting the best features and benefits as well as price
• Getting exclusive deals
• Getting the best prices for conveyancing and other services
• Offloading the administration
• Having an agent to fight your corner
• Getting proper protection advice
• Effective implementation of tax planning

Get true lowest cost

It goes without saying that a Mortgage Broker will help you find the best mortgage advice product for your requirement's both in terms of price whether that is the lowest monthly payment or overall cost during the initial term but also in terms of meeting other needs you may have such as for a draw-down facility or for the mortgage to be portable.

There isn't necessarily any benefit in dealing direct

It seems obvious that dealing with a lender direct will cut out the middle man and lower the cost right? Not necessarily; the majority of mortgage advice products are designed with broker commission built in and this will not be refunded to you or taken off the rate if you go direct. There are some products which have been released since the credit crunch which can only be arranged direct however this doesn't mean that they are always the most cost effective product and by dealing direct the obligation to find the lowest cost is removed. A bank can recommend any product to you that is suitable to your requirements and have no obligation to tell you if the bank down the road has a much lower rate.

But what are the other benefits of using a mortgage advisor?

Firstly as mortgage advisor's we act as your agent and that means we can offer you best mortgage advice for you when things don't go according to plan. If your mortgage lender gave you incorrect dates for your first mortgage payment and you were left with a missed payment showing on your credit report it could impair your credit rating and affect future applications for credit but would you know what your rights are and how to get this corrected if it happened to you? Would you be able to confidently argue your case with a lender who was refusing to accept your proof of identity if it was in fact they're own error in underwriting? Banks are big businesses and when they aren't giving you a satisfactory outcome it can feel like David versus Goliath. It can be a real relief in these situations for a mortgage broker with the knowledge and experience to argue a case effectively with these institutions to be in your corner.

Offloading the work

A large part of the mortgage broker's role is actually administering the mortgage application and bringing together the necessary paperwork and documentation from the various relevant parties in order for the application to complete. Put simply, why bother doing this yourself in what is generally accepted to be one of the most stressful experiences you will ever have?

Being financially savvy

It may seem that once you have had a couple of mortgages and life insurance policies that the true benefit of mortgage advice is lost. But the most important benefit of using a mortgage advisor is up to date knowledge of how to mitigate taxation and maximise the benefits of lenders and insurers.

But do you know how to arrange a life policy and prevent the proceeds from being incorrectly distributed in the event that your will was invalid (bear in mind that 60% of all deaths in the UK do not have a valid last will and testament). The older and wiser you get the more benefit a mortgage broker can offer you as doors open and your financial options broaden.