Mortgage Broker or the Bank?

Many prospective homeowners on the Isle of Wight believe that it’s a good idea to give mortgage brokers a wide berth when trying to secure the right mortgage deal for them, primarily due to the costs associated with their use.

However, it’s important to remember that a team of skilled mortgage brokers, like ours at Prospect Mortgages, have the knowledge and experience necessary to find the most affordable deal for you. Thanks to our expertise in the field, we could help you to save hundreds if not thousands over the term of your home loan.

If you’re still wondering why you should consider using the services of a broker rather than going to a high street lender or your bank direct, here are just a few of the key reasons to keep in mind.

Comparing The Whole Of The Market

The most significant advantage of using a mortgage broker is the extensive range of mortgage products and lenders that they can access. The benefit of having links to such an enormous pool of mortgage providers means they can compare and assess the various deals and products available to you and find the one that is most competitive when your specific needs and circumstances are taken into account.

Furthermore, if you work with a reliable and reputable broker like Prospect Mortgage Services, you’ll be able to access the most up-to-date products and offers immediately after they have been introduced.

Accessing Specialist Lenders

Some prospective homeowners on the Isle of Wight are in unique situations or challenging circumstances and need to find a specialist lender. Perhaps you’ve got a poor credit history or need a mortgage for an unusual type of property. In such cases, your building society or bank may not be able to assist you.

A broker, on the other hand, can access countless specialist providers that cover a wide variety of niches so, even if you have been refused a mortgage in the past. A broker can potentially not only find a suitable lender for you but also identify one that can give you the best deal to suit your individual circumstances.

Giving You Expert Guidance

Most prospective buyers on the Isle of Wight lack in-depth experience and knowledge in the mortgage field, so knowing where to begin your search for a mortgage can feel overwhelming. A broker’s help can, therefore, prove to be invaluable. A broker can explain which deals you can access, the advantages and disadvantages of each one, and give you advice about which is the best option for you.

Even more importantly, they can help you avoid any lender with unreasonable payment terms hidden in their contracts while reducing the chance of causing damage to your credit score due to declined applications thanks to their in-depth knowledge that enables them to suggest which providers have the best chance of accepting your application.

Finding Exclusive Deals

There are a surprising number of lenders who will only operate through mortgage brokers, and these lenders sometimes offer their customers exclusive deals. As a result, you’ll be able to access even more deals and lenders than if you carry out a search for mortgages independently, and you’ll be in the best position to obtain the best possible rates for you.

Greater Convenience

One final benefit of using a team of mortgage brokers to find the right deal for you is the convenience and time savi

ng that you’ll experience. It can be a time-consuming and laborious process to find your own mortgage deal, but when you work with a mortgage broker, you’ll reduce the fuss and hassle significantly. You’ll only have to supply your details once, and your broker will handle everything from there, making it a faster and less stressful process from start to finish.

Are you ready to experience the advantages of working with a team of skilled and knowledgeable mortgage brokers?