How mortgage advisers can help you find the right mortgage for you

Taking on a mortgage is the single biggest financial commitment most of us will ever make. Yet not enough of us seek tailored, reliable professional advice. 

The mortgage market is vast and fluid. While you could conduct your own online mortgage searches, and get access to those mortgages that are directly accessible to customers, why not let mortgage advisers do it for you? Even if you think you have found a mortgage at a rock-bottom rate, you may be forced to think again. The deal that might look good now might be seen as a massive mistake down the line because there are lots of things that need consideration, such as the type of the mortgage, the term, flexibility and qualifying criteria. Lenders, like lots of businesses, experience peaks and troughs in demand and sometimes they have backlogs. 

If you need a mortgage quickly – perhaps because you want to buy a property at auction – you need to know a lender will be able to deal with your application within your timeframe. And, here’s a thing, lenders are not always up front with customers about such things. Different lenders also have different qualifying criteria for their products. Some lenders may automatically refuse a mortgage because a potential customer has missed a credit card payment in the past few months, for example. It happens. Others will take a more relaxed view. 

A good mortgage advisers knows each lender’s rules inside out. Consequently, they can stop customers wasting their time on applications that are destined to be rejected. This is more important than you might think because mortgage applications inevitably come with credit checks. If a customer has numerous mortgage-related credit searches against their name in a short period of time, it can reduce their credit score. Expert advisers at Mortgage Advice Bureau can give you that crucial information, because they have good lines of communication with the different lenders and the advisers know how well placed a particular lender may be at any given time to meet your requirements. 

Many of us don’t appreciate the potential perils of trying to find a mortgage ourselves. The DIY approach could see you get a less than competitive deal and you could suffer delays which could see you miss out on your dream home.

This guide is intended as a summary only and does not constitute legal advice given by Nottingham Building Society or Mortgage Advice Bureau. No reliance should be placed on this guide and you must make your own decisions. We recommend that you seek legal and/or financial advice if you have any questions or queries.

Get expert mortgage advice

Mortgage Advice Bureau will try to find you a better mortgage deal offering impartial mortgage advice if you are remortgaging and the right deal for your first step onto the property ladder if you're a first time buyer. Their advisers will search over 90 lenders and thousands of different mortgages to find the right one for you. Answer some mortgage related questions and an adviser will give you a call to discuss your options. Or you can visit your nearest building society branch.

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