Mortgage advisers will find the best mortgage for you
Regrets? Home-owners have more than a few.
A survey by consumer champion Which? reveals 23% of those who took out a mortgage or remortgaged in the past five years say they did not shop around enough*. Ben Osgood, from Nottingham Mortgage Services (NMS) is not surprised by the high levels of dissatisfaction.
Taking on a mortgage is the single biggest financial commitment most of us will ever make. Yet not enough of us seek impartial, reliable professional advice, believes Ben, a senior manager for whole-of-market (WOM) mortgage broker Nottingham Mortgage Services (NMS).
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.
- Suffer delays which could see you miss out on your dream home.
NMS, a subsidiary of The Nottingham, has professionally trained, industry-regulated unbiased advisers who get to know customers’ needs and financial circumstances before searching the whole of the mortgage market to find deals that suit them.
The mortgage market is vast and fluid. While you could conduct your own online mortgage searches on something like Google, and get access to those mortgages that are directly accessible to customers, why not let us do it for you, afterall NMS advisers have access to more than 7,300 different products.
“Even the most financially sophisticated customer cannot access everything,” says Ben. “You have not searched the whole of the market until you have spoken to a WOM adviser.”
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.
“It is rare we do a search and the mortgage that ‘comes out on top’ is the one the customer ends up being placed with,” says Ben. “There are lots of things customers need to consider: the type of the mortgage, the term, flexibility and qualifying criteria.”
Lenders, like lots of businesses, experience peaks and troughs in demand. 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.
Advisers from NMS can give you that crucial information because they have good lines of communication with the different lenders. NMS, at any given time, has 600 mortgage applications in the system. Its advisers know how well placed a particular lender may be at any given time to meet your requirements.
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. Others will take a more relaxed view. A good mortgage broker 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.
It is not impossible for borrowers to find themselves a decent mortgage. Many, as the Which? survey shows, come to regret not making more informed choices.
“It is hard work for customers who do not have professional knowledge,” says Ben. “I’d certainly advise people get professional mortgage guidance. Why not take advantage of our expertise?”
Talk to one of our mortgage advisers today by calling 0344 481 0013 or if you would prefer a face-to-face consultation find your nearest branch adviser and book and appointment to see them at a time that’s convenient.
(* The Which? research was carried out as part of a bigger survey into how consumers choose mortgage products and their attitudes to the product selection process. Populus surveyed 4,170 UK adults online between 18-22 December 2013. Of the sample, 409 people had purchased their first mortgage or had remortgaged in the last five years and were the main or joint decision maker. Data was weighted to be demographically representative of all UK adults. Populus is a member of the British Polling Council and abides by its rules.)