Let’s face it – the mortgage market can feel pretty daunting. If you don’t know exactly what you’re doing (and most people don’t), then all the different lenders, deals and jargon can make your head spin! This is exactly why mortgage advisers exist – it’s because mortgages can be complex and people need help navigating them.
Whilst you could go directly to one of the lenders you already know when you are looking for a mortgage, you’d be significantly restricting your options if you did. Lenders will only be able to advise you on their own products. There’s a huge selection of mortgages out there – but how do you know which one is right for you?
That’s where a mortgage adviser comes in. We can help you navigate the mortgage market and select the best mortgage deals for your circumstances.
If you’re wondering exactly what a mortgage adviser can do for you, here are 5 of the main reasons we recommend using one:
We save you time
It is quite possible for you to search the mortgage market yourself. You can compare different deals and then organise your own mortgage application. However, it can be rather time-consuming and a little confusing. You need to know what you’re looking for, as well as how to make accurate comparisons between one deal and another. That’s why we’re here.
Using a mortgage adviser will save you a huge amount of time doing research. We’ll help to highlight what is important to you in a mortgage. We’ll be able to explain the different options to you in straightforward terms. Through discussion with you, we’ll narrow down those options to a simple choice.
As part of our service, we scour the whole of the mortgage market for the best deals for you. We have access to exclusive deals that consumers cannot access directly themselves. We’ll work with you to collate all the documents you’re going to need, such as pay slips, bank statements and photo ID. Then, we speak to lenders on your behalf, ultimately submitting and managing your application until you secure an offer. We can even liaise with your solicitor on mortgage-related matters.
Not only that, but because this is our job and we know the house buying process inside out, we can move through it quickly. This means that you will get your mortgage offer fast which could help you secure the property you are after. Given the property market is currently a seller’s market, being able to move quickly can make all the difference between having an offer accepted or losing a property. At Mortgage Light, we aim for all mortgage offers to be issued within 7-14 working days, as long as we have all the requested documentation from you.
We save you money
Buying a property is a very costly business. The great thing about using a mortgage adviser is that we can help to save you money. Our knowledge and experience can help you avoid making costly mistakes. An important part of our role is to find you the most appropriate mortgage deal for your circumstances. One that’s not going to cost you unnecessary money in the long run.
As we mentioned previously, we often have access to a range of deals that aren’t available directly to consumers. That is because at Mortgage Light, we’re recognised by banks and building societies as providing a valued service in the way we package and present deals for them. This means that we’re able to offer bespoke products that aren’t always accessible elsewhere. This allows us to potentially secure you an exclusive deal that just wouldn’t have otherwise been possible!
We’ll also take all the costs and features of a mortgage into account when finding you the cheapest and most suitable deal. We don’t just compare interest rates. We take into account fees, such as arrangement fees, booking fees and deal breakage fees in case you need to move to a new property. Being unaware of such fees and restrictions can be a pitfall for many people who search for a mortgage themselves.
We can also explain to you just how much impact a small difference in interest rate can have over the length of a mortgage term. For example, let’s say you take out a £300,000 mortgage over 25 years at an interest rate of 2%. You’d pay £1,271.56 per month in mortgage repayments and pay £81,468.90 in interest across the whole mortgage term. If that interest rate was to increase by just 1% to 3%, your monthly mortgage repayments would increase by £151.07 per month and you’d pay an additional £45,321.28 in interest over the same 25-year term.
Find out more – ‘How much interest am I paying on my mortgage?’
Did you know that all mortgage advisers and brokers in the UK need to hold a certificate in ‘mortgage advice and practice’ before being able to give professional mortgage advice to clients? There’s a lot that goes into getting these certifications. We work hard to maintain ongoing professional development to retain the qualification.
Our adviser’s work is continually monitored by compliance officers to ensure standards are being maintained. You can rest assured that your adviser is qualified and an expert in their field.
We’re also regulated by the Financial Conduct Authority (FCA). So, not only do we want to find a mortgage deal that’s right for you and that you can afford, but it’s a regulatory requirement of our services! We have a duty of care to provide you with the right financial advice, so we’ll always be in your corner. We take our services very seriously and we care about what we do. We’re professional at all times, whilst remaining friendly and approachable, ensuring each client receives the best support possible. We’re proud to have received 4.9-star rated reviews from our clients, with 98% saying they’d recommend us.
We educate you along the way
We work with first-time buyers, as well as people who are on their third or fourth home purchase. We’ve learned that no matter where someone is in their homeownership journey, many people don’t truly understand their mortgage deal and the opportunities that might be open to them.
Of course, part of the motivation in hiring a mortgage adviser is having consistent support from an experienced mortgage professional. This means you don’t have to get bogged down in the detail. But on the other hand, a mortgage is one of the biggest financial commitments you’ll ever make. We want to empower you to understand how it works.
When we find you a mortgage, we’re not just comparing the best deals. We’ll take the time to get to know you and your needs to ensure that we find the right product for you. And once we have, we’ll make sure you understand why we believe that this is the right product for you. Mortgages can be confusing, but we promise we’ll break it down and make it as straightforward as possible!
We offer long-term support
Your mortgage term is likely to be a 25+ year commitment. We plan on sticking around with you throughout! Most people tend to change their mortgage arrangements a number of times during the term of their borrowing and that’s why we work on building a relationship with you so that we can help you throughout your homeownership journey. We’re proud that 80% of the mortgages we arrange are for clients reusing our services to remortgage.
When you work with a Mortgage Light adviser, they’ll keep in contact with you from time to time to see if your circumstances have changed. They will review with you to consider if it’s time to remortgage to a more appropriate deal. We’ll be here when you’re ready to move house too. Working with a mortgage adviser who has experienced your homeownership journey with you has huge advantages as they will truly understand your needs and situation.
Whether it’s remortgaging, moving, adjusting your mortgage repayments, investing in a second property or taking out life cover, Mortgage Light are with you every step of the way.
Are you in need of a mortgage expert? Look no further than Mortgage Light. With a mixed dynamic of skill sets across our team, we cater for all aspects of the mortgage and assurance market. We’re confident that we can help you, no matter what your financial situation.