Getting a mortgage can be difficult, especially a bad credit mortgage. At an already stressful time, moving home can feel like your moving at 100mph. Making financial decisions aren’t put to the forefront and as a result, many people take mortgages where they’re simply paying too much. Prospective buyers should be aware of the latest rates on loans to avoid overextending themselves financially when buying a home.

Using a mortgage broker can be beneficial in more than one way. Obviously, pointing you in the right direction when it comes to loaning money is the most important role of a financial advisor. Explaining the options you have in terms of your finances, for example discussing Bridging Loans or short term loans etc. We’ve narrowed down the top five reasons on why mortgage advisors can be so beneficial.

1. Security

Having an experienced broker by your side can be priceless. Many people haven’t purchased properties before so having a professional to rely on can alleviate a lot of pressure.

Brokers overlook the financial side of the deal, such as the mortgage. Advisors can also check to see if everything is the way it should be. With an increase fraud over recent times, advisors can offer added security as a tried and trusted professional.

Buyers are able to feel a sense of calm and security as they’ve got an advisor looking out for them. Advisors have usually been involved in hundreds of mortgages, so can explain the process each step of the way to their clients.

2. Finding the best mortgage deal

Using a mortgage advisor can ensure you’re getting the best deal possible. Make sure your advisor isn’t tied to one lender and is independent. This way, you can be sure the advisor won’t be biased towards one lender and will search the market for the best deal possible.

Who wouldn’t want to save money on their mortgage? Even a small saving each month will usually result in saving thousands over the course of your mortgage. Many mortgage brokers in berkshire and similar places have access to professional systems that can allow them to source the best deals within seconds. It makes perfect sense rather than spending weeks on end checking each deal with every lender. Furthermore, you’ll have to do all the maths!

3. Exclusive deals

Some brokers may have access to exclusive deals. Lenders make some deals available to the public, but the best buy deals are generally given in the form of exclusive deals to brokers.

By using a broker, you’ll not only gain access to all of these great deals, but your broker will also compare them all for you. Some deals can be reduced by quite a lot, so using a broker for this reason can be worth it.

4. If things go wrong

If your mortgage hits a hurdle at any point, your advisor can pinpoint what went wrong. Often advisor can speak to underwriters and try to clear up anything that’s not clear to the lender. This can be vital and can also protect your credit file.

If you’re declined for a mortgage, your credit score could take a fall. Using an advisor to do your mortgage can help minimise the chances of being declined.

Experienced advisors also only apply to lenders that match your criteria. It doesn’t make sense to apply with a lender that doesn’t suit your needs. This is why people that try to get mortgages by themselves risk being declined.

5. Expertise

Many people utilise the skills and experience of experts in given fields. For instance, you’d take driving lessons from a driving instructor. You’d get a haircut from a hairdresser and you’d expect a chef to be making your food if you went to eat in a restaurant.

A mortgage is probably the largest and most important financial decision you’ll ever have to make. So why not use an expert in the mortgage field? Making the wrong decision could cost you thousands of pounds.

Utilising the expertise of an advisor can open up many doors for your mortgage that you may never have been aware of.

6. Maintaining a low mortgage rate

Mortgages often come with introductory periods or periods where rates are low. Once these periods come to an end, mortgages refer to their standard variable rates which are usually much higher. More than often, lenders won’t remind borrowers that this about to happen. Furthermore, you’re often able to remortgage to an even better rate than before.

Using an advisor can ensure that you never miss a remortgage. Advisors usually have a system which tells them when their clients mortgages are due for renewal. Advisors will then call you already with a great deal that they can secure for you.

This article was written by Martin Alexander at Expert Mortgage Advisor. Martin has been a mortgage advisor for over 15 years.