Why there’s never been a better time to use a mortgage broker

It might seem obvious for me to say this, but now, more than ever it is vital to get the very best independent advice before you buy a mortgage.

Things are constantly changing and the recent lockdown period and ensuing economic uncertainty has left a very confusing picture for anyone looking to take out a mortgage at the moment.

In all the years I have been finding mortgages for clients, I have never known it so complicated in terms of ever-changing lending criteria.

As a mortgage broker I’m bound to be biased, but here’s why I think you should use the services of someone like me rather than look for a deal yourself.

Firstly, I have access to all the deals available, across all the different lenders and including many mortgage deals that are only available to brokers.

Secondly, lending criteria are changing all the time, weekly, even daily, with lenders looking closely at each individual’s personal circumstances before reaching a decision.

Have you been furloughed during the lockdown? Are you self-employed? Have you taken up any of the Government support? All of these questions and more are being posed by lenders.

I spend a lot of my time speaking directly to business managers across all the lenders and my knowledge of the market is up to date, particularly on lending criteria.

In the current volatile market, that knowledge and regular contact is the only way to ensure my clients are getting the right mortgage for their needs.

There is a great deal of uncertainty around and lenders are still cautious about lending money, with very few 10% deposit mortgages around, for example.

Despite the uncertainty, and some naysayers warning that things are bad, the housing market does seem to be recovering, with the Halifax House Price Index reporting a rise in average prices in July. It was just 1.7% above June, but it’s a start.

Investing in property is rarely a bad idea – it is buying your own home after all. But just at the moment, it is a complicated business, with the old motto ‘caveat emptor’ or ‘buyer beware’, never more appropriate.

For a free, no-obligation discussion on this or any other mortgage or insurance-related issue, please give me a call on 01723 384558 or 07767 692 653 or email me at mgrayshan@googlemail.com

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