Every job, business and profession has its own ups and downs, stories (good and bad) and secrets. So, when we were recently asked ‘what’s it like being a mortgage broker?’, we thought that it might make for an interesting read.
So, whether you’re thinking of becoming a mortgage broker or wondering what a mortgage broker does on a day-to-day basis, here are five things that our team of Guildford mortgage brokers has to navigate on a daily basis.
1. No two cases are the same
Mortgage applications are a bit like fingerprints – everyone has their own individual story. Whether it’s how much an applicant earns, the size of their deposit, or how healthy their credit rating is, there are a lot of things to consider (and plates to spin) before that mortgage application is sent to a lender.
Whilst getting the best UK mortgage rate for our clients is a priority, whether or not a product is suitable, not to mention accessible, is incredibly important, too – and that’s defined by a whole host of variables. And to determine that, it’s the role of our Guildford mortgage advisers to glean a host of information, unpick it and then repackage it into a lender-friendly mortgage application.
2. Small can be mighty
There’s often an assumption that bigger is better – and in some cases, that rings true. However, the bigger lenders aren’t always better, despite what you might think. Our mortgage advisers in Guildford have access to a wide panel of lenders, some of which are large, and some of which are small. But irrespective of size, it’s the suitability of the deal that’s important. And if a deal that works for you happens to be with a small lender, then so be it. What we would say, however, is that’s a benefit of using a mortgage broker. After all, would you have gone to the small lender yourself? Probably not.
3. Emotions run high
Being a mortgage broker can be very stressful. Okay, it’s not brain surgery (or any surgery for that matter), but when people’s hopes and dreams are invested in a new home, and the mortgage – and therefore the mortgage broker – is the only thing getting in the way of realising those dreams, the pressure is on. Not only that, but we often feel what you feel, too. That might be elation at a client buying their first property, or a deep sadness that a mortgage wasn’t granted and the client lost the property. Either way, it’s often a rollercoaster – and a ride that we’re with you on.
4. Mountains of paperwork
You might only hear from us on a handful of occasions, but that’s not where our work ends. We’re continually liaising with lenders about your case (and sometimes nudging them along to meet a deadline), chasing updates, tweaking the application and, of course, updating the client. This all takes time – and that’s just for one case. But that’s what we do, and every one of our Guildford mortgage brokers is heavily invested in their role, their responsibilities and, of course, their clients.
5. On your toes
Some professions never change. Let’s take car mechanics, for example. Engines are pretty much the same all the time. However, as a mortgage broker, not only do you have to continually respond to new rates (sometimes on an hourly basis), but you’re constantly having to adapt to new legislation and regulation, too. There are a lot of moving parts to be navigated, often at speed, and a lot of problem solving to do on a daily basis. But that’s what our mortgage advisers in Guildford love.
For an award-winning Guildford mortgage broker, contact our team of Surrey mortgage advisers on 01483 238280 or by e-mailing info@complete-mortgages.co.uk.
Recent Comments