Even as a Guildford mortgage broker, whose job it is to keep the mortgage market moving and secure mortgages for our clients, there’s no getting away from the fact that right now is a tough time for those looking to get a mortgage.
Having been a mortgage broker in Guildford since 2006, we’ve seen our fair share of crises (the crash of 2007/8 being the most notable – so far, at least). However, as with most things in life, things change, situations improve and balance is eventually restored.
As it stands, we’re approaching the eye of the storm and those looking to apply for a mortgage are finding that the best UK mortgage deals are not quite what they were. And it’s at times like these where the benefits of using a mortgage broker become crystal clear.
So, let’s assume that you’ve made the decision to use a mortgage broker to navigate this challenging period. But what should you be asking them to make sure that you get the very best from them? Hopefully, you’ll use us. But if you don’t, then at least make sure you remember these four questions to ask before you choose one.
1. How many lenders do they work with?
A good mortgage broker is one that has access to – and can recommend mortgage products from – a wide range of lenders. As a result of having access to all mortgages at every end of the spectrum, they can select one, or several, that best suit you. Tied or multi-tied mortgage brokers are limited to a handful of lenders, which means that your options are restricted from the outset. We have access to a comprehensive panel of around 70 lenders, and when it comes to mortgages, choice is everything.
2. How do I find a good mortgage broker?
Before settling on a mortgage broker that might be good, it’s worth doing a bit of homework. Approach it in the same way you might approach a restaurant or hotel booking. Do they have a lot of positive Google Reviews? If not, then it’s probably worth expanding your search. The fact that we have, at the time of writing, a 5-star rating based on 195 reviews speaks for itself. And we’re incredibly proud of it, too. We’re also an award-winning mortgage broker, and regularly win the Top Mortgage Adviser Award at the Mortgage Intelligence Awards.
3. Is the mortgage broker regulated?
If the mortgage broker you’ve found isn’t regulated by the Financial Conduct Authority (FCA), then walk away. The FCA exists to ensure fairness, and protects the consumer in the event of any issues. It’s really simple to check if a mortgage broker is regulated; just go to the Financial Services Register, where you’ll also be able to find out what services the firm has permission to sell.
4. Should I fix my mortgage – or not?
This is THE big question right now, given how interest rates – and lenders’ rates – are climbing. The truth is that there is no one right answer. It all depends on the borrower’s financial situation, their appetite for risk and whether or not they like to know where they are in terms of monthly mortgage payments. This is, however, something that should become clear during your initial consultation – at least it would with our team of Guildford mortgage advisers.
What next?
If you’re looking to move and need a mortgage, then contact our team of Surrey mortgage advisers by calling 01483 238280 or by e-mailing info@complete-mortgages.co.uk.
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