The benefits of using a Mortgage Broker in Leicester

Some key points we would like to make as to why to use a mortgage broker in Leicester, we believe there are a lot more positives if you came to us rather than going straight to a mortgage lender.

Considering this, it’s worth exploring your options, and we find that most people use a mortgage broker in Leicester. However, this article will balance the pros and cons of both options.

Lender vs Mortgage Broker in Leicester

A mortgage broker in Leicester like us, likely charges a broker fee on top of other costs, whereas Lenders don’t require this payment saving you money.

You argued that “The Bank Manager knows my finances inside out,” but when credit scoring came in those statements were made redundant, you might find that the Lenders offer exclusive direct deals.

They did this to attract businesses from both consumers and brokers alike. These deals are sometimes available only via the mortgage broker and not the branch.

Mortgage Advice Then vs Now

Back in the day, lenders would be allowed to let any member of staff away from you towards a potential mortgage (that likely wouldn’t benefit you), without any proper mortgage advice or consumer protection.

By 2014 this got banned, with only experienced mortgage advisors allowed to provide mortgage advice and make recommendations for their products; customers ended up waiting on an extended period just for an initial appointment.

Sometimes this can happen, which isn’t great when you’ve had an offer accepted for a property. With issues like this applications via mortgage brokers started to climb.

We offer same-day service, aiming to put you through to a qualified mortgage advisor in Leicester within the same day or immediately after making a call.

The Challenger Nowadays

Now the challenge is finding a lender whose criteria and features can be personalised based on your circumstances. Bear in mind, though, that the deals with the lowest rates tend to carry arrangement fees.

No matter how good a Lenders deal is, you’ll have to take note of the affordability, and this is such a big deal. Many people choose to go with a mortgage broker in Leicester as we can compare the criteria and find something tailored to your circumstances.

Newer Regulations

These days, thanks to regulations post credit crunch, mortgage applications are no longer straightforward. There are a variety of things that could potentially be a hindrance when you’re making your application. These can include:

  • You having a poor credit history.
  • You are receiving a self-employed income.
  • I am having a mixed deposit source, i.e. Gifted & Savings.
  • Opting for let to buy. Renting your current home to buy another.
  • Being a contractor or working under a zero-hours contract.
  • You’re striving on the affordability front.

Lending Criteria’s

Over the years, mortgage lenders would show their competitive side, often trying to offer better deals than the next Lender. Nowadays, because of tightened margins, their differences come from their lending criteria.

Examples of these include the amount some would lend to the self employed compared to others, as well as being slightly more lenient to previous adverse recordings on your credit report.

Why you should come to us?

Whatever the situation, it is unique to you. When you explain this to an experienced mortgage broker in Leicester, they will likely have encountered something similar before. Hopefully, they’ll use this experience to recommend the most appropriate mortgage for you at the lowest rate available to you.

Our service we go above and beyond to our customers, they rely on us, even if the application is straightforward. We can discuss how much they’re planning to offer on a property, recommend services such as solicitors and property surveys, and go through any available protection.

Still need more convincing?

Another significant aspect of the service a mortgage broker in Leicester provides is the ability to be more responsive than the lenders’ direct propositions. Out of hours and weekends, appointments are commonplace, as are our mortgage advisors in Leicester working late in the evening to respond to customers’ emails.

Overlooked factors on why most applicants prefer a mortgage broker are that everyone seems to be busy, and you just might need someone to handle the full transaction and take away your stress. Professional applicants will see the benefits of this as they have clients of their own that they’re able to charge their services.

Maybe in the future, lenders will want to take back more clients from brokers. If this happens, it’s relatively unlikely they’ll staff up their branch networks. It’s more than likely they will make investments in technology to transact with customers online.

Our Service

As a mortgage broker in Leicester, we are able to help all kinds of homebuyers. If you are a first time buyer in Leicester, looking at moving home in Leicester or are a landlord looking to invest in a buy to let in Leicester, we are here to help!

Book your free mortgage appointment with a mortgage advisor in Leicester online today.

Date Last Edited: December 6, 2023