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The Pros and Cons of Using a Mortgage Broker in Hull

As you might expect, we believe there are some really good reasons to use a mortgage broker in Hull. That being said, whether it’s via a branch or online, you can still go direct to the lender yourself. Luckily we find that most people still use a mortgage broker, though we will go over the pros and cons of both methods.

Pros & Cons

Immediately the first thing that comes to mind about going direct to a Bank or Building Society, is that you won’t have to pay a broker fee, saving yourself money. In previous years, another pro was “The Bank Manager knows my finances inside out”, though that all that went by the wayside when credit scoring came in and is no longer the factor.

Additionally, some Lenders offer exclusive mortgage products that are only available direct. This is done as a means to attract a good spread of business from consumers and brokers alike, turning exclusive products on and off as and when they deem it necessary. On the flip side, some products may only be available via the broker and not direct with the lender.

From 2014 onwards, lenders were no longer allowed to sell mortgages on a non-advised basis to just anyone. Up until that point, some applicants felt like the non-advisors had been trying to push actual advice on them, and they weren’t able to benefit from some of the consumer protection that goes along with mortgage sales conducted by professionally trained mortgage advisors.

This was a lot for lenders to come to terms with and towards the ends of 2014, it wasn’t unusual to be kept waiting over a month just for an appointment. Sometimes today this is still the case, which is of course no good when you’ve just had your offer accepted on a house!

The issues present in these services led to a swing towards more applications being made via mortgage brokers, like ourselves, who are able to offer a same day mortgage service. When you call us, we try and put you through with a qualified mortgage advisor either immediately or at the very least, within the same day (unless requested otherwise).

Affordability is important too. It doesn’t matter how good a lender’s deal might seem if they won’t lend you enough money! Buying a house is such a big deal that most people opt to go with a broker for professional and personalised help.

Handling Difficult Cases

Nowadays we find that a lot of mortgage applications aren’t as simple anymore. For whatever reason it may be, there are so many things that can make a case more complicated. Some examples of these are:

  • Poor credit history
  • Self-Employed Income
  • Mixed source of deposit (savings/gift)
  • Let to Buy (keeping your current house and buying another)
  • Contract workers/zero hours contracts
  • Affordability

In previous years, lenders were able to stand out from the competition by simply offering a deal that was similar to but better than another lender. In modern times this is very different, with lending criteria being what separates one lender from another.

For example, some more than others may lend more to Self Employed applicants or take a more sympathetic view on previous discrepancies on your credit report.

Your situation is unique, only you have it the way you have it. When you explain your position to an experienced mortgage broker, there is a likely chance that they have encountered something a little similar in the past, allowing them to personalise your service and help you through. With a little luck and a lot of hard work, your mortgage advisor will hopefully be able to recommend the most suitable mortgage for you at the lowest rate possible.

More than that though, it’s not just about getting the mortgage. Even if the application itself is straightforward, our clients rely on our experience and knowledge for more than that. For example, we will discuss how much they are going to offer on the property they are buying, and our team of mortgage advisors in Hull are able recommend other professional services such as Solicitors, as well as explain the different types of survey and protection available to them.

Responsive Service

Another major bonus of using a mortgage broker is that we tend to be far more responsive than the lenders might be. It’s not been unheard of for our team to work late at night, out of hours, working hard on customer cases full speed to ensure the service is prompt but also effective.

Something often overlooked when looking at why customers may prefer a broker, is that everyone nowadays is so busy. You might need a mortgage but have none of the time to get it done, which is where you advisor will be able to take the weight off for you. Professional applicants especially see the benefits of these, as they have clients of their own that they charge out their services to and they appreciate the benefits of having an expert onboard.

Maybe in the future we’ll see lenders wanting to take business back from the brokers. If this does happen, it may be a little unlikely that they will staff-up their branch networks. The future of all industry seems to be technology based and the mortgage market is no different.

That’s great for clients that are happy to do business that way, especially for cases that are straightforward. For most people, however, there’s an element of “realness”, that “human touch” that you can’t get anywhere other than speaking with a mortgage advisor yourself.

For more information on our service or to ask any mortgage related questions you have, please Get in Touch and we’ll put you through with a mortgage advisor in Hull as soon as possible.

Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2020 Hullmoneyman

Hullmoneyman, 2 Littelfair Road, Hull, HU9 5LP.

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