Money Matters: Craig Poulter on why a broker is best

The power of social media is undeniable and the span of information shared vast. So, you can imagine my despair recently when reading a thread regarding a local person looking for recommendations for a mortgage broker. Many people rightly suggested reputable brokers who they had received a good service from, however one comment that alarmed me was a lady suggesting that the person’s best route was to Google mortgage rates and apply for the best one herself.

This advice suggests it’s an easy process but what was known about her circumstances?

If the lady had previous credit issues in the last six years, how would that be treated? What if her income was complex? What advice would she get regarding whether the product selected suited her needs? The ‘what ifs’ could fill a few paragraphs.

How hard can it be to source your own mortgage?

Surely, you jump online and plenty of money saving websites will have numerous suggestions.

Often the difference between Bank A and Bank B is in the tens of thousands of £’s

As you can imagine that question I pose isn’t as simple as it sounds. There are many factors that need to be considered when choosing the correct mortgage lender and I can say with experience that well over half the mortgages applied for aren’t chosen because they are the absolute cheapest mortgage in the market place.

It is estimated that in the region of 70% of all mortgage applications submitted in the UK are submitted by brokers and around 30% are applied for directly through a branch or online. Due to regular and complicated rule changes it’s expected that broker submitted business will continue to increase.

It’s no secret that the loan size offered by mortgage lenders isn’t consistent from one to the next. Often the difference between Bank A and Bank B is in the tens of thousands of £’s. That could well be the difference between 1 bedroom or 2 or even the difference between a flat and a house.

A reputable mortgage broker is going to give you advice and recommend a product which is tailored to your circumstance. If you want to take on the maze that is a ‘DIY’ mortgage I wish you good luck and look forward to speaking with you next time.

Craig Poulter Certs CII (MP &ER)
www.venturemm.co.uk
01323 894532