Despite having a substantial deposit, Lucy and Chris have heard discouraging advice from friends. Chris, a self-employed electrician for just over two years, often hears that lenders typically require three years of accounts. Their friends believe any mortgage must be based solely on Lucy’s income. As a professional florist, however, Lucy doesn’t earn enough on her own to secure the mortgage they need.
Relying on friends for mortgage advice is common but often unreliable. In the case of Lucy and Chris, professional mortgage advice is not just beneficial; it’s crucial. Here are four ways a qualified mortgage adviser can transform your house-hunting experience:
Market Insights
Like Lucy and Chris, your circumstances may be unique, and you might think your options are limited. However, mortgage advisers are well-versed in the market. They know which lenders are open to unconventional borrowers. Before you apply, they ensure you are likely to meet a lender’s criteria. This approach saves you time and protects your credit score from unnecessary checks.
Understanding the Full Picture
While low rates might seem attractive, they aren’t the only aspect to consider. Mortgage advisers look beyond the headline rate to consider fees, loan conditions, and the terms that could affect the total cost of your mortgage. They help you understand how the length and type of loan will influence what you pay in the long run. Furthermore, they highlight any additional costs, such as administration fees and valuation expenses.
Simplifying the Process
Mortgage advisers do much more than find favourable rates. They assist with filling out forms and coordinate with solicitors, valuers, and surveyors. They also recommend insurance products that provide financial protection if something unexpected occurs.
Qualified Expertise
Unlike advice from high street banks, which is often limited to their own products, mortgage advisers have access to a broad range of lenders and mortgage products. Consequently, they can offer tailored advice that genuinely suits your specific needs.
Connect Network Expert Advisers
At Connect Network, our advisers are professional experts who guide you through the mortgage process. Whether you are a first-time buyer or looking to remortgage, they provide clear and personalised advice.
Have Questions?
If you’re contemplating mortgages or considering joining our network, we’re here to help. Ask an Adviser today and take your first step towards a new home or a rewarding career.
