What Does a Mortgage Broker in Oxford Do?
Anybody can go online and find a mortgage by going direct to a bank or through a price comparison website like Compare the Market or Confused so why use a mortgage broker? What are the advantages of getting a mortgage broker to help rather than going it alone?
Whole of Market Mortgage Broker Versus Price Comparison Websites
We are constantly reminded there are numerous websites that you can visit to compare everything from insurance to mortgages and these price comparison sites are a great place to start if you want to a get an idea of what kind of mortgage you might be able to get. But there are quite a few lenders that only work through a mortgage broker so you won’t see any of their mortgages advertised online.
The reason they do this is to keep their costs down, as a broker will do all the hard work like completing the application and packaging up all the evidence allowing the bank to pass on their savings to their customers. This can often mean the best mortgage deals are only available with the help of a whole of market mortgage broker.
Understanding Lending Criteria
Another advantage of using a mortgage broker to help with your Oxford mortgage needs comes when trying to understand the various lending criteria of all the banks. How they will assess your income and outgoings, any adverse credit that may be in your history or your employment situation will all have an effect on the type of mortgage you can get, how much you may be able to borrow and how much it will cost.
A mortgage broker should take the time to fully understand what your current situation is and what you want to achieve. They will then be able to make a recommendation based in their expert knowledge of the many banks’ lending criteria. So using a mortgage broker could mean you may be able to borrow more than you expected and pay less each month in mortgage repayments than if you went direct.
Completing the Application
Once you have found the perfect mortgage you will then need to submit an application and any evidence the lender requires, such as payslips, tax returns proof of ID etc. If you are dealing direct with a bank then you will undoubtedly spend countless hours on hold waiting to get through to another call centre operative who will not know you or your mortgage to find out what’s going on with your home loan.
But if you use a mortgage broker then they will do all that for you. I have a direct line into the mortgage desk at all of the high street banks and many of the other lenders out there, with dedicated business development managers to assist if needed. If there’s a problem or you want an update I can help within minutes and you won’t have to lift a finger.
An Independent Mortgage Broker Works for You Not the Bank
When you deal direct with the bank or mortgage lender you will be dealing with an employee of that bank who’s main interest is the bank and not you. But an independent mortgage broker works for you and their main responsibility will be to you and not the bank.
And a mortgage broker with their experience of the Oxford property market can be an invaluable source of information and help during the mortgage application process. If you experience any hiccups or problems along the way then your own personal mortgage expert is just a phone call away.
If you would like any help with a mortgage or anything else to do with mortgages or property, then get in touch and I will gladly give you some free advice. And head over to my about me page to learn a bit more about me and how I can help.