Not sure how to choose a mortgage adviser? Wondering what a mortgage broker does? Let us help. At Westexe Mortgages, we are expert whole of market advisers who offer specialist, flexible advice on mortgages in Exeter, Plymouth, and across Devon and the South West. We are independent mortgage brokers who want to help you get the best mortgage deal.
A mortgage broker, or mortgage adviser, is someone who will review the mortgages available to you based on your personal financial situation and apply for one on your behalf.
They can save you time by telling you which lenders are likely to accept you, advise you on how to improve your application, and can speed up the process by dealing with some of the paperwork.
Using a broker can save you a lot of time and stress, as they will handle everything from searching for a deal to applying and communicating with the lender on your behalf.
Mortgage brokers have expert knowledge of the mortgage market, and will be able to recommend deals that suit your personal situation. They should also have access to software that allows them to search mortgage deals much faster and more thoroughly than you could yourself.
A good broker will know which lenders are most likely to accept you, and will help you steer clear of applying for deals you’re unlikely to get (which can have a negative impact on future applications).
Also, if you take out a mortgage using a broker you have the right to complain if the mortgage turns out to be unsuitable – an option that isn’t available if you apply without taking advice.
It’s normal for mortgage brokers to earn commission from lenders after arranging a mortgage. Many will also charge you a fee, which will either be a flat rate or a percentage of the amount you want to borrow.
All mortgage brokers must clearly outline these charges and any fees or commission they receive from a lender prior to entering into a contract to act on your behalf.
A decent mortgage broker will explain anything you don’t understand, but it’s still helpful to have some idea of the most common terms.
Once they’ve found a range of mortgages for you, a broker will be able to talk you through the pros and cons of each of deal.
Before deciding which one to apply for, think about:
Check out the mortgage lender reviews to find out whether the provider is any good.
You should always check that your broker is authorised to give mortgage advice by consulting the Financial Services Register.
The registration number for Westexe Mortgage Solutions is 499032.
If you think you’ve received bad advice, you can make a formal complaint. First, go to the firm that advised you to see if it can offer a solution to the problem. If it doesn’t resolve your complaint satisfactorily within eight weeks from the date you complain, take your complaint to the Financial Ombudsman Service (0800 023 4567).
Westexe have been successfully helping property owners and buyers, including first time buyers, realise their dreams for over 40 years. Contact us for free, no-obligation advice.
Call us 24/7 on 01392 216 344 or use our Quick Contact Form below: