Whether you’re a first-time buyer or looking to remortgage your property, getting a good mortgage deal is probably top on your list of priorities. 

You could lose hours scrolling through comparison sites, frantically searching for high street lenders’ deals, and trying to find your latest payslips. Or you could do the sensible thing and get a professional’s help.  

In this quick read, we look at why a mortgage adviser could help you buy your dream home while saving you time and hassle. 

1) Help with your budget

There are plenty of online tools that can tell you what you can afford and how much you’ll be paying every month when you get a mortgage. But there’s nothing like speaking to someone who lives and breathes mortgage deals to really understand your budget.

Mortgage advisers are financial advisers, so they can break down your monthly costs and explore your outgoings in detail. Their advice could help save you money, reduce those (unwelcome) costs you may not have accounted for, and provide bespoke advice to suit your individual financial situation. 

2) Explain the ins and outs 

There are many different mortgage variations and lots of jargon that can get confusing. From variable to fixed, tracker rates, interest-only, early repayment penalties… use a advisor’s knowledge to your advantage and get them to explain what everything means. 

3) They do the hard work 

Getting a mortgage isn’t always a straightforward process. Lenders need lots of information, which can be overwhelming alongside your other responsibilities, such as work and family.

A mortgage adviser does the hard work for you. They’ll probably ask for all your essential paperwork (such as identification, proof of address, payslips and so on) ahead of time so they can get on with the application on your behalf. They’ll also be able to chase lenders and get progress reports as your completion date nears. 

4) Access to more deals 

Advisers not only have access to high street lenders but to more specialist lenders, or to those that may not be easy to find through a Google search. They have years of experience working with lenders and could even be able to negotiate a better deal on your behalf. 

In a volatile mortgage market, an adviser’s help could make a real difference to the amount you pay per month. 

5) Less chance of rejection

A mortgage adviser will start by understanding your financial situation (an absolute must if you’re self-employed or have a chequered credit history). By doing this, they’ll be able to present your information in a way that helps a lender assess the risk you pose as a borrower and hopefully get you approved for a deal that may have otherwise been unlikely. 

And if the worst happens and you’re not approved for a loan, they may be able to suggest other lenders that could look at your situation more favourably. 

At Sarah Mains Residential, we have access to trusted mortgage advisers and can recommend someone to work with you. Get in touch with us if you’re looking for a new home.