It’s not to look at new builds (even though you can get a great house alongside needing to borrow a lesser amount through the Help To Buy scheme) or even to wait a little while and save up for a bigger deposit (even though again, it helps) but to use a mortgage broker!
The first reaction to many on this is that surely a mortgage broker will simply eat into the hard saved deposit and reduce the amount available for a deposit? Whilst that’s consensus by many, it’s far from the truth, however and to bring you three reasons why first time buyers should use the services of a mortgage broker, Stourbridge mortgage broker, Andrew Craddock.
- It Shouldn’t Cost You A Penny
In the majority of instances, using the services of a mortgage broker won’t cost you a penny, at all! As such, it’s not eating into your deposit fund and you won’t need to try and find extra in order to pay the broker fees. In recent years, we’ve seen a surge in ‘no broker fee’ brokers out there and it’s making their services far more accessible to the majority of first time buyers who are on a tight budget and need every pound they can to go into putting a deposit down. Of course, brokers aren’t working for free and it’s important to understand that they’re receiving a commission from the lender. As a borrower, however, this should’t make a difference and the bottom line is that it often won’t cost you anything at all.
- You’llGet Invaluable Advice
Perhaps the most beneficial reason to use a mortgage broker is because of the invaluable advice you’ll receive. Do you really know the difference between a fixed-rate and a variable mortgage? No, we didn’t think so! As such, it pays dividends to speak with a professional and receive their expert advice. They’ll not only find you a mortgage but find the best one – something which you can’t put a price on. Choosing the wrong mortgage can, in the lung run, be a costly mistake so getting it right first time if at all possible is strongly advised! Using a mortgage broker will ensure you do just that and don’t need to worry about learning what different types of mortgage actually are.
- You May Get A Better Rate Of Interest
In some instances, brokers will have access to exclusive deals from lenders meaning they’re able to pass these on to you. It’s often the case that you’ll be able to get a slightly better rate going through a broker than direct to a lender and when we’re talking a mortgage of £100,000 or more in most cases, this can mean huge savings both on your monthly repayments and the overall cost over the full term.
If you’re in the process of looking to buy your first home, take our advice! Find a local mortgage broker, book an appointment and have a chat with them on what they can do for you. You’ve nothing to loose but so much to gain! If you’re considering buying your first home, get above tip for you which should sit above all others.