Mortgage advice

Why use a mortgage broker?

Matthew Harris, Principal, highlights the benefits of using a mortgage broker.

There’s a lot of choice, so it’s important to know your options and as a mortgage broker in Sheffield we’ll be able to help you navigate this.

It can seem like everyone is offering mortgages these days! Banks and lenders are keen to get your business as are a plethora of online brokers and comparison sites. However, mortgages are complex, and the lending environment has changed considerably since the financial crisis of 2008. This means any lending ‘outside the box’ can be tricky, not to mention that most lenders now use centralised call centres and systems to approve lending, which leaves little room for manoeuvre.

Even if your application is straightforward, different lenders vary massively in the rates they offer and the type of lending, or criteria, they specialise in. For example, if you have your own business, most lenders will want to see at least two years of business accounts. However, certain lenders will lend with just one year of accounts. Some lenders specialise in buy-to-let mortgages, whereas others might decide they want to attract a certain type of client, e.g. first-time buyers, expatriates or certain professions and incentivise lending in that direction.

This is where the role of a mortgage broker in Sheffield comes in. As well as having expertise on a whole host of lenders’ criteria and rates at any given time, we have access to broker rates that aren’t available to customers directly. Here at 3Sixty Financial Solutions we also put great emphasis on our relationships with lenders. We have regular face-to-face meetings with account managers and spend a lot of time on the phone to them. This means if issues arise with your mortgage, we have a real person we can talk to and they can agree lending that is outside of the standard criteria if necessary. It works the other way too, as they know our business, how we operate and the high level of service they can expect from us. This all makes lending so much easier!

In addition, mortgages involve a lot of administration and general chasing. All lenders require significant documentation, e.g. proof of ID, income, address, etc. All mortgages, even remortgages with a new lender, also require legal services and conveyancing. The legal side can vary considerably in quality and timeliness and can bring in additional requirements and challenges, not to mention the role of estate agents in the buying and selling process! Again, at 3Sixty Financial Solutions we put a huge emphasis on relationships and regular weekly (or more frequent) chasing of lenders, solicitors and estate agents (if necessary) is part of our service to all our clients.

Our goal as your mortgage broker is to simplify the process and make it as straightforward and easy as possible for you. We always aim to go over and above in the service we provide, and we’re proud to have one of the highest levels of customer satisfaction/excellence as measured by PRIMIS (the mortgage network that oversee and regulate us).

We don’t charge for advice, and we’re happy to have a chat with you at any time about your mortgage requirements. Often, issues people think are challenges can be easily overcome – you may be pleasantly surprised by how much you can borrow and at what rate! And if there are challenges, some early advice on your income or the type of mortgage you need can make all the difference. We’d love to be your next mortgage broker and we look forward to speaking to you soon.