IMB Blog

Making The Most Of Your Chosen Mortgage Broker

Thinking of purchasing your first home? First of all, you’ve done a great job to get here. Buying a property for the first time can be really daunting. Having to deal with the paperwork, trying to deal with the countless rules and regulations that bank and buildings societies try to impose on you, can be overwhelming at time. Making sure that you are mortgage ready can be a very scary prospect indeed.

Where to start?

Well maybe a great place to start is to ask your friends and family for advice, maybe they are a good starting place, as chances are they have been down this road once or twice before with their own mortgage requirements? We strongly believe that an even better place to start is by talking to an Independent Mortgage Brokers. There are many mortgage advisers out there, all you need to do is type into Google or equivalent search engine “mortgage brokers near me” and a whole raft of potential mortgage brokers or mortgage advisers will pop up before your eyes. Now pinning down the right one for you can be a little harder, but we believe that people buy people really and you should feel confident that the mortgage adviser knows what they are talking about, you should have confidence that they are professional and will treat you fairly. They without need to be knowledgeable and able to update you on current market conditions and the impact that they may have on your purchasing decisions. The mortgage broker needs to be independent and also have a good reputation within the community and their peers. We find a good place to start to really understand a person or company is just simply check their profile via Trustpilot or equivalent customer feedback sites. We also believe that having local knowledge is important too. Find a broker that is local to you so, if necessary, you can visit them at work to check out their office or place of work. Get a good feel for your mortgage broker before committing to commission their services. When doing research for this article we came across many brokers, but one certainly did stand out from the crowd, a small firm based out of Halifax – West Yorkshire. The firm does exactly what it says on the tin. The mortgage brokerage is in fact call independent Mortgage Brokers. Having done all the above checks including establishing that they were a 5-star rated excellent on Trustpilot company.  We were very impressed with the levels of details the brokers went into. Now this firm specialises in the not so straight forward types of mortgages. Their main area of focus surrounds the sub-prime mortgage market. They deal with what is deemed within the market as adverse clients.

Bad credit shouldn’t stop you from obtaining a mortgage

Having Bad Credit or adverse credit must feel to some people sometimes like walking in treacle. You find yourself sometimes by no fault of your own in quite a stick situation. You may have had the trauma of loosing someone dear to you, or you may have lost your main source of income, you may have just been involved with the wrong people or person. Whatever the reason for having bad credit in the first-place matters little to a mortgage lender, obviously they would want to know that you just haven’t gone wild with credit cards, but in the main mortgage lenders should have sympathy and or empathy for the situation you’re in. Obviously with adverse credit there are higher risks for the lender, but lenders seem to be less bothered about the risks when they can get away with charging higher rates of interest to you, so really are they being sympathetic to your circumstances or are they just lining their own and their shareholders pockets from the higher rate they charge for this type of adverse lending? A more cynical person would certainly be raising an eyebrow right about now.

The Adverse mortgage market is a minefield

Using a mortgage broker should definitely be something you should do if you have bad credit. What a minefield the adverse mortgage market is right now.  There are many hurdles to overcome when looking for a bad credit mortgage. An independent mortgage broker will help and guide you through the process. Once that mortgage is secured, usually in the first instance by a decision in principle, followed up when you find a property with a full mortgage application. You can beath a sigh of relief knowing that you have secured your future and have made that first step onto the property ladder. For more information about adverse credit mortgages or any types of mortgages for that matter, we believe that sticking with your local broker is key. Speak to Independent Mortgage Brokers based in Halifax mortgage advice is their game and they are there to serve this local community. We believe this firm to be one of the market leading, forward thinking, proactive mortgage intermediaries out there right now. Thanks for reading.

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Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of our Independent Mortgage Brokers to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisers working for or with Independent Mortgage Brokers are fully qualified to provide mortgage advice and authorised and regulated by the Financial Conduct Authority. All our independent Mortgage Brokers will offer advice specific to you and your needs and circumstances. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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