Advantages of using a mortgage advisor in belfast
Buying a new home is an exciting time, but it can also be a little difficult if you don't have the right knowledge and support to help you with the process.
One way many people can help with buying a home is to take advantage of a mortgage broker who provides advice and recommendations on choosing the right product. In the UK, we rely heavily on brokers who have recovered almost 80% of their debts after obtaining an advisory form (FCA).
While it is one thing to choose a broker just because other people do it, it will help you know what benefits one can provide you with. With that in mind, here are our top seven benefits from using a mortgage broker.
You’ll save time
Researching the mortgage market for the right deal can be very time consuming, which is fine if you have quite a few hours going spare. However, when you’re planning to buy a house around your daily life, your free time can get squeezed.
If you use a broker, you’ll be getting advice from someone who already knows the market and will spend time scouring it for a good deal, which means you don’t have to.
You could save money
In addition to time, you could also save money by using a mortgage broker. Not only are you getting an expert who can find a good deal, but you’re getting someone who will assess your needs and make a recommendation that is right for you financially. A good advisor will also see the best rate and get all available accounts.
Access to multiple products
In many cases, a mortgage may provide access to wider products when you choose the market itself and see menu. Your broker is likely to be connected to a professional network in industry and can still offer products that are not available for most public.
You get expert financial advice
In the UK, all mortgage representatives must be certified to ensure that every legitimate professional is eligible. They also have a duty to take care of you, their customer, means they are on your side. That's two, and there is an expert in their field as much as possible to give you a lot of counseling.
You get help with papers
Apply the debt usually means that there are many papers completed if the form is filled or looking for their own records. With a mortgage advisors belfast on your side, they know someone exactly what documents you need and which forms should be filled - their help can definitely make life easier.
You don't need to handle the app
With recommendations for paperwork reasons, debut trade can also check the application process and you can proceed on the creditors' progress. It can be very valuable as a busy time in your life that allows you to focus on more details. They are used to seeing delays again and prosecuting them.
You can get help with the necessary insurance
If you are a hostage, it is strongly recommended that you apply for insurance to protect yourself in the future. Life insurance, home insurance and critical illness can help ensure that you and your loved ones are taken care of when the worst happens.
This is one area you can usually help with your broker. In addition to providing credit counseling, they can often advise which insurance products are best for you, as well as help with subsequent applications. This is another service they can provide to make your life easier.
Here at Atom, we want you to find a product that fits perfectly, so we only offer our loans through independent brokers. They will give you the right advice and recommend the best offer, even if we don't have it.
Getting a mortgage can seem like climbing Everest, and coronavirus hasn't made it any easier for a lot of people, but there are ways you can improve your odds. You'll need to be as attractive as possible to lenders if you want to get the best mortgage deal – which right now can result in an ultra low mortgage rate. Here are our 18 tips on how to boost your chances of getting the deal you want.
Every lender has its own method to decide whether it wants to lend to you. If you fit a lender's criteria, you might be accepted quickly. If you're far from ideal, your chances of rejection will increase.
But for people in the middle, it's more of a grey area and the lender's scorecard will be based on several factors, such as:
The size of the loan you want to take out. Are you looking to borrow £150,000, £200,000, £250,000 for http://blinds etc?
How much you've saved as a deposit. The bigger your deposit, the less of a risk you'll likely be seen as.
Your employment status and income. Are you a permanent or temporary member of staff, a freelancer, self-employed?
Your credit rating and history. More on this below in point two.
Your outgoings. This is how you spend your money.
Your existing debt. This could include credit card debt, student loan, etc.
If you pass, it means it's more likely to lend to you but nothing is guaranteed.
Where does the lender's information about me come from?
Check your credit report before the mortgage lender does
You need to convince mortgage lenders that you've got the financial discipline required to pay back your mortgage. One way they investigate this is by searching your credit report(s) to find out if you've a good repayment history.
Your credit report lists details from any accounts you've had open over the past six years, including:
The three credit reference agencies in the UK are Experian, Equifax and TransUnion. It used to be that checking your credit report would cost you, but these days you can do it for FREE. See how to access your Experian, Equifax and TransUnion credit reports in our Check your credit report for free guide.
It is worth checking that each of them is up to scratch, as you don't know which one(s) your future mortgage lender will check.
Can I get a mortgage with a bad credit score?
Having a poor credit history might not automatically rule out your chances of getting a mortgage, but it certainly runs the risk of scuppering them. To give yourself the best chance possible of acceptance, take the time before you apply for a mortgage to get your credit report into good shape.
For tips and help on how to bolster your credit report, see our Credit scores guide
Correct credit score errors pronto
If your credit file info's wrong, you have a right to do something about it – either having the error corrected or, at the very least, having your say.
Your first step should be to check if the error is on your credit file held with other agencies, then talking to the lender. If this doesn't work, the free Financial Ombudsman could step in and order corrections.
Here's our step-by-step help:
Check your file with other agencies. See if your file with them has the same error. If you get it corrected with one agency the information should be sent to the others, but it's better to contact them yourself to ensure your file with all three – TransUnion, Equifax and Experian – have the right details.
Contact the lender. Most will have a system in place to deal with customer disputes, and if you've proof, it should be resolved quickly. Write to it, say you think the error is unfair and ask it to wipe it from your file.
If it's a default and you're prepared to settle with your lender, either in part or in full, you could also try negotiating with it. As part of negotiations, you could make a condition of settlement that the default is wiped off your credit file. Companies can do this for disputed defaults.
Write to all three credit reference agencies. If the lender's not playing ball, write to the three credit reference agencies, and ask them to add a 'notice of correction' to your file.
This is where you get to explain the default. You should write around 200 words that will be included on your report and explains the problem. For example, "It was a joint account and the debt was run up once I had split from my ex-husband/wife."
This will slow future credit applications down, as most companies will look at it manually, but if the error is a substantial default, which is likely to stop you getting credit, that's usually not a problem.
If the lender won't help, complain to the Ombudsman. You have the right to go to the free, independent Financial Ombudsman Service if you believe the error is unfair and writing to the lender hasn't worked. It's the official body for settling disputes between individuals and financial companies, acting as an impartial adjudicator.
It can rule both that the debt is unfair (if it is) and that the default can be wiped.