What Does A Mortgage Broker Do?

What does a mortgage broker do?

First and foremost, a mortgage broker is an intermediary that brings borrowers and mortgage lenders together. We seek out the most suitable lender for a borrower’s financial situation, at a competitive interest rate.

Of course, people usually think that a broker’s job ends when the loan is arranged – but that’s not true. We also advise on protection and home insurance options and sometimes provide general advice about the property market based on our experience.

What’s the difference between going to a mortgage broker like yourself at Aries Financial versus your local high street lender?

It’s an interesting question, because many borrowers choose this path. They go to their own bank and discuss mortgage options there. But remember that banks can only provide their own loan products and may have more rigid guidelines.

A mortgage broker, however, can offer more loan options, because we work with multiple lenders. You should also consider factors like available loan options, personalised service and finding the most suitable terms and rates.

Buying a property, especially for the first time in your life, can be a very stressful experience. We work with numerous lenders, each with their own lending criteria – and this flexibility can be an advantage. We can find lenders who may be more lenient with specific borrower situations and loan requirements.

In summary, choosing a mortgage broker makes your life less stressful and saves you time.
Their goal is to save your money on your biggest financial commitment in your lifetime.

What services does a mortgage broker offer?

At our initial consultation with you we will discuss the whole process and what you can expect from us. We work closely with you. We have carefully selected, respected firms for conveyancing work and purchase negotiations.

We also generate an Agreement in Principle with your chosen lenders, putting you in a stronger position. We give you a better idea of the maximum loan you could acquire – and we also help current borrowers with product transfers and remortgages where we see potential savings.

We also help with Buy to Let purchases for professional landlords and also clients who have a little bit of spare money for investing in one, two or more properties. We arrange commercial loans and holiday lets too.

Based on our vast experience, we never forget about mortgage protection and family protection, which is an absolute top priority in today’s world. We also advise on setting up trusts and payout planners according to our client’s wishes. And we mustn’t forget about home insurance – which is required by your solicitor prior to handing over keys to your new home.

When should somebody come and see you – at what stage in that house buying process?

We strongly recommend seeing a mortgage broker as soon as you have decided to buy a property, really. Buying a property is usually an exciting experience, as well as emotional and time consuming.

It might be that you have found your perfect home after months of searching, and when you have already chosen your new sofa and new kitchen, it turns out that you can’t get the loan – that could be a very traumatic experience.

With us, we generate a Decision in Principle first which means you have realistic chances of getting a loan. It puts you in a much stronger position as a potential buyer as well. We just need some evidence from you. Sometimes it takes months of us working together to increase your chances of getting the loan you want.