Taking that first step into the mortgage world, or starting the mortgage process for the first time, you may find the entire experience a bit daunting. There are many options for homeowners and homebuyers to take for themselves, which is why it’s best to get it right the first time. This is something that can be achieved with the help of an expert Mortgage Broker in Doncaster.
Depending on what you are looking to achieve and the current situation, we will provide open and honest Mortgage Advice in Doncaster to help first time buyers in Doncaster through their mortgage journey. We understand the process can be complicated, which is why obtaining expert Mortgage Advice in Doncaster will be very beneficial. Here at Doncastermoneyman, we are confident in our ability to search 1000’s of deals to find you the most suitable mortgage.
In this article, we have gathered information on why approaching a Mortgage Broker in Doncaster will be more beneficial, rather than going directly to a mortgage lender themselves or their local bank.
Why go to a Mortgage Broker in Doncaster?
Cost-Effectiveness
You may believe that going direct and finding your mortgage deal will save you money, but that’s not the case. Some Mortgage Brokers in Doncaster may charge a fee on the end result; however, this does depend on the company.
It might be more cost-effective if you have a straightforward case, however, for those with a complex case, it’s worth going to speak to a Mortgage Broker in Doncaster like ourselves. Not going to an expert can result in you ending up on the wrong deal or being declined for a mortgage. Having constant rejection will harm your credit score which can impact your chances of applying for a mortgage next time.
Having a devoted Mortgage Advisor on your case will be benifical, our team well be by your side throughout the entire mortgage journey, to try and achieve your mortgage goals. We aim to recommend you the most suitable deal first time, saving you time and money.
Local Bank Branch Relationship
Having brand loyalty can be one of the reasons why many customers decide to turn to their local bank directly, instead of going elsewhere. Previously before the increase in technology and online banking, customers would approach their local bank to obtain a mortgage.
Their branch would provide an expert and someone knowledgeable to supply them with the help and guidance they needed. Nowadays, the process is a lot different with credit scoring being introduced.
Because of this, your branch manager won’t physically go through the case themselves. Instead, a complex online system will determine whether or not you are eligible for a mortgage. Now, regardless of which bank you are with even being a loyal customer, your local bank may still decline your application.
Exclusive Mortgage Products
Going direct will only give you access to limited products. Because they can only offer you deals from their own company, nobody else’s. Not to mention, you don’t find mortgage lenders in banks, there are many more mortgage options available to choose from. That’s why the deal that the bank offers you might not be the most suitable deal, there could be a much better deal elsewhere.
Receiving expert Mortgage Advice in Doncaster will be the best way to find the most suitable deal. One of our expert Mortgage Advisors in Doncaster will be able to go through your case and find you the most suitable deal from our large panel of lenders. This is another benefit of approaching a Mortgage Broker in Doncaster instead of just a bank.
Approaching a Mortgage Broker in Doncaster can provide you with exclusive deals that you can’t find elsewhere. There will be a good selection of options when you go to a Mortgage Broker in Doncaster, we have helped many first time buyers, home movers, or applicants who are wanting to know their Remortgage options.
Changes to Regulation & Consumer Protection
After the effects of the 2007-08 credit crunch, a massive improvement in the mortgage market needed to happen. One of these changes was stated in the 2014 Mortgage Market Review, which instructed lenders to no longer sell mortgages to their customers without extensive, expert Mortgage Advice in Doncaster.
People could no longer approach a bank to tell them they wanted a mortgage and be instantly granted with no background checks. Not every staff member in the bank could grant you a mortgage, which was something that happened regularly regardless of if they were qualified to do so or not.
The new changes also bought in consumer protection, which a bank wouldn’t have given you. Now, you can place a complaint with the Financial Ombudsman in the event you feel misadvised. Another way to make a claim is through the Financial Services Compensation Scheme.
Having this in place means reassuring a customer that they will be safe and advised accordingly regardless of what mortgage journey they take. This applies to both mortgage brokers in Doncaster and other mortgage lenders.
Book an Appointment with a Mortgage Advisor in Doncaster
Approaching a bank instead of a Mortgage Broker in Doncaster might be more time-consuming. If you approach a bank, it can take days, weeks, or months to try and talk with someone at a bank. Furthermore, when you do begin the process, you’re not updated as much through the mortgage journey.
Here at Doncastermoneyman, our dedicated team of Mortgage Advisors in Doncaster will get in touch with you at the time that is best for you, we understand that you may have a busy schedule. This is why our team works, from early until late, 7 days a week, including weekends and evenings. Our Mortgage Advisors in Doncaster will be available to answer any of your questions and keep you updated. You might find us contactable on some bank holidays.
We tend to find sometimes you may find yourself attending your appointment on the same day, however, this doesn’t have to be the case. You can speak to a member of our time around a time and day that suits your availability.
Every customer is entitled to a busy lifestyle. This is why our Mortgage Advisors in Doncaster are available throughout the week, so you can book your free mortgage appointment around the day and time that suits you best, subject to availability.
Providing open and honest Mortgage Advice in Doncaster is a core value within our company. If you are at the very start of the process or towards mortgage completion, our friendly team will always keep you in the loop. If any changes arise, your Mortgage Advisor in Doncaster will get in touch as soon as they can.
Handling of Complex Scenarios
Through our expertise in the mortgage industry, we have found some cases can be slightly more complex than others. Below are just some popular scenarios that can be a bit more difficult than a straight forward case:
- Mixed Deposit from saving and gift.
- Zero Hour Contract Workers, will there be a consistent income?
- Looking to Make a Second Purchase, can they afford to make that additional purchase?
- Self Employed Mortgage with No Fixed Income, this can be challenging for Self-Employed applicants.
- Poor Credit History, a lender will not look favorably upon an applicant who has mismanaged in the past.
- Affordability, can they afford a mortgage full stop?
Back in the day, mortgage lenders could easily compete with one another by providing exclusive deals that were better than the others. Now, the main change in which deal you go with is if you match their lending criteria or not.
You might find a cheaper deal but it may not match your criteria. In order to see if you are eligible to obtain a mortgage, the mortgage lender carries out a hard search, which will result in leaving a footprint on your credit file.
When you apply for a mortgage with a lender and were declined an agreement in principle, this may harm your credit file. The most frustrating thing about it all is that it’s very unlikely you will be given zero reasons as to why you were declined in the first place. As an open and honest Mortgage Broker in Doncaster, our team will be able to go through your case and advise you on ways to increase your chances of being accepted.
Our Mortgage Advisors in Doncaster
With access to a vast range of lenders, our team should be able to find you the most suitable deal that perfectly matches you up with its criteria and then begins to obtain you an agreement in principle. If you obtain an agreement in principle through Doncastermoneyman, this will usually be sorted for you within 24 hours of your free mortgage appointment.
Just remember, having an agreement in principle doesn’t guarantee you have secured the property you were after. It does, however, make your credit file much safer by having an expert go through it beforehand. Our team of Mortgage Advisors in Doncaster aims to get their recommendation right the first time.
In Conclusion; Should I use a Mortgage Broker in Doncaster?
There are advantages and disadvantages of approaching a Mortgage Broker in Doncaster. The difference is how efficient you want your service to be, as well as what you are hoping to achieve.
As a devoted Mortage Broker in Doncaster, our team has extensive experience in dealing with a wide range of customers who go through the mortgage journey. Whether you are taking your first step into the mortgage world, coming towards the end of their fixed period, or looking at your remortgage options in Doncaster, our team are more than happy to help!
Book yourself in for a free mortgage appointment or remortgage review to speak with an expert Mortgage Advisor in Doncaster. Our team are here to help with your mortgage goals, with availability that suits you, subject to eligibility.
Date Last Edited: December 6, 2023
