3 ways using a mortgage broker can benefit first-time buyers

Why use a mortgage broker?

Trying to get a mortgage as a first-time buyer is not always an easy, straightforward process. Seen as a higher risk than those who have owned before, it may be more difficult than you initially thought to find a lender willing to take a chance on you. Taking into account your individual circumstances and any complexities that come with that can make it all the more challenging.

If you’ve had your heart set on a particular lender, or you’re not sure where to start when it comes to applying for a mortgage, you might not have considered using a mortgage broker before. Yet there are a number of ways they could help you as a first-time buyer to get the mortgage you need to be able to purchase your dream home.

1) They have expert knowledge of the market

You may not know much about the different types of mortgage or lender. Not only can jargon be off-putting, but research can also be time-consuming. However, a mortgage broker will have extensive knowledge of the market and can, therefore, offer you expert advice on what would suit you best.

2) They will search for something to suit your circumstances

From your income and expenditure to your credit history and how long you’ve been in employment, your own unique set of circumstances will need to be taken into account by prospective lenders. It may be that your application didn’t meet the criteria of your first or even second choice lender, leaving you disheartened.

Yet with a mortgage broker, you don’t need to give up hope. They will take all factors into account and research different lenders and mortgage products, therefore opening up the market in a way you may not have thought possible.

3) They do all the hard work for you

Rather than you having to do your own research into different mortgage deals or apply directly to various lenders yourself, mortgage brokers can compare what different lenders have to offer and tell you about the best deals, which you may not come across through your own research.

Contact Mortgage Experts Online today by completing our quick enquiry form, or give us a call on 0300 124 5655.

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