Mortgage broker North Yorkshire - three top tips

Use our three top tips to find a mortgage broker in North Yorkshire.

You may be wondering whether it’s worth consulting a mortgage broker. Don’t you have to pay for their services? Haven’t there been a lot of problems in the past with mis-sold financial products? Isn’t it true that you don’t get impartial advice? The mortgage market may have had problems twenty years ago, but today’s mortgage brokers are heavily regulated and have tight guidelines they must work to. What’s more, a mortgage broker is probably the only way you’re going to get access to the thousands of mortgage products on the market. So, before you choose a mortgage broker, check our three top tips.

1. Think about what you want

Whilst a mortgage broker won’t expect you to know exactly which product you want, they will want to ask some questions that helps to focus on your individual circumstances. You should be able to tell them how much you have as a deposit, how much you want to borrow, your current earnings level, the earnings of any partner who will be sharing the mortgage, the types of mortgage you’re interested in and how long you want your mortgage term to be. Knowing what you want helps to kick-start the process and lets the mortgage broker discount those products which aren’t going to fit with your needs.

2. Check your mortgage broker’s FSA authorisation

It’s really important that you use a broker that is authorised and regulated by the Financial Services Authority (FSA) or is an appointed representative of a group that is authorised. All mortgage brokers should have FSA authorisation, and you shouldn’t rely on advice from a broker that can’t show you proof of authorisation. All authorised mortgage brokers have to declare their status on their website, their letterhead and on any communication with you. You can always double-check this status on the FSA’s own website. Using an authorised broker protects you in the event of a complaint or a claim and means that the brokerage must follow strict guidelines when it gives you advice.

3. Take your time

Many buyers rush into choosing a mortgage because they want to get on with buying their house. It’s important to take your time, however, to make sure that you’re happy with the product you’re choosing. Your mortgage will be the biggest debt of your life, so it makes sense to ensure that you’re happy with the interest rate, the terms, the restrictions and anything else that the mortgage offers. Don’t rush in, only to find that you’re tied to the mortgage for 5 years, you can’t take any payment holidays and there’s no way of overpaying the mortgage if you want to. A good mortgage broker will give you the time you need to make the right choice.

Move and Mortgage isn’t just a mortgage broker in North Yorkshire, but is dedicated to offering you an alternative to estate agents when it comes to selling your home. Set up an account, advertise your property yourself and stop paying estate agent fees. Setting up your advert is free; all Move and Mortgage ask is that you consider their advice when it comes to your next mortgage - but as appointed representatives of Financial Ltd, which is authorised and regulated by the FSA, you can be sure that you’re getting fair and impartial mortgage advice. Find out more about this great opportunity to advertise your home free of charge by calling 0800 077 8225 or filling in our online enquiry form.

Click here to go back to MORTGAGE BROKER ARTICLES