“What do you do?” This is a question we often get asked as mortgage intermediaries.
Our main job is to help homebuyers find the best deal possible for their mortgage. Our role is to make this process as simple and stress-free as possible, assessing each individual’s situation and finding the best product fit according to their needs.
A minefield to navigate
There are almost 14,000 residential and buy-to-let mortgage products currently on the market in the UK, according to mortgage technology firm 27 Tech. This highlights the sheer number of options out there, and they’re increasing all the time.
Looking into all of those options without help can feel like navigating a minefield.
As well as different mortgage products, there are also infinitely-varied personal and income circumstances to consider, plus various property types which can impact a buyer’s options in many ways. It’s no wonder the value of obtaining correct advice has never been higher.
It’s important to speak to an adviser with access to as many lenders on the market as possible. At Alexander Hall, we have access to more than 100 different lenders on residential and buy-to-let mortgages, which equates to several thousand mortgage products in total.
It should also be remembered that taking a mortgage out is a very infrequent thing for most people. It is therefore very difficult to keep up to date with mortgage products and processes. We as intermediaries do this day in day out, and so will be able to steer you to the best option for your circumstances.
A complex market
The excellent Value of a Mortgage Broker research conducted recently by Legal and General highlighted the value of using a mortgage broker. In fact, 25% of customers surveyed said they had used a broker because the mortgage market was complex and they needed guidance.
This is hardly surprising! In recent months, our guides have covered some of the key areas of the market where the value of an adviser has been reinforced with case study examples. Topics have included:
- Complex income structures
- Self-employed clients
- The buy-to-let market
- Government schemes such as Help to Buy
- Remortgaging
- Lending into retirement
- Interest-only mortgages
Homeowners vouch for us
More than nine out of ten homeowners (92%) who had used a broker in that same Legal and General survey were ‘quite likely’ or ‘very likely’ to recommend using a broker to their friends when getting a mortgage. This highlights why it’s important to educate the public on the value of mortgage intermediaries.
I’d like to think a survey of our clients would come out even higher – a quick look at our Trustpilot page certainly backs that up. At the time of this article we have a rating of 5 out of 5 on Trustpilot. In fact, we were recently ranked number one in our industry on Trustpilot, something that we are very proud of.
Potential borrowers can benefit from an intermediary’s access to a huge number of products, and the right advice is key, which is why we are so passionate about this.
A more responsive market
Most encouraging of all, we’re seeing lenders liaising with intermediary firms such as ourselves to get feedback on the market and policy, asking about areas in which they can better assist clients in.
It’s great to see lenders looking at the challenges our clients face in the property and mortgage market and to be actively seeking solutions. From a personal perspective, one of the highlights of my role is working with lenders in this way and seeing lending policy shaped and changed as a result of some of this feedback.
This increased interaction also means that lenders use firms like ours to pilot criteria changes and to launch exclusive rates that can only be accessed via intermediaries. Clients are not always aware of this benefit, and this again highlights the value of using a mortgage intermediary.
Customer service
Quite frankly, good customer service is always crucial when looking at any transaction, big or small. A mortgage will always be one of the most significant financial transactions that you make. Using an intermediary ensures you have somebody with your interests at heart throughout the mortgage process.
The process has several stages, making it imperative that you feel you have a strong level of trust and an open line of communication with your adviser; you should always know what stage your application is at and what the next steps are.
The process can be very nerve-wracking and it can feel like there are a number of hurdles to jump. A good intermediary will help with this by taking care of as much of the heavy lifting and stress as possible.
What’s best for borrowers?
The culture of Alexander Hall, and indeed our industry, is very much to ensure the best outcome for the client. This is absolutely embedded into everything we do.
Constant improvements and tweaks to lenders’ criteria and product ranges mean that it is vital clients speak to an intermediary to get the most up-to-date advice and, of course, the most competitive deal available to them.
To see why our clients rate us so highly and to ensure you’re getting expert mortgage advice from one of the top intermediaries in the UK, do get in touch via our website: https://www.alexanderhall.co.uk/.
Greg Cunnington is director of lender relationships and new homes at Alexander Hall
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT
