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Whole of market mortgage advisor or direct with your bank?

I often get asked, 'should I use a whole of market mortgage advisor, or go directly to my bank?' My answer is always the same; Use a whole of market mortgage advisor.

I have many examples, but here’s a recent scenario to explain why.

I sold my Client's property in Enfield after a few days of marketing, which she was delighted about as she could proceed to move to their dream home in Nazeing. She had her mortgage product in place directly with her bank. My Client had met and spoken to the advisor at the bank numerous times to ensure everything was in place. However, a couple of weeks after their survey, the bank informed her that they could not offer the product due to car finance on her application. The bank then advised her to take out another product resulting in another survey and the same outcome. It was clear there was no issue with the property, but a concern with the Client's own finances or credit. The Bank advised she could not get a mortgage and would need to wait, which was obviously the news neither her, her daughter, her buyer or myself wanted to hear.

My Client had lost hope and assumed she could not move.

I spoke with my mortgage advisor and informed him of the situation and he knew exactly what to do. After an initial consultation with the Client, who was rightly nervous about trying for another mortgage so soon, my advisor arranged for a product. Following the survey, the mortgage offer was issued with no problem, which not only allowed my Client to proceed with her move, but had saved her money with a lower rate than the bank had provided.

Perhaps you may be thinking this is a one of case, but I have seen on numerous occasions where our whole of market mortgage advisor has found a better or cheaper mortgage product for clients.

Yes, our advisor would have charged a fee to the client for arranging the mortgage, but by providing the correct advise and product with a personal service, along with saving them money, the client is now in a better position and their dream home!

Moral of the story… use a good, recommended mortgage advisor.

If you would like advice on anything relating to property or mortgages, give me a call or email and I will be more than happy to help.

Until next time

Thomas

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