Making an initial step onto the property ladder for the first time, or taking the next step once your fixed term ends, can make you feel a little nervous from time to time.
There are lots of different routes that homeowners and home buyers can take, but if you can help it, it would be ideal to get it right the first time, especially when you’re dealing with a large amount of money.
Of course, we are strongly in the belief that our service as an open and honest mortgage broker in Bristol, will be beneficial to anyone who is going through their mortgage process, especially if you are a first-time buyer in Bristol.
Whilst we have confidence in our ability to help out our customers, we are also fully aware that it is not necessarily for everyone. Some may even be unsure of how exactly we can help.
With this in mind, we have compiled a balanced overview of why in some cases you might be better off getting in touch with a mortgage broker in Bristol, and how in some other cases, going direct might be your best choice.
What are the pros & cons of using a mortgage broker in Bristol?
Cost-Effectiveness
It is the opinion of many, that you are a lot more likely to save some money by going directly to the bank and finding a mortgage deal yourself. There is indeed merit to this, as a mortgage broker in Bristol may charge you a fee, though this is circumstantial and depends on who you speak to.
If you are already experienced in finding your own mortgage, have a pretty simple case and have a knowledge of lender criteria, going it alone will probably be easier and more cost-effective.
Where a mortgage broker stands out, is the ability to help people with complex cases or those who don’t understand lender criteria.
Without the correct, up-to-date knowledge, you could possibly end up with a bad deal, or even being unable to successfully apply for a mortgage deal. In any case, this could cost you a lot of money or damage your credit score. The latter would in turn hinder your chances of applying for a mortgage at any point in the future.
A dedicated mortgage advisor in Bristol will always make sure that they get their recommendation right the first time, at the cheapest deal that is available to you. Again, this may entail you having to pay a service fee, though it will likely save you a lot more money in the long term.
Local Bank Branch Relationships
Another point of view that customers who are older may think is a benefit of going to the bank directly, is the way you used to be able to get a mortgage. Prior to technology and online banking becoming a big deal, generally you would be a loyal customer of a local branch, typically speaking with the same members of staff.
When you wanted to apply for a mortgage, you would converse with the bank manager themselves. They would “know your finances like the back of their hand”, and would be the ones to personally approve a mortgage for you. Times have changed though, and credit scoring is now done via digital means.
The bank manager will no longer personally go through your case. Instead, your information will be put against a complex online system, to find out if you qualify for that mortgage. Nowadays, everyone gets the same chance as each other, no matter who your bank is.
Exclusive Mortgage Products
Relating to the previous point, many are in the belief that there are better, exclusive deals only by going to the lender direct. Once again, there is an element of truth to this, but it is only part of the story. See, a lender can indeed offer great deals, but only deals that are from their own company.
One of the main problems here is that not all mortgage lenders are actually banks, meaning there are lots of options outside of what you are familiar with. The best deal you could get with your bank, might not be the best deal overall that you could’ve had access to.
That’s another benefit of enquiring for mortgage advice in Bristol. A trusted and experienced mortgage advisor will be able to take a look at your case, and have you matched up with a suitable deal from one of our panel of lenders, rather than one place.
It’s also worth mentioning that there may also be deals that can only be found with a mortgage broker in Bristol. Regardless of if you’re a first-time buyer, are considering your options for a remortgage in Bristol or have a complex case, a mortgage broker will have more options for you.
Changes to Regulation & Consumer Protection
Following on from the 2007-08 credit crunch, the mortgage market was in dire need of a change. As was outlined in the 2014 Mortgage Market Review, lenders no longer had the ability to sell mortgages to customers on a non-advised basis.
This meant that you couldn’t just approach the bank, tell them you want a mortgage and be approved without any prior checks. You also couldn’t obtain a mortgage from any member of staff, as this used to happen regularly, whether they were qualified or not.
Further to this, these changes also introduced consumer protection, that you otherwise wouldn’t have gotten from the bank.
You now had the right to make a complaint to the Financial Ombudsman if you felt mis-advised for one reason or another. You also have the ability to make a claim via the Financial Services Compensation Scheme.
This is positive thing for both mortgage brokers and mortgage lender alike, as this means no matter who you choose to speak to or what your circumstances are, you’ll be safe, secure and advised professionally.
Booking an Appointment with a Mortgage Advisor in Bristol
An area where a mortgage lender has the disadvantage, is that oftentimes it can quite literally take months to speak book an appointment. Once you can eventually speak to someone and kickstart your journey, you’re not always guaranteed to be kept up-to-date about your case progression.
A unique selling point here at Bristolmoneyman, is that we are able to speak with customers at a time that is convenient to them. Our mortgage advisors in Bristol work from early until late, 7 days a week, including weekends. We may also work on some bank holidays too!
If you’re quick enough and lucky enough, you might find that you can book an appointment on the same day, though you don’t always have to do that. If you would like to speak with someone in a few days time, you have the freedom to book a slot in advance!
We are here at time slots that best suit your lifestyle. If you work 9-5 and want to speak with someone in the evening, we can do that too! Using our online booking feature, it has truly never been easier to get in touch with a qualified mortgage advisor!
In addition to this, we are proud of our ability to be responsive with our customers. No matter what stage of your mortgage journey you’re in, we will always make sure you’re up-to-date. If your case changes at any point, your advisor will inform you as soon as they can.
It’s because of expert mortgage brokers in Bristol like us, who are able to offer a high level of customer service, that the public opinion of mortgage brokers has differed over the years. This has led to more and more people getting in touch with a local mortgage expert, instead of going to a big high street bank.
Handling of Complex Scenarios
Sometimes a mortgage case may be a little more complex than the average case. Common examples of this that we have come across over the years, include (but are not limited to);
- Mixed Deposit (Savings & Gift) – This means having to audit from two different sources.
- Zero Hour Contract Workers – Will there be a steady, consistent income?
- Wanting to Make a Second Purchase – Are they able to afford making an additional purchase?
- Self-Employed with No Fixed Income – This is always a little difficult for Self-Employed applicants.
- Poor Credit History – A lender will not be fond of an applicant who has been unable to keep up any payments in the past.
- Affordability – Are they able to afford a mortgage at all?
In the past, mortgage lenders were able to easily compete, by offering better deals than the others. Times have changed though, and now the main difference in choosing a deal, is whether or not you match their strict criteria.
A deal could be cheaper, but you may not qualify for it. The mortgage lender will perform either a hard credit search (leaves a footprint on your credit file) or soft credit search ( this leaves less of a footprint on your credit file), to see if you pass eligibility checks for that mortgage.
If you apply for a mortgage with a lender and are declined an agreement in principle, this will likely cause harm to your credit file. Worst of all, you probably will not be given a reason for why you were declined, which can be understandably disappointing and frustrating.
On the other hand, a trusted mortgage broker in Bristol will be able to take a look at your case beforehand, making sure everything is correct and prepared, informing you of any other steps you should take to better your chances of being accepted for the mortgage.
Using the lenders that we have on panel, you’ll be matched up with deals that you could be eligible for and we’ll look to get you agreed in principle. Obtaining your agreement in principle through Bristolmoneyman typically takes no more than 24 hours of your free mortgage appointment with one of our advisors.
Of course, this still doesn’t mean you are certain to receive an AIP, nor does it guarantee that you will get a mortgage, but it is a lot better for your credit file to have an expert analyse it beforehand. As expert mortgage advisors in Bristol, we always look to make the right recommendation first time.
In Conclusion; Should I use a mortgage broker in Bristol?
At the end of the day , it’s your choice. As you can tell from the information above, there are both pros and cons to choosing a mortgage broker in Bristol. Conversely, there are also a lot of pros and cons to going direct with a lender. It all comes down to how quick of a service you would like, and how secure you want to be on your journey.
As a trusted mortgage broker in Bristol, led by 20+ year industry expert Malcolm Davidson, we have helped thousands of customers to achieve their mortgage goals. From first time buyers in Bristol taking a step onto the property ladder, to people reaching the end of their initial fixed period, looking to remortgage in Bristol, it’s safe to say we’ve seen it all.
To get in touch with a responsive, open & honest, FCA regulated mortgage team of experts, feel free to book yourself in for a free mortgage appointment or remortgage review, with a member of our amazing mortgage advice team. We’re here to help with all your concerns and queries during your process, with time slots that are convenient to you, subject to availability.
If you would like to learn more about our service, take a look at our genuine customer reviews. They are an amazing reflection of the service levels we provide our customers regularly. If you would like to learn more about the mortgage world, take a look at our YouTube Channel, MoneymanTV.
Date Last Edited: December 6, 2023
