It is a good question, and I can honestly say there are some compelling reasons to use a mortgage broker instead of doing it all yourself.
The very obvious value added by a mortgage broker is when they deal with somebody with credit issues and unknown credit issues.
Lenders will all have their own credit scoring system or credit check systems in place and each lender will use the scoring criteria they have. Typically a mortgage broker will ask for a copy of your credit report before applying for a mortgage to make sure you fit the criteria for that specific lender.
What happens if you do not fit the lenders' criteria after all?
Your application will be rejected.
This may potentially harm your credit score as it may leave a hard footprint on your credit profile and a rejection. This can potentially harm future applications.Â
Here is an interesting article about Daniel falling victim of a scam and how it impacted his application: My mortgage application was rejected because a scammer opened a Three mobile account in my name.
They are now struggling to port their mortgage onto a new property due to having unknown credit issues due to being scammed. This is now potentially delaying their new purchase and could cause more issues in the future.Â
If you need help with your current mortgage or would like to talk about starting your own journey of becoming a homeowner, I would be delighted to talk you through the process.
Please contact me! Â
077 8026 8027
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.