The Pros & Cons of Using a Mortgage Broker in York

First Time Buyers in York who are looking to put their foot onto the property ladder, or finding themselves once again at the end of their fix term, might find the process a little daunting.

Depending on the homeowner and homebuyer circumstances there are many different routes to take. Ideally, you’ll want a service that gets it right the first time, saving you time and money.

Here at Yorkmoneyman, we firmly believe that First Time Buyers in York like yourselves will find our service beneficial during the entire process.

Rest assured, you are in safe hands with us, we have absolute confidence in our ability to help customers. We also understand that some people may be wondering how a Mortgage Broker in York can actually help.

This is why we felt it was best to put together a balanced summary of why speaking with a Mortgage Broker in York will be beneficial, as well as why others instead choose to directly to a mortgage lender.

What are the pros & cons of using a mortgage broker in York?

Cost-Effectiveness

We promise to try our best to save money by going direct and finding your own mortgage deal. This isn’t entirely untrue, as a mortgage broker in York may charge a fee, though this is very much circumstantial.

If you’re experienced in doing it yourself, have a straightforward case and knowledge of lender criteria, by all means, this will be easier and more cost-effective. The downside to this comes with more complex cases and people who don’t understand the lending criteria.

If you have the basic understanding of doing it by yourself, have a simple case and have knowledge of the lending criteria, by all means, this will be a walk in the park and more cost-effective.

However, those with a complicated case and people who don’t understand the lending criteria could either end up on the wrong deal or unsuccessfully apply for a mortgage deal.

Both situations could poorly result in you spending more money than what’s needed, or harming your credit score, resulting in your overhaul chances of obtaining a mortgage in the future.

Our Mortgage Advisors in York aim to recommend the most suitable deal for your circumstances. Whilst again, this may come with a service fee, you could be saving yourself a lot more money in the long run.

Local Bank Branch Relationships

Another point that many more senior customers think works in their favour of going directly to the bank, is the way the mortgage process was previously run. Before online banking and the ever-increasing popularity of technology, you would be a loyal customer of your nearest branch regularly, often communicating to the same people.

Back then before credit scoring, you would sit with the bank manager themselves, who understand your finances inside and out, and would accept you for a mortgage. Whereas in the present, a lot has changed since.

Now, the bank manager won’t run through your case personally. Instead, it goes through an online system, to determine if you are eligible to qualify for a mortgage. These days, more people get given a good chance to apply for a mortgage, it no longer matters which company you bank with for years.

Exclusive Mortgage Products

You may have heard that you can get better access to better deals by going direct. This may be somewhat true, they can offer good deals, but these deals are only exclusive from their own company.

Not all mortgage lenders are banks and there are many other deals out there to choose from. The most suitable deal your bank can offer, might not be the best deal overall that you could have got, by going elsewhere.

At this point, seeking Mortgage Advice in York will be very beneficial. Our Mortgage Advisor in York will go through your case and find you the most suitable deal with one of the many lenders we have on the panel, rather than from just one source.

It’s also worth noting on the topic of exclusivity, that you may also find deals with a mortgage broker in York, that you can’t find anywhere else. Whether you are a First Time Buyer wanting to put your foot onto the property ladder, looking to Remortgage in York or have a specialist case, there will be more options for you when going with a Mortgage Broker in York.

Changes to Regulation & Consumer Protection

Prior to the 2007-08 credit crunch, as summarised in the 2014 Mortgage Market Review, lenders were no longer allowed to sell mortgages to their customers on a non-advised basis.

What we mean is, you cannot just walk into a bank, tell them you want a mortgage and be accepted without any background checks.

These modifications also brought about consumer protection, that a bank otherwise would not have given you. Nowadays you are now in a position to complain to the Financial Ombudsman if you feel misadvised in any way. You also can make a claim via the Financial Services Compensation Scheme.

Whichever journey you are going down, going to either a mortgage broker or mortgage lender, you will be in safe hands, secure and professionally advised.

Booking an Appointment with a Mortgage Advisor in York

What gives a Mortgage Broker in York an upper hand is it can sometimes take time to try and speak with an advisor at the bank. Once you have made that contact and started your process with your bank, you’re not always guaranteed to be kept in the loop.

A benefit of using a Mortgage Broker in Durham is that we work around your busy schedule and arrange a time that suits you. Our dedicated teams of Mortgage Advisors in York are here from morning until late, every single day of the week, including weekends and certain bank holidays too.

Not only can you book yourself on a day and time that suits you, but sometimes we offer same-day appointments, subject to availability.

Don’t panic if you work a 9-5 job and need to speak with a qualified Mortgage Advisor in York. We’ve got you covered! With the help of our booking feature, it’s never been easier to speak with a Mortgage Advisor in York!

Here at Yorkmoneyman, we pride ourselves on being open and honest with our customers. All new and existing customers will always be kept in the loop no matter what stage of the mortgage process they’re in. Any changes made, you will be notified as soon as possible.

Over time the public perception of Mortgage Broker in York has changed. It’s thanks to our high level of customer service, had led to more people choosing brokers over going to a bank for Mortgage Advice in York.

Handling of Complex Scenarios

Everyone’s mortgage situation can be more challenging than the ‘average’ case. Recurring examples of this that our team have encountered over the years working in the industry include (but are not limited to):

  • Putting down a deposit from various sources.
  • Zero-hour contract workers want to know if they are eligible for a mortgage.
  • Existing homeowners looking if they can take out a second mortgage.
  • Self employed applicant with no fixed income.
  • Being declined for a mortgage due to having a poor credit history.
  • Most importantly affordability, can you afford a mortgage in your current situation?

Previously, mortgage lenders could easily compete with one another by offering deals that were better than the other. Times have changed since then, and now the main difference in which deal you go with, is whether or not you match their lending criteria.

You may come across a cheap deal you aren’t eligible for. The lender will either do a hard or soft credit search, to see if you are eligible to have a mortgage.

If you apply for the mortgage and the lender declined you an agreement in principle, this may damage your credit file. The worst part is you will be given no reason as to why you were declined.

A Mortgage Broker in York like ourselves will be able to run through your case beforehand, ensuring that everything is good to proceed and inform you of anything you need to increase your odds of being accepted for a mortgage.

Utilising the vast amount of lenders of our pane, we can match you with deals that fit your eligibility and supply you with an Agreement in Principle. We aim to supply you with an Agreement in principle within 24 hours after your free mortgage appointment.

However, this doesn’t mean you’re guaranteed to be agreed, but it’s much safer for your credit file to be organised and get everything sorted beforehand. As expert Mortgage Advisors in York, we aim to get our recommendation right the first time.

In Conclusion; Should I use a mortgage broker in York?

As an expert Mortgage Broker in York, who has been in the industry for over 20 years, we have helped many customers achieve their mortgage goals. From First Time Buyers in York getting onto the property ladder for the first time, to people at the end of their fixed period, looking to Remortgage in York, it’s safe to say you are in safe hands with us.

As you can see, there are indeed pros and cons to going with a Mortgage Broker in York. Likewise, there are also pros and cons to going direct as well. It comes down to how quick you want your service to be, and how secure you want to be.

If you would like to speak with one of our Mortgage Advisors in York, feel free to book yourself in for a free mortgage appointment or remortgage review. Everyone here at Yorkmoneyman is here to help with all your mortgage needs, around a time that is most suitable for you, subject to availability.

For more information, please feel free to take a look at our genuine customer reviews. They are a reflection of the high-end levels of service that we provide to all new and existing customers.

Why use a Mortgage Broker | MoneymanTV

Yorkmoneyman.com & Yorkmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Yorkmoneyman

Yorkmoneyman, York Hub, Popeshead Court Offices, Peter Lane, York, YO1 8SU.

Moneyman Logo







Moneyman Logo




Moneyman Logo

Ask Your Question





    Moneyman Logo

    Moneyman Logo







    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo