Taking your first steps into the world of mortgages, whether you’re a first time buyer in Halifax, a home mover, or a buy to let landlord, can feel like a daunting task.
The myriad of options available might leave you wondering about the best path to take. Ensuring that you make the right choice from the start can save you both time and money.
No matter your mortgage aspirations and individual circumstances, our dedicated and approachable service aims to guide you seamlessly through your mortgage journey.
We understand that the mortgage process can be intricate, and we hold strong confidence in our ability to help our customers, providing expert mortgage advice tailored to both new and existing clients in Halifax.
This article compiles a comprehensive overview of the advantages and disadvantages associated with seeking assistance from a mortgage broker in Halifax. It aims to shed light on why many individuals prefer turning to us for reliable mortgage advice in Halifax.
Why use a mortgage broker in Halifax?
Cost-Effectiveness
Many individuals assume that by directly searching for and securing their own mortgage deal, they will inevitably save money. This isn’t always the full picture, however. While some mortgage brokers in Halifax might charge a fee, this cost varies based on your circumstances and the chosen company.
If you possess ample knowledge and have a straightforward case, you might find it easier and more cost-effective to proceed independently. Yet, the situation could become intricate based on your specific circumstances. In such cases, seeking guidance from a mortgage broker in Halifax becomes valuable.
Lacking in-depth knowledge might lead you to select an inappropriate deal or face difficulties in your mortgage application process. Either scenario could potentially result in unnecessary expenditure or harm your credit score, impacting your future mortgage prospects.
Having a dedicated mortgage advisor in Halifax at your side ensures their commitment to helping you attain your mortgage objectives. Their aim is to provide the right recommendation from the outset, at an optimal price point.
While this might involve a service fee, it could ultimately translate into substantial overall savings.
Local Bank Branch Relationship
Loyalty has historically driven many customers to approach banks directly, reflecting the way the mortgage process used to operate.
In the pre-technology era, individuals would frequently visit their local branch, often interacting with the same staff member. Back then, securing assistance from the bank manager, who held a comprehensive understanding of one’s finances, was a common practice.
In terms of the mortgage procedure, the optimal approach involved having the bank manager personally review and approve your mortgage application.
This provided the advantage of receiving personalised guidance and support from an expert who possessed a deep grasp of your financial situation. The landscape has significantly transformed with the advent of digital technology and online banking.
Presently, the mortgage process functions quite differently, largely due to the digitisation of credit scoring. The bank manager’s direct involvement in evaluating your case has been replaced by a sophisticated online system.
This system determines your eligibility for a mortgage by analysing various factors. Importantly, this digital approach is unbiased and applies uniformly, irrespective of the specific bank you are associated with.
Exclusive Mortgage Products
Many believe that you are open to better, exclusive offers by going directly. Again, this is true, though, it can be limited. That is because they only offer their company the best deals.
Not all mortgage lenders are banks, and there are many more options available. Therefore, the deal that the bank considers suitable for you may not be the best deal beyond the bank you could have gone with.
Getting specialist mortgage advice in Halifax can be the best way to get a competitive deal that is suitable for you. One of our expert mortgage advisors in Halifax will be able to go through your case and find you the best deal from our large panel of lenders.
This is another advantage of approaching a mortgage broker in Halifax rather than just a bank. After the topic of deals, you can find approaching a mortgage broker in Halifax can provide you with exclusive deals that you cannot find anywhere else.
There will be a broad range of options when you are with a mortgage broker regardless of if you are a first time buyer in Halifax, moving house, or looking to remortgage in Halifax.
Changes to Regulation & Consumer Protection
The aftermath of the 2007-08 credit crunch necessitated significant reforms within the mortgage market. One pivotal change emerged through the 2014 Mortgage Market Review, which directed lenders to refrain from selling mortgages to customers without comprehensive expert guidance.
Consequently, the days of simply walking into a bank and obtaining a mortgage without thorough checks were put to an end. The process was no longer as straightforward, as not every bank employee possessed the authority to grant mortgages.
This rectified a common occurrence where individuals, regardless of their qualifications, could authorise mortgages. Beyond these alterations, the changes ushered in a layer of consumer protection that was previously absent from traditional bank interactions.
Today, a dissatisfied customer can seek recourse by lodging a complaint with the Financial Ombudsman or making a claim through the Financial Services Compensation Scheme.
These reforms have instilled a sense of security for customers, ensuring that they receive proper guidance and protection throughout their mortgage journey. This newfound assurance applies uniformly to both mortgage brokers in Halifax and lenders.
Book an Appointment with a Mortgage Advisor in Halifax
Opting for a bank over a mortgage broker in Halifax comes with its own drawback, particularly in terms of timing. Engaging with a bank often involves waiting for months to speak with a representative. Additionally, throughout the process, updates can be infrequent and lacking.
At Halifaxmoneyman, we pride ourselves on our responsiveness. Our dedicated team reaches out to you at your convenience, accommodating your schedule and daily routine.
Our mortgage advisors in Halifax are available seven days a week, from early morning to late evening, even on weekends and certain bank holidays.
While some scenarios might allow for same-day appointments, this isn’t always the norm. We respect your readiness and availability, ensuring that you can engage with us at a time that suits you best.
Recognising the diversity in our clients’ lifestyles, our mortgage advisors in Halifax maintain extended availability beyond traditional 9-5 hours, including weekends. Our user-friendly online booking system allows you to easily schedule a conversation with a mortgage advisor in Halifax.
Responsiveness stands as a cornerstone of our service philosophy. Whether you’re embarking on the initial steps or nearing the conclusion of your mortgage journey, our approachable team will keep you well-informed.
Should any changes arise, your dedicated mortgage advisor in Halifax will promptly reach out to you. It’s this commitment to providing exceptional service that makes mortgage brokers in Halifax, like us, a preferred choice.
The popularity of such experts over national banks is a testament to the value we offer to the public.
Handling of Complex Scenarios
Our wealth of industry experience has revealed that certain cases present more complexity than others. Below, we outline scenarios that deviate slightly from the norm:
- Mixed Deposit: This involves assessing two distinct sources, such as a gifted deposit and savings.
- Zero Hour Contract Workers: The consistency of income becomes a pivotal concern.
- Second Purchase Intentions: Evaluating affordability for an additional property purchase.
- Self Employment without Fixed Income: Self employed individuals in Halifax face unique challenges.
- Poor Credit History: Past mismanagement could impact the lender’s view of the applicant.
- Affordability Assessment: The fundamental question is whether the applicant can afford the mortgage.
In the past, mortgage lenders competed primarily through enticing deals. The landscape has shifted, focusing more on whether applicants meet specific criteria.
While a cheaper deal might be available, it might not align with your requirements. To ascertain your mortgage eligibility, lenders conduct a hard search, which leaves a footprint on your credit file.
It’s worth noting that if you apply for a mortgage, and a lender declines a deal in principle, this could negatively affect your credit file. The frustrating aspect is the lack of transparency in receiving a rejection reason, which can leave applicants perplexed.
Agreement in Principle
Mortgage advisors in Halifax possess the expertise to thoroughly review your situation and provide guidance on enhancing your acceptance prospects.
Leveraging an extensive network of lenders, they can identify the most fitting deal that aligns seamlessly with your criteria. Subsequently, they initiate the process of securing an agreement in principle tailored to your needs.
When obtaining an agreement in principle through Halifaxmoneyman, you can expect it to be arranged within 24 hours following your complimentary mortgage consultation.
It’s essential to note that this preliminary agreement doesn’t automatically translate into a guaranteed mortgage at the conclusion. It does contribute to safeguarding your credit file by having a specialist review it beforehand.
Our team of dedicated mortgage advisors in Halifax is committed to delivering accurate recommendations from the outset.
Should I use a Mortgage Broker in Halifax?
When it comes to choosing between a mortgage broker in Halifax and going directly, there are pros and cons to both options. The decision often boils down to the speed of service you desire and the level of security you prioritise.
As a dedicated mortgage broker in Halifax, our extensive experience encompasses a diverse range of clients embarking on their mortgage journeys.
Whether you’re a first time buyer in Halifax taking that initial step into the mortgage realm, an individual nearing the end of a fixed term, or someone considering a remortgage in Halifax, our team is ready and willing to help.
Schedule a free mortgage appointment or a remortgage review to engage with a knowledgeable mortgage advisor in Halifax. Our team is committed to helping you achieve your mortgage objectives, with flexible availability tailored to your schedule, subject to availability.
To gain deeper insights into our service, explore our exceptional customer reviews that showcase the consistently high level of service we provide to our satisfied clients.
You can also find valuable information on our YouTube channel, MoneymanTV, if you’re seeking further understanding of the mortgage landscape.
Date Last Edited: January 10, 2024
