When looking at what we offer, I think it is important to look at what Mortgage brokers offer as a whole and what some mortgage brokers offer. Not all mortgage brokers are equal.
Research
Generally speaking this should be fairly similar across the board. You would like to think all mortgage brokers would get the same results when doing the research.
However, this can differ for various reasons – experience, contacts, lenders available, knowledge etc. There is a saying that there is more than one way to skin a cat and that can be true here. Sometimes you may find you end up with different results, especially where your application is more complex.
As an example at Mortgage Success we specialise in adverse. This means we have access to lenders and products in the adverse world that other brokers may not. We have been involved with helping some lenders help design their adverse offerings also.
The flip side to this however is Buy to lets for example. This is not a big part of our business, we can do them. But unless you are a straight forward case, there are probably better brokers out there and we will be completely upfront about that with you. If we think we cant help or you could be better with a specialist in that field we have told people that and will continue to do so.
Applications
Every broker should have the same outcome with an application. If your application is what we call vanilla (straight forward), everything should fly through fairly easily. You should get from start to finish in the same time no matter how good or bad the broker is.
If your application is a bit quirky then this is where experience comes in to play. In July we did an application and I said to the client the underwriter will likely come back with some questions, but the less questions they come back equates to the better I have packaged up the application.
The way I describe this is that I get a piece of paper and write notes on there and upload it with the application. Or if I think their system has not asked questions that will get raised, I answer those questions in readiness and upload the paperwork to back that up.
With the case I mentioned above, they raised one question – about a parking ticket fine. With the adverse, the gift, the change in occupation and a few other niggles to only come back with one question I think I did a pretty good job overall.
Any broker would have had the same outcome, but I feel like we got from start to finish quicker than most other brokers would have done – which when looking at adverse and first time buyers and the stress that comes along with that, I think we did well.
The extra bits
I often describe a lot of our job as being a counsellor or social worker (not to detract from the work those people do). I know we charge fees and that is not something we hide from. We do not pile applications high. We take the time with our customers.
For some of them we have 2 areas where we provide extra time for them:
Initial stages – a lot of people with bad credit have been through a difficult period. That could be ill health, it could be divorce, abusive relationships etc. Some people just want to take the time to explain everything, get it off their chest, maybe have a good cry and the whole “a problem shared is a problem halved” really comes into play. No need to apologise if this is you. You really are not alone and its actually nice as it makes any offer all the nicer as you get to see how much it will really mean.
Getting an Agreement in principle or offer – Again, it is not uncommon for people to have a wobble at this stage and get a lot of doubt about their application. We take the time to listen to your concerns and then ultimately give you the reassurance you want. We do not submit applications that we do not believe will be accepted. With that in mind I know we will be able to offer you the reassurance as I know it is very likely we will get an offer.
Post offer – Generally speaking this is where people start to relax a little and rightly so. At this stage you know you are good for the mortgage and it is just the property. If there is a problem with the property, you know you can find another.
But more importantly we are still on hand. We try to check in with you along the way. But even if not, you are welcome to pick our brains or try to translate solicitors language into normal! 99% of our work is done once you have your offer. But as I said earlier, we are still on hand and this also includes after completion.
Summary
As your mortgage broker we offer a lot of what all mortgage brokers will or should offer:
Whole of Market – in our case that means over 80 lenders. Some brokers have access to less than 15 lenders so it is worth checking this.
Experience – 12 years as a broker in addition to time working for RBS, Co-op Bank and Friends Provident insurance company.
Time – Do not underestimate this. You want a quick answer? Unless we are on the phone, there is a good chance you will be able to get hold of us immediately. Want to have a long chat and unload everything to ensure nothing gets missed on your application, we are here.
Support – An estate agent is there for the seller. If you want someone on your side to support you, we are here. Again, this can be quite important especially for first time buyers as some agents will take advantage of that inexperience.
Get in touch, lets have a chat. No pressure, we will understand your situation, tell you if we can help and it gives us a chance to see if we get on and want to proced.