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Advantages of using a Belfast mortgage broker

So, what exactly is the definition of a mortgage professional?

In simple terms the definition of a mortgage broker can be described as a licensed mortgage adviser who can arrange your mortgage on your behalf. They’ll look over your details including your job status, your the amount of income you earn and other pertinent information and provide you with advice on the most suitable mortgage for you. If you’re pleased with what they have to say, they’ll handle the mortgage application on your behalf.

In this article, we’ll review the advantages and disadvantages of hiring mortgage brokers while identifying which types of buyers is most likely to benefit from their services.

Benefits of working with a mortgage broker

Exclusive mortgages aren’t normally available

How? Mortgage brokers enjoy great connections with lenders. They are able to arrange mortgages on a daily basis and, as a consequence certain mortgage lenders reward them by establishing special mortgages exclusively for their clients. This may include a lower rate of interest or a better loan term.

It’s totally free – up to the point that the mortgage agreement is reached

How? The majority of mortgage brokers will not charge you a fee until the mortgage contract is done and done. That means you won’t be required to pay any fees until the term of your mortgage begins. This is particularly important in the event that you are unsure the likelihood of being offered a mortgage in the initial instance – for example, if you’ve recently changed jobs or have a bad credit score. There’s no obligation to pay anything unless your broker is able to get you a mortgage.

It will save you time.

How? Making an application for a mortgage could be a lengthy process. Even if you’ve completed the research by using mortgage calculators and mortgage comparison websites – and identified the ideal home for you, it’s have to secure it.

It’s not a secret that the process of applying for a mortgage involves many documents including bank statements that are current or pay slips, accounts, self-assessment SA302 year-end computations of tax… The list is endless. When it comes to purchasing a property the time of application is crucial.

If the dream house you want to buy has multiple offers You’ll have to be quick. In most instances, sellers would like to see the mortgage agreement in principle before they officially agree to your offer and remove their property out of the market. A mortgage broker can assist to speed up the process. In fact our mortgage brokers in-house have been known to complete an agreement within one day. Therefore, if you require an immediate decision, work to an agent.

Advantages of working with a mortgage broker

A mortgage broker may have a cost

If you take the amount of time an experienced mortgage professional spends on your application, it’s appropriate that this service be charged. However, the cost is typically minimal, particularly when you consider it against the amount you can save by taking advantage of the favorable rate they’ll come up with for you.

What are the best times to use the services of a mortgage agent?

Anybody can utilize the services of a mortgage broker. And because of the reasons mentioned previously it’s an excellent idea to give them an initial call to get some mortgage tips for free.

There are however some types of mortgages which are more difficult to deal with than others. That’s why it is best to leave them to experts.

This could include:

Non-traditional structure mortgages

If the house you are looking to purchase isn’t typical in any way, for example the fact that it is built on wood frame construction or is listed as a property, you might have to seek a specific kind of mortgage that covers this. Non-traditionally structured properties aren’t a simple sell and should your property ever be demolished or sold to a mortgage lender, they may struggle to find buyers for it, therefore, the majority of lenders won’t want to risk it.

The positive side is that mortgages are available for these types of non-traditional structures. A mortgage broker Belfast is experienced in the details and will connect you to banks that have the most favorable interest rates as well as repayment choices to suit your needs.

Mortgage for self-employed

If you’re a sole trader or a contractor, director of a company or a partner the mortgage application process will be based on some different documents than traditional mortgages. A mortgage broker will guide you navigate the process by separating precisely what you need to include with an application for a mortgage.

Buy-to-let mortgage

If you plan to rent out your home after you’ve completed buying it, you’ll have in order to get a buy-to let mortgage. In the same way, if you wish to turn your existing residence into a rental then you’ll have to swap your mortgage for the buy-to-let mortgage. In any event the mortgage broker is able to assist and advise you if necessary.


If it’s to help with debt consolidation or just to make funds to fund the home improvements you’ve always wanted Remortgaging is an excellent solution and may even save you money. A mortgage broker can assist to simplify the process for the consumer, helping you understand your options to help you make an informed choice about the next actions.

First-time buyers mortgages

Okay, so first-time buyers’ mortgages are fairly easy to get arranged except if you fall into some of the groups previously mentioned. If you’re the first time buyer it’s likely that you’re unfamiliar with the process of applying for a mortgage. A mortgage broker can help simplify the process for you, guiding about your options and providing the information necessary to begin taking your first step on the ladder of property.