Why should you contact a broker? By going through a professional broker you automatically go to numerous banks. Your broker should have done the legwork for you and sourced the best and the most varied products available on the market. In fact by asking a professional broker to arrange the mortgage for you, you automatically get access to several banks. On occasions banks change their criteria and although your estate agent or solicitor may have recommended a particular bank in the past, they may decline your application because of the sudden change. A professional broker will always submit your application to at least 4 banks to avoid this from happening. You could in fact lose your deposit if you don’t complete on the date set in the contract – all because you only went to one bank.
A broker should be happy to arrange for a mortgage in principal for you. With a mortgage approved it will significantly strengthen your offer when you find a property. This would not be available from a bank as a norm.
Orange Finance has got special arrangements with banks which you could NEVER get yourself directly. These banks/ building societies are simply not available directly to the general public.
The broker fee varies quite considerably. Some brokers say they have no fees, it being called a broker fee or admin fee. This is likely not to be true. The broker is likely to have an agreement with a bank whereby the set up fee by the bank is unusually high. The broker on these accessions may receive the majority of this set up fee, thereby receiving the extra income from the bank. This is likely to cost you more than the average broker fee. These brokers are not likely to give you a choice of products either.
- Be aware of a broker which doesn’t charge at all.
- Be aware if the broker only has a mobile number.
- Be aware if the broker has not got a registered company.
- Be aware if the broker offers to come to you without having an office.
It has been known that a “broker” tells you that the application has been approved and all that is needed is the valuation. You pay the “broker” the valuation fee and never hear from the “broker” again. The broker is likely to have a pay-as-you- go phone card. Money and time lost.
If the broker you chose accepts credit cards, you know it has been carefully vetted by the company which has supplied this facility.
BE CLEVER – USE A PROFESSIONAL BROKER!
Article by Orange Finance
http://www.orangefinance.eu.com/