It is a tough choice deciding who is the right mortgage broker for you, as the decision can be based on various factors such as availability to exclusive deals, their knowledge of the market place, the cost and most importantly for most consumers you will use the mortgage broker you feel most comfortable with in dealing with your financial affairs.
Sometimes making the wrong decision can cost you money as the following real life example will show, so surely it makes sense when comparing and considering mortgage brokers to compare what they have to offer:
When comparing mortgage brokers does your broker offer:
- An award winning service for advice?
- An award winning customer service?
- A whole of market offering?
- Recent and plentiful customer testimonials?
- A complaint free environment?
So how can the decision on the broker you choose save you money?
Real life case study*
Steve contacted us after being referred to us by a letting agent as his existing mortgage deal, with another broker, was going horribly wrong and seemed to be taking forever to get approved.
After a brief initial discussion it was found that Steve was buying a new build apartment and was applying for a 70% buy to let mortgage deal.
His broker had chosen the cheapest buy to let mortgage and Steve had paid, in good faith, the £250 up front and non refundable booking fee that the lender requested at mortgage application stage. When Steve contacted us the mortgage application had already been with the other broker and lender for over 3 weeks.
The Buy to Let adviser at The Mortgage Broker (St Neots) Ltd quickly advised Steve that the mortgage application would in fact fail with the lender as their criteria for a new build apartment for buy to let purposes could not exceed 50% of the value of the property – 5 days after this conversation with Steve it was confirmed by his existing broker that the lender had declined the application.
In conclusion, choosing the wrong broker cost Steve 4 weeks of his time, the property he had initially had his offer accepted on had been lost, and his £250 up front booking fee had vanished.
Now, no broker is perfect and we have made mistakes on applications from time to time however we would like to think that we get it right 99% of the time.
With 100s of customer testimonials over the years and only 1 complaint in nearly 6000 completed mortgages (as at June 2012) – from our approved panel of brokers – we think we do a pretty good job and offer a customer experience second to none.
* Case studyTMBLpritchardjune12