New information from Experian has revealed the main reason as to why mortgage brokers are needed.

Their analysis shows that just 3.5% of mortgage borrowers are eligible for every deal on the market. Not only that but on average, lenders decline a third of customers (33%) as they don’t meet their full lending criteria.

These pitfalls can be avoided when customers speak to a mortgage broker who is an expert in their field. Their expertise ensures they will only approach lenders whose criteria you meet.

Seeking the help of a mortgage broker can also help customers avoid being one of the 27% of people who qualify for a mortgage but only at a level of lending lower than they had hoped.

Potential homebuyers who have checked online or seen a bank for a ‘chat’ and have a mortgage figure in mind run the risk of not getting a mortgage with that lender and not being able to borrow as much as they think they can! Getting in to see a mortgage broker early in the homebuying journey is vital for this reason.

Seeing your broker takes all the guesswork out and allows people to get a definite amount via an Agreement In Principle (AIP).

Contact Dan The Mortgage Man

Wirral Office: 0151 601 4234
Essex Office: 01245 806 555
Mobile: 07837 820 894

or contact us online by clicking here.

Find out more about Dan the Mortgage Man

Information on why mortgage brokers are needed is taken from Financial Reporter.

%d bloggers like this: