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