An important thing to understand is that when you receive mortgage advice, your Bfinanced broker has a duty of care to you.
They have to recommend a suitable mortgage and be able to justify why the particular mortgage they have chosen is right for you.
If their advice is not up to scratch you can complain and be compensated.
In contrast, if you go directly to a traditional lender say one of the top four, don’t take advice, and end up with a mortgage that could be uncompetitive or not aligned to your needs, you may not have so much legal recourse. Thus nonetheless, a Bfinanced broker can still offer a valuable layer of protection.
A Bfinanced broker is qualified
There’s an awful lot to think about when choosing the right mortgage. It’s not as simple as just opting for the cheapest fixed or variable interest rate mortgage you can find!
Bfinanced brokers have to be qualified to give you mortgage advice, whereas you may not get that kind of guarantee if you rang up a lender’s call centre. That said, new regulations mean that all call centre staff need to be advisors or must refer you to someone who is, and if you went in-branch you’d be able to arrange an appointment with one of their mortgage advisors.
Bfinanced is on your side
A Bfinanced independent mortgage broker will look for the best mortgage for you. They aren’t on the lender’s side, they’re on yours, and they’ll give you access to far more products than if you went direct. You’d get unbiased advice and could choose from a range of lenders and subsequent products, rather than being restricted to the single range of the lender you went to.
They know the industry
Mortgage criteria has tightened massively over the past few years. That’s why it’s so important to stay in the loop – and to have a mortgage broker on your side who understands it all. A Bfinanced broker deals with lenders on a day-to-day basis, so they’ll know what the application process is like for each one and can tell you which lender can process your application with minimal delays.
They also know the background criteria that a lender has and can bring this experience to bear when advising you and processing your application.
Then there’s the fact that, because a Bfinanced mortgage broker might put a lot of business to a particular lender in a year, they can exert influence and chase things in a way you just can’t do by yourself – and that can be invaluable should things get held up.
Don’t be put off by a fee
Mortgage advice tailored to your situation is a service. In order for the Bfinanced mortgage broker to be able to offer this service they need to make money.
They do this by one or both of the following:
- Charging a fee. This could be a one-off fee for advice, or a fee that pays for advice throughout the term of your mortgage.
- Commission. Lenders may decide to pay the Bfinanced mortgage broker commission for putting your business their way.
The value of advice
Mortgages can be more difficult than they first appear. Knowing what rate, what term, what lender, what features, what insurance are all time-consuming and complex matters.
But choosing a mortgage is a process far more complicated than simply opting for the lowest rate or the best incentives.