Why Getting A Specialist Mortgage Broker Can Be A Boon For You!

Buying your own house is a huge step forward in everyone’s life. It might even be the biggest purchase of your life. Often, this dream can feel far-fetched if your financial circumstances are complicated, putting you in a position to borrow more money and receive extravagant interest rates.

You can minimise all your hassles in getting the best out of your mortgage by using one of the well-experienced specialist mortgage brokers!

These mortgage brokers are both time and cost-intensive. They help procure the kind of loan you require, maximise the potential of your current income, save big bucks on your deposit and get past the twisted credit score situation.

On top of all this, here are three ways a specialist mortgage broker will make your financial journey easier!

They tidy your complex mortgage applications.

You must think that a mortgage lender must have seen thousands of applications that display a complex case of an individual’s income. Well, that’s not true. They are usually more concerned with processing applications in bulk that fit their usual mortgage services. Most might not have ample resources to deal with unusual income structures.

This is where a specialist broker swoops in.

If you are an entrepreneur, contractor or employed professional with several sources of income, you need a specialist broker! They will understand your unconventional income portfolios and ensure that you present them to lenders in a simplistic manner. They offer you sane advice about the industry and help curate an application that fits the general standard. They also know some of the best lenders in the market who work with complex income mortgage applications.

They facilitate mortgages for non-standard constructions

Have your heart set on a property with a non-standard structure such as a pre-fabricated building, thatched roof, or a tower block? Chances are that no high street lender will come to your rescue. Your application might get rejected from the get-go.

Lenders may point out the following problems with such constructions:

  • The immense expense of maintaining the property
  • Safety hazards
  • Aggressive inspections and assessments for risk that cost both time and money
  • Insurance risks
  • Potential trouble in selling off the property in future

Some specialist mortgage brokers will offer you the right advice and help you in your unique application process.

They are familiar with lenders that specifically finance non-standard constructions and have experts that rightfully assess the risk without exaggerating the mortgage cost.

They are bound to protect you.

As a consumer, you might not be aware of all the deals in the market, which is precisely why a specialist mortgage broker is required. They are well versed with the market situation, know many lenders and can find you the most suitable mortgage deal – one you can afford.

The Australian Securities and Investments Commission (ASIC) states that if a broker goes against the consumer’s best interest, they will be liable for a civil penalty as per NCCP (National Consumer Credit Protection Act, 2009).

Thus, you can rest assured that when a specialist broker recommends a mortgage deal to you, it is most likely in your favour, devoid of any conflict of interest.

Final words

When looking to get a new property, it’s always preferable to take advice and have a specialist mortgage broker on your side.

They help with the application process, ensure that the turnaround for the same is short, and evaluate all your needs before finding the best mortgage product that aligns with your best interest.

Moreover, they possess excellent knowledge and the right contacts to help deal with a financially complex situation.

No reason why you shouldn’t get a specialist mortgage broker!