When you start looking for a mortgage, you come across mortgage advisers and brokers used almost everywhere. What is the difference? Are they the same thing?
The truth is, when people talk about mortgage advisers, they are often describing two very different types of service. If you’re comparing advisors and mortgage brokers in Grimsby, understanding these key differences will help you choose the right advice and support for your situation
The 2 key types of mortgage advisers:
When breaking them both down, the main difference is simple: are they tied to one lender or can they search the whole market?
Tied or restricted mortgage advisers
Have you ever gone straight to your own bank for a mortgage? If so, you were speaking to a tied adviser. As the name suggests, they are tied to the bank or building society that employs them.
What does this mean for you? They are experts but only on their own company’s products meaning they can only recommend mortgages from that one single lender.
The potential advantage: Now and then, a bank might have an exclusive deal just for its existing customers.
The potential disadvantage: This is a big one. You will never know if you’re missing out on a better or cheaper deal elsewhere. Their view is completely restricted.
Independent mortgage advisers or mortgage brokers Grimsby
What if you could see what lots of different lenders are offering, all in one place?
This is the job of independent mortgage advisers like Katie in Grimsby, Lincolnshire. These individuals are also commonly known as mortgage brokers.
They are not tied to any single bank. Their job is to search a comprehensive panel of lenders to find the right mortgage for you.
Choosing an independent route, which is a popular choice, can open up a lot of advantages.
- You get more choice: They can compare mortgage deals from many different lenders. This ranges from high street names to specialist lenders you might not have heard of.
- They are experts on criteria: Lenders all have different, strict rules. An adviser knows this criteria inside and out, saving you from failed applications and stress.
- They do the hard work: They handle the application, manage the paperwork and liaise with the lender on your behalf, making the whole process smoother.
Our Approach is the Best of Both Worlds:
At Aura Mortgages, we make this simple. We are proud to be your local Grimsby mortgage advisers and protection brokers. This means we give the full complete picture and not just one half of the solution which is the real benefit of choosing Aura Mortgages. Step one is finding the right mortgage and step two is protecting your home and family. Our job as mortgage advisers is to guide you through both.
First, we find your mortgage: We search a comprehensive range of lenders to find you the best deal for all types of buyers and goals, including:
- A first time buyer
- Moving home
- Remortgaging
- A buy-to-let investor
Then, we help you protect it: We make sure your home and family are secure if the unexpected happens. We give you expert, clear advice on:
Local Service, National Reach
We’ve built our service to be personal and accessible.
While our experienced mortgage brokers in Grimsby (Katie) and Southend-on-Sea (Melissa), we provide clear, simple mortgage advice and protection services to clients all across the UK.
You get the personal, trustworthy service of a local expert but with the convenience to get help no matter where you live.
Ready to Find the Right Mortgage?
If you’re a first time buyer, looking to remortgage or just want to understand your options, we are ready to help. Get in touch with our team. Our role as mortgage advisers in Grimsby is to take the confusion out of the process and do the hard work for you.
Your Mortgage Brokers in Grimsby Questions Answered
Q: Why should I use an independent adviser or mortgage brokers in Grimsby if my bank’s adviser is free?
A: This is a very fair question. The main difference comes down to choice and value. The adviser at your bank is free to you because they are an employee. However, as the blog explained, they are a tied adviser, which means they can only offer you products from that one single bank.
As independent advisers and mortgage brokers in Grimsby, our job is to search a comprehensive panel of lenders from across the market. While our service involves a fee, our goal is to find you the right mortgage for your specific situation. This could save you a significant amount of money over the life of your loan. That saving is often far more than the cost of the fee. You are paying for our expertise, our time to handle all the paperwork and the choice we get you from the entire market.
Q: Can a mortgage adviser help if I’m self employed or have a complex situation?
A: Yes, absolutely. In fact, this is one of the most important times to use a mortgage adviser. Lenders all have different, strict and often changing rules for self-employed mortgages in Grimsby applicants or those with more complex finances. Trying to find the right one on your own can be stressful and lead to failed applications.
At Aura Mortgages, our expert team uses their deep experience, with backgrounds in everything from corporate finance and property to navigate this for you. We know which lenders are more flexible with self-employed accounts and which ones specialise in more complex cases. It’s our job to know the market inside out so you don’t have to. We find the right lender for you, saving you time and protecting your credit score.
Q: What happens in a first mortgage advice meeting?
A: The first step is to contact us for a free no-obligation quote. This first meeting is just about getting to know you and our friendly guidance is a core part of our service. We’ll talk about your situation, your income, your outgoings and what you’re trying to achieve, for example, buying your first home or remortgaging. From there, we can give you a clear, honest idea of your budget and what’s possible.
As mortgage advisers in Grimsby, we will also look at the bigger picture, including how you can protect your new home and family. It is a big process and our job is to guide you through the financial part of it. For a full overview of all the steps, the government’s guide to buying a home is a great resource.