Trying to gain a fair mortgage in today’s market has been increasingly difficult since the COVID-19 pandemic spread through our cities. Everything has risen in cost and this is no different in the housing market. It’s estimated that the average price of a house has increased by a whopping 10% over the last year. To cut down prices you should ensure that you are using a mortgage advisor that you trust and that can give you the best and fairest deal possible. An independent mortgage advisor is more favourable amongst individuals looking to buy their home, so much so, that a recent study stated that 70% of people would choose them over just going to the bank. So why is this? Read on to find out.   

Choice and independence   

Trying to look for a property yourself, whilst having the stress of all the tasks that a mortgage advisor would do hanging over your head can be extremely daunting. By having the option of looking at various mortgage advisors you can have a ‘’shop’’ around and look at which one can offer you the best price or service.   

You get to sit down with an expert   

Taking out a mortgage is a massive commitment and is not a decision that should be rushed into by any means. Most mortgages mean that you are paying off your ‘debts’ for well over 25 years. By hiring an independent mortgage advisor, you can sit down with an expert who has been through this several times and sort out a payment package that suits both parties. The bank or building society will of course arrange a meeting as part of your mortgage application to discuss this, however, this will be different to the sit-down pre-qualification that your mortgage advisor will have with you. A sit down with your independent mortgage advisor allows you to take them through your current circumstances and you can further express your desires on where you think you will financially be in the future.   

Pre-qualification   

During your pre-qualification meetings with your bank or building society, a person may think that the talks are going positive and that they are going to be given a mortgage. However, this can change very quickly as the process means that the applicant must pass all of the tests, failing to do so means that you are all but guaranteed a rejection. This can occur no matter what. 5-star credit ratings can take a dip if the mortgage gets denied, which is something that no applicant wants after working so hard to build up their credit score. An independent mortgage advisor can look at all of the latest information that will be crucial for an applicant and will have no damning effects on their credit score.   

An independent mortgage advisor is on your side   

The sole purpose of an independent mortgage advisor is to be on your side. If they are failing to do this, then they are failing at doing their job properly. They should be looking at all possible mortgage packages and deals that best suit your financial status. Banks and building societies only care about their incentives at the end of a deal.   

Time-saving   

If you didn’t have an independent mortgage advisor it would mean that you would personally have to run around for every meeting with the bank or building society. Time is money is a famous quote that gets used a lot. In this case, it is true. Meetings can occur at any time even during your working hours meaning that you would have to take time off from your job and lose precious wages that could be going towards your deposit for the mortgage. A mortgage advisor does the running around for you and takes that stress off your shoulders.   

Lower interest rates   

Trying to find the best rates is always going to be tricky. When you enter a high street lender, the interest rates will always be a lot higher than what most people would like to pay. If you go with one of these then it means that you are tied down to years and years of extra payments that you could easily avoid by simply hiring a mortgage advisor.   

Contact GPD Mortgage Solutions   

Here at GPD mortgage solutions, we are eager to help our clients as much as we can and we will always ensure a fair mortgage price. Contact us today to find out how we can help you.