WHOLE OF MARKET MORTGAGE ADVISOR OR DIRECT TO YOUR BANK?
100% you should use a whole of market mortgage advisor, here’s why.
I met with my recommended mortgage advisor today for a coffee, Mike Jones (full contact details below). I was telling Mike how I had recently saved a client £10,000 on a property they were buying and he told me a similar story about how we recently saved a client money too. I wanted to share it with you as it is a perfect example of why you should use a whole of market mortgage advisor when searching for a mortgage.
Basically, after searching the whole market, Mike found his client a mortgage via a well know high street bank (I won’t say exactly which one as I don’t fancy being sued). The mortgage at the time, around Christmas time, was 5.5%. About a week before this client was due to exchange contracts on the property, the competition between mortgage companies starting heating up and Mike was aware that ‘the bank’ had dropped their mortgage rate quite considerably to 4.9% (0.6% less than what this client had already agreed with ‘the bank’). Now, Mike being the professional that he is, wasn’t happy that for the sake of a few days worth of paperwork, his client was going to pay 0.6% more than new customers so he then done something that most mortgage advisors – people to that matter – wouldn’t have. He caused himself more work. He called the client to make them aware of the changes and advised them that they should move to the lower mortgage deal. Clearly the client was nervous as they didn’t want it to effect the purchase of the house they were buying. Mike assured them it wouldn’t and proceeded to sort it all out for them. 48 hours later, Mike had a new mortgage offer and they were able to exchange contracts. Mikes professionalism saved the client an un-ignorable amount of money over the term of the mortgage. In fact, the saving on the monthly payments paid for their life insurance cover.
You may be thinking ‘well that’s his job’ and you would be right, it is, but I’m my experience, firstly, to many mortgage advisors wouldn’t have bothered because as far as they were concerned, their work had been done, they got the client to mortgage and now its onto the next one. Secondly, if the client had gone direct to ‘the bank’, they sure as hell wouldn’t have rung the client to say ‘Hi Mr & Mrs X, we have a new mortgage deal available and if you transfer to the new deal, we will be making less money, would you like to move’? We all know what banks are like.
Clearly Mike would have charged a fee to his client for arranging the mortgage but by reacting to a change in the markets, he would have more than repaid that fee to the client in the money he saved them.
Moral of the story… use a good, recommended mortgage advisor i.e. Mike
Click here to visit Mike’s website: http://www.mj-financial.co.uk/, I strongly recommend you contact him if you need a mortgage.
If you would like advice on anything relating to property, just head over to the contact page here, fill in your details and hit submit, and I will be more than happy to help.
All the best,
p.s. Would you like more impartial advice? Head on over to my FREE eGuides page by clicking here.
