Mortgage eligibility criteria have tightened considerably over the last few years. The rules are designed to ensure borrowers can prove affordability, even in the event of a rate rise. Understandably, these extra checks have increased application times.
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 broker deals with lenders on a day-to-day basis – they’ll know what the application process is like for each one and which lender can process things with minimal delays.
A mortgage broker also knows the background criteria that each lender has and can bring this experience to bear when advising you and processing your application.
Then there’s the fact that, because a mortgage broker may put a lot of business to a 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.