Mortgage Brokers - What Does a Mortgage Broker Do?

 

PROPERTY ADVICE BLOG - Mortgage Brokers - What Does a Mortgage Broker Do?

What can a mortgage broker do for you? - Mortgage brokers work on behalf of clients by sourcing relevant mortgage loans. The type of service a mortgage broker may offer depends on their jurisdiction. UK mortgage brokers are regulated by a governing body and can be held responsible for their recommendations on property finance and related advice. However, some brokers may limit their service to recommending appropriate lenders without giving any guidance at all.

Mortgage Brokers  – Typical Tasks

•    Mortgage brokers will generally assess the borrower in terms of their credit history and ability to afford mortgage payments.These assessments are usually based on a credit report and evidence of the client’s income.

•    They will assess the market in order to choose the most suitable mortgage for their client and then make recommendations.

•    Many mortgage brokers will explain the legal paperwork and related property finance.

•    They will apply for a lenders agreement.

•    They will ask clients to provide all the necessary documentation such as payslips and bank statements.

•    Mortgage brokers will complete a lender’s application form, as well as submitting all the paperwork and evidence to the lender.

PROPERTY ADVICE BLOG Top Tip!

Before you chose a Mortgage Broker investigate their liability clause in order to be sure of all services and responsibilities.
 

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