Whether you’re buying your first home, moving house, hoping to get a better rate on your current mortgage, wishing to maximise your mortgage for home improvements, or adding to your property portfolio, obtaining a mortgage which suits you, your individual circumstances & your hopes can be extremely overwhelming. With the vast array of lenders, interest rates options, mortgage incentives & varying lender criteria it can be stressful for any consumer to handle their own mortgage application. For this reason, a lot of people chose to seek help from an Independent Mortgage Broker who acts as a go between with the borrowers & lenders.
There are many benefits of a mortgage broker with some outlined below:
Ø Fee free – there is no charge to the borrower for choosing a broker over their bank. In addition, the interest rate & any incentive offerings are exactly the same with a broker as is with a lender directly
Ø They offer truly independent advice in relation to each client’s circumstances i.e. the most suitable lender for your situation, most suitable rate and term
Ø Brokers help take the all the hard work out of your mortgage journey by dealing with any queries from the lender to arranging valuations, House Insurance, Mortgage Protection etc
Ø Qualified mortgage brokers are required to stay up to date on the latest offerings, market changes such as increasing interest rates, how each lender responds to market changes & Central Bank mortgage limits / rules
Ø Accessibility – mortgage brokers are just a call or email away for any questions or concerns or updates. It can be difficult to get a hold of the rep in your bank for quick calls
By visiting Banks directly you don’t get independent advice, each bank can only advise and promote their own products and are generally tied to one company for Mortgage Protection and House Insurance.
Acorn Financial Services, as truly Independent Mortgage/ Financial Brokers have access to all lenders, all Life Assurance Companies and various providers of House Insurance. This means you as the consumer get free best advice & options in every aspect of your mortgage process.
What has 2023 brought to the Mortgage market:
First Time Buyers have been redefined by the Central Bank to include separated parties who have left the family home and those who have been through insolvency or bankruptcy.
4 times income is available for First Time Buyers and those seeking a top-up or re-mortgage on their primary home
All applicants whether First Time Buyers or not can now borrow up to 90% Loan to Value
Help to Buy scheme continues
First Home Shared Equity Scheme has been revised and is now a real option
Interest rates continue to rise therefore reviewing your current rate & term is hot topic