Finding the right mortgage broker can greatly simplify your property-buying experience. Here’s an guide to steer you towards the best fit:
1. Start with Independent Comparison Websites:
Platforms such as Unbiased and VouchedFor are useful tools. These sites collate information about various mortgage brokers, offering a comparison based on services, fees, locations, and, most importantly, independent reviews.
This neutral perspective is far more reliable than solely basing your decision on a broker’s personal website, however flashy it may be.
2. The Invaluable Role of Verified Reviews:
Reviews offer a window into the experiences of past clients. Platforms that provide independently verified reviews, such as VouchedFor, present a more accurate picture. Such feedback can be a cornerstone in your decision-making process. Always delve deeper into reviews; the more specific they are about the experience, the more likely they are genuine.
3. The Cautionary Tale of Google Reviews:
Google reviews, though accessible, require a discerning eye. Generic comments or those that seem to have a cut-and-paste feel might not be entirely reliable. Reviews can, unfortunately, be bought.
Here is a BBC report on a Which investigation on buying Google reviews. Things may have changed in recent times but it always good to be a bit careful.
To filter the most likely real reviews, look for details specific to mortgage processes or local references in the feedback.
4. Personal Recommendations are Gold:
Word of mouth remains one of the most reliable sources of information. Tap into personal networks, ask friends or family for their experiences. Their unbiased feedback can point you towards, or away from, potential brokers.
5. Engage with Potential Brokers:
Once you’ve shortlisted a few brokers, engage with them.
Are they only interested in finding out your basic requirement and push you to get a mortgage deal and not really explain anything.
Or will they spend time with you talking through the mortgage process, explaining the home buying process, providing hints and tips and giving you as much time as you need to understand the mortgage world.
A great tip here is to request if you can speak to their last three clients. If they shy away from this then that might be a warning. If you do speak to them this can give you great insight into their recent performance and customer service levels.
6. Local Presence Matters:
There’s a distinct benefit in leaning towards a ‘mortgage broker near me’ search or one operating out of a specific location. Brokers with a local office, especially those who have been in the area for a long time, often come with a wealth of local knowledge. Their longstanding presence indicates consistency, trust, and a reputation built over time.
7. Online Presence Vs. Real-life Performance:
While a polished online presence can be enticing, it doesn’t always translate to an equally proficient real-life service. This is where reviews and personal recommendations become pivotal. A broker might have a polished and expensive website that they just paid someone to create, but it’s the human touch, the expertise, and the reviews that truly count.
In essence, finding a mortgage broker is a nuanced process. It’s a blend of online research, offline engagements, and a good measure of gut instinct. By employing a systematic approach, tapping into independent resources, and valuing the experiences of others, you’ll be well-placed to make an informed decision.
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Your home is at risk if you fail to keep up payments on your mortgage or any other loans secured against it.
Compton Financial Services Ltd is an Appointed Representative of New Leaf Distribution Ltd. who are authorised and regulated by the Financial Conduct Authority. Number 460421. Head Office 165 – 167 High Street, Rayleigh, Essex SS6 7QA. Co registration Number 5520001.