Should You Remortgage On Your Own Or With A Mortgage Adviser?

Are you looking to apply for a remortgage? Have you considered whether to use a mortgage adviser or not? 

When applying for any type of mortgage it can be a stressful and complicated process. The facility is available for you to go through the remortgage application on your own, but this would mean sourcing everything on your own which can take a lot of time and money. This will more likely cost you more time and money than you think you may save. 

Mortgage advisers will help you find the right remortgage for your situation and they will do this for you through their connections they will find you the best deal they can. Many mortgage advisers have access to the whole of market, this means they will have access to deals that are not available on the high street market.

Are you planning to remortgage, but have bad credit?

When you are trying to remortgage with bad credit, this can cause a big problem. This is because lenders are becoming stricter with the requirements needed to be approved for a remortgage in 2018. However, this would be difficult to achieve on your own, but mortgage brokers have most likely dealt with people in similar situations. This has allowed them to build up connections with lenders who they know will more likely accept the remortgage application with bad credit. Lenders have certain criteria that has to be met, but for some clients, it may be possible to still get them the remortgage they are looking for that would usually get declined. Lenders will look at how the client saves and how their finances are in order, so even if they have bad credit, if they show that they have tried to improve this, lenders can review their application. This means an application that would usually get declined may be approved because of the client’s effort to improve their score. 

Something that is important to consider is that if you go to your bank and you have bad credit, you are highly likely to be denied because they have a more limited marketing of deals and lenders to choose from. With a bank their lender criteria are a lot higher and harder to achieve. If you get denied by the bank and then go to a mortgage broker this won’t look good on to the lenders that the mortgage advisers have access to. Therefore, if you have bad credit and would like to get a remortgage it is better to go straight to a mortgage adviser and speak to them about your options and opportunities. 

When you contact a mortgage adviser, endure that you get a copy of your credit report and if you have any concerns and questions the advisers are there to answer. They will provide advice and support throughout the whole application process.


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