I was recently having lunch with a friend and we were having a conversation about work. To my surprise, my friend said to me ‘do you know what, I actually don’t know what you do!’. So, for the benefit of my good friend and for anyone who might be reading, we are Fresh Financial Consultants Ltd and we are mortgage and protection brokers.
Finance is not especially exciting so you cannot be blamed for scrolling over any Facebook posts or Instagram notifications where finance is the core subject. I’ve been guilty of the same! However, we all like to know we are benefiting from the best deals on the market – whether it’s a large expense like a mortgage or a smaller commitment such as a home insurance policy. As such, it is now common practice to use the internet to compare different products and different prices.
One market in particular has become extremely competitive – the mortgage market. There are an abundance of lenders and products available, each lender with their own affordability stipulations and each product with specific lending criteria attached to it.
Well, this is where we come in. Like with any profession, a mortgage broker is required to know their trade. Brokers who know their trade can be worth their weight in gold! Research being carried out on the internet that could potentially take someone hours, or even days, can often be completed by a broker within a matter of minutes.
A ‘whole of market’ broker can access a great number of mortgage deals simultaneously, whilst having additional knowledge about each lender and their specific criteria. This means the search for a suitable mortgage can be narrowed down quickly. This is often extra important if you have unusual circumstances or if you have a poor credit history. A broker also has occasional access to exclusive mortgage deals.
In addition to mortgages, brokers often have a limited panel of insurers for various difference protection products. There are certain insurance products that go together with a mortgage but there are others that can be used to protect your loved ones or your possessions. A broker has a duty to ensure you are aware of the implications of not protecting your mortgage but will also tell you if you are paying for an insurance product that you might not necessarily need.
Our role as a broker is to act as an intermediary between the customer and the provider. We will understand your circumstances and use the information you provide to source a suitable product. If you decide to accept the advice, we will then apply for the product on your behalf and manage the full process from start to finish.
If you are still unsure about what we do, or if you have any questions, do not hesitate to get in touch.