Contractor mortgage brokers explained
The mortgage broker is someone/company that sits in between the bank and the borrower and it is their job to match lending criteria to a borrower’s financial situation.
Once a client (the borrower) is ready to proceed with their application the broker will be there to ensure all documents are received and any proofs are passed on to the bank for processing the application.
Did you know that banks prefer to distribute their funding to a broker as it is cheaper? Essentially, banks pay a commission to intermediaries, reducing the cost of regulation as they do not carry the risk of having to supply the correct advice to the borrower.
The quality of brokers varies significantly – there are some who provide a cheap service that uses a simple approach to matching borrowers with a bank whereas others will provide a much more hands on/comprehensive service at a premium.
Contractor Mortgage Brokers
A contractor mortgage broker acts as an intermediary and it is their role to assist contractors where matching to lending criteria can be very tricky at times.
Contractor mortgage brokers come highly recommended. They are built on meeting the needs of their clients and ensuring that their experience is a pleasant one. The contractor mortgage specialist will ensure the needs of their client are at the forefront of their mind.
They hold the necessary skills and experience to successfully manage their clients’ needs at all times.
As lending criteria is becoming more and more complex, the role of the mortgage contract specialist is fast becoming a much needed tool for contractors.
Carry out your research and find a contractor mortgage specialist to help you get your foot on the property ladder. You will not be disappointed.