Why first time buyers should use a Mortgage Broker

Wednesday 7 June, 2023

Are you looking to buy your first home? 

Thomas Oliver’s mortgage adviser Farrukh raises points to assist any first-time buyers currently looking to purchase their first home.

Why take mortgage advice

Farrukh Jabbar, Thomas Oliver mortgage broker and protection specialist in Walthamstow, East London said: ‘As a first-time buyer, the process of securing a mortgage can be daunting. With so many options available it can be difficult to know where to start and how to proceed. That is why it is important to contact a mortgage broker for mortgage advice as soon as you start looking for a property to purchase. A mortgage broker is a professional who understands the mortgage market and the type of mortgage products available to you. A mortgage adviser can help you navigate the mortgage process and find the right mortgage products to meet your needs. Here are some benefits of using a mortgage broker for first time buyers.’

1. Access to more mortgage products

When you go directly to your bank to arrange your mortgage you are limited to the products that the bank offers. Alternatively, a mortgage adviser has access to a wide range of mortgage products from multiple lenders. This means that they can help you to find the right mortgage rates and terms available, which can save you money in the long run. Although you might have a very good relationship with your bank; based on your financial circumstances, for example the nature of your job, your income and credit score information may mean you might not qualify for their products. As mortgage brokers have access to many lenders that all have different criteria requirements, you might be able to fit into one of their partner lenders criteria and buy your dream home. 

2. Save time and hassle

Researching and comparing mortgage products can be time consuming and overwhelming. Mortgage brokers use state of the art technology which sources some of the best and cheapest products for yourself saving you time and money. Speed of transaction is also important in the home buying process. When you find a property, the vendors often like to see some quick progress and communication, this is an area where a mortgage adviser can keep the transaction going smoothly by actively involving themselves with all the parties and progressing the house purchase. However, if you go directly to a bank sometimes it is very difficult to get an appointment booked and by the time your meeting is due the property might have been sold. 

3. Expert mortgage advice and guidance 

Mortgage Advisers have a good understanding of the property market and the types of properties that will most likely be approved for a mortgage, because mortgage brokers work closely with Estate Agents and property experts. They can provide you with valuable guidance on the type of property you are looking to buy. They can also help you to understand the different factors that can affect the value of a property, such as location, property condition, and local amenities. Buying a home involves more than just the cost of the home itself. There are other costs involved such as survey fees, arrangement fees, legal fees for your conveyancer and stamp duty payable to the Government. A mortgage broker can help you to understand those costs at the start of the process and ensure that you have enough savings to pay them on time. 

4. Safeguarding of your home and financial future

Most of our mortgage brokers are also authorised to give you advice on protection products. They have access to a protection panel where they can recommend you different types of protection, such as life insurance, critical illness cover and income protection. Our mortgage advisers also help you determine the right level of protection for your needs and budget. By working with a mortgage adviser, you can ensure that you have the right protection in place to safeguard your home and finances. 

Farrukh Jabbar, Thomas Oliver mortgage broker and protection specialist in Walthamstow, East London concluded: 

‘As a first time buyer, it can be incredibly beneficial to work with a mortgage broker to purchase your first home. They have access to more mortgage products, tailor-based products based on your individual financial circumstances. Mortgage advisers can provide you with expert mortgage advice and protection guidance, negotiate on your behalf and save your time and money. If you are planning to buy a house and need help with your mortgage then get in touch with us. Call our mortgage broking team on 01707 872000 for an initial consultation with one of our team to discuss your mortgage requirements.’

In summary…

If you are buying your first house take expert mortgage and protection advice from a Thomas Oliver mortgage broker. Call us now or complete our booking consultation to speed up your property purchase.


The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction.

Approved by The Openwork Partnership on 23/05/2023.

Thomas Oliver UK LLP is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

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