Not all brokers are created equal. At Mojo Mortgages we use our years of expertise to think of everything that could influence the kind of mortgage we recommend.
Here are three pearls of wisdom you could miss out on from another broker.
Some lenders take longer than others
A mortgage broker should look at all aspects of a mortgage product and your individual circumstances when they recommend something for you – and this should consider the fact that some lenders take a lot longer than others to turn things around.
Some lenders ask for more documentation from you than others, which tends to draw out the application process. Any broker worth their salt should find out how much time you have to sort your mortgage out and then tailor their recommendation to it.
At Mojo Mortgages we’ll never recommend a lengthier lender if we know you don’t have time to waste.
A gifted deposit can cause headaches
It’s pretty common for parents and family members to help people with a deposit on their first home these days – but it isn’t as simple as transferring the cash to your account.
Mortgage lenders will often ask for proof of the gifted deposit in the account. They sometimes for a signed letter confirming it’s a gift and that they don’t have a legal interest in the property. Granny might not have considered this when she opened her purse for you.
Banker banter won’t be well received
Using silly payment references when you’re sending money to friends and family is a bit of harmless fun, but it could get you rejected for a mortgage.
It’s hard to believe, but at Mojo Mortgages we’ve seen it happen first-hand. A customer who used some… colourful language in their payment references was turned down by a major lender for just this reason.
So, it’s best to tone down the banter in the three months leading up to your application so that it doesn’t cost you your mortgage.