My insights as a Mortgage Broker

I have been a mortgage broker for over 7 years and in the finance for over 13 years. In that time, the finance sector has seen many changes, never mind the changes in the economy that we have seen in that time. But regardless of all these changes there is one thing that has remained the same. My job has always been to help people get in to their own home.

One of the things that I find that I am increasingly helping people with is understanding their money. Quite often people don’t understand where all their money goes and therefore how much they can afford in repayments. We have a number of tools that we can work through with you to understand your commitments and therefore what repayments you can comfortably afford. We can also talk you through how things like a change in interest rates can affect your repayment amounts. It is really important that you feel in control – your money is your life – and we are here to guide you through this process. I have always taken pride in making sure my clients understand all aspects of the borrowing process.

Another thing that I often have clients approaching me about is refinancing. Some clients may have already approached the bank that their mortgage is with to discuss refinancing options directly. But there are a couple of drawbacks to discussing this with the bank. Firstly, the bank already has your business and secondly, they can only offer you products in their portfolio. As a mortgage broker I have connections across all of the major lending institutions. I can tailor a mortgage to suit your unique circumstances and I make it my business to know who can offer you the most competitive rates and packages.

When you take out a mortgage the life of this can be around 20-30 years. If you think about how much your life changes in this time it should be no surprise that your mortgage should also change. Many clients often sit back paying their mortgage and do not consider a reassessment. I firmly believe that all mortgages should be reviewed every 2-3 years. If you come to me for a review we can look into anything that may have changed such as income, value of the home, personal debt, having children or children leaving home. All of the events can have a dramatic impact on your finances. A reassessment does not automatically mean that we move your mortgage but what it will do is give you peace of mind that the mortgage product you have is right for you and your current circumstances.

And my final thoughts are if you have a question, never be afraid to ask – knowledge is power! Become confident in your finances and you are taking your first step towards financial freedom.