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The Benefits of Broker Advice on the Mortgage Guarantee Scheme

The Benefits of Broker Advice on the Mortgage Guarantee Scheme

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The new mortgage guarantee scheme is an excellent option for many buyers who need a mortgage yet have a relatively low deposit available.

However, it is just as vital to use an independent broker to find the most competitive mortgage guarantee products as for any other home loan!

This guide will explain how the mortgage guarantee scheme works and why whole-of-market guidance is essential to getting the best deals on the market.

If you're keen to apply for a mortgage guarantee loan, give Revolution a call on 0330 304 3040, or email us at info@revolutionbrokers.co.uk, and we'll get your application started!

The following topics are covered below:

Can a Broker Help Me Find a Mortgage Guarantee Scheme Lender?

Is the Mortgage Guarantee Scheme the Right Option for Me?

How Can Revolution Find Me a Better Mortgage Guarantee Scheme Lender?

How Do Mortgage Brokers Earn a Profit on Mortgage Guarantee Scheme Advice?

Can I Get a Mortgage Guarantee Product With Adverse Credit?

Expert Mortgage Guarantee Scheme Advice

Can a Broker Help Me Find a Mortgage Guarantee Scheme Lender?

There is no mandatory requirement to use a broker - but it's strongly advisable.

Revolution Brokers have years of expertise securing low-interest deals or negotiating terms in even complex mortgage application cases.

It's also crucial you apply to the right lender. Our role is to ensure you don't apply to an unsuitable provider who will reject your application or end up paying higher rates than you should.

Is the Mortgage Guarantee Scheme the Right Option for Me?

It's all about your circumstances, which is why we advocate using a whole-of-market broker before taking out any long-term finance!

For example:

  • Other low-deposit mortgages may be a better deal.
  • There are multiple alternatives and options to consider, such as Help to Buy.
  • Our broker-exclusive products are far more favourable than those on the open market.

The best way to ensure you're applying for the most beneficial mortgage is to seek guidance from an independent broker. Revolution will assess your circumstances and borrowing needs before making any suggestions about the best lender, mortgage scheme or product.

How Can Revolution Find Me a Better Mortgage Guarantee Scheme Lender?

There are so many powerful reasons to consider using a mortgage broker:

  • We know every lender, every product, and every government support scheme.
  • As an independent broker, we can recommend other initiatives if we think they will be more suitable or affordable.
  • Our teams can explain the mortgage guarantee scheme, so you know all the pros and cons.
  • We offer specialist knowledge about the UK low-deposit market to help you make informed decisions.
  • Revolution is a whole-of-market broker, so we can suggest any product from any lender that we feel would benefit you.
  • Access to exclusive deals and products you won't find through high street banks or mainstream mortgage lenders.

Choosing a bank you have used before or any provider from the list of institutions participating in the mortgage guarantee scheme is highly unlikely to be the most beneficial solution.

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How Do Mortgage Brokers Earn a Profit on Mortgage Guarantee Scheme Advice?

Lots of clients avoid the expertise of a broker due to concerns about hefty fees - and the opposite is true!

It's often possible to save a large amount of money on mortgage repayments by having an experienced broker negotiate your terms, saving far more than any broker charges.

However, a consultation is free, and with no obligation, so you can decide whether you'd like to proceed.

Most Revolution clients save a substantial amount on their total mortgage costs by benefitting from our advice.

Can I Get a Mortgage Guarantee Product With Adverse Credit?

Quite possibly, yes!

Many of our customers are concerned about getting a mortgage due to credit issues - but the guarantee scheme is designed to help you find affordable lending.

We recommend a suitable lender depending on your specific credit issues, including niche bad credit lenders who specialise in supporting homebuyers who have had severe problems in the past.

Expert Mortgage Guarantee Scheme Advice

If you'd like to take advantage of the mortgage guarantee scheme, it's highly advisable you give Revolution Brokers a call.

We recommend the top products and lenders to ensure your application is approved and offers the best value for money available.

FAQs - Choosing a Broker for Mortgage Guarantee Scheme Guidance

Here we'll answer some of the common questions the Revolution team receives about the mortgage guarantee scheme!

How Long Does a Mortgage Application Take Through the Guarantee Scheme?

It depends. The average application takes about 11 or 12 weeks from start to finish.

You shouldn't expect any delays by applying through the guarantee scheme, and we deal with all of the paperwork on your behalf.

Can I Get a Mortgage Guarantee Loan Faster Through a Broker?

Yes! Our role is to streamline the process, help you complete all the paperwork accurately, and apply to the most suitable lender the first time.

Most clients achieve a faster mortgage approval than would be possible going it alone.

Can Revolution Help With a Guarantee Scheme Remortgage?

Indeed we can! The process for remortgaging isn't different from a general remortgage. The only difference is that you have the guarantee in place to make your borrowing more affordable.

Can I Use the Guarantee Scheme for a Self-Employed Mortgage?

Yes, Revolution helps many self-employed applicants secure a mortgage backed by the guarantee scheme.

We work with contractors, sole traders, professionals and company directors of all kinds.

Check out our handy calculators

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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