What's the benefit of using a mortgage broker?

When you’re thinking about getting a mortgage you have two choices:
  1. Do it yourself 
  2. Get someone else to do it for you.
If you do it yourself, you can trawl websites looking at best buys or traipse around the different providers to get the best mortgage deal for you. But this takes time – time you might not have.

Alternatively you can use the services of a mortgage broker who does all the hard work for you, giving you time to do other things.

But what exactly does a mortgage broker do?

A mortgage broker is like a friendly middleman who carries out all the research for you, and submits all the paperwork. They’ll find out what sort of mortgage you’re looking for and discuss your financial situation. Once they have this information they can trawl through all the mortgages available from the different lenders and work out the best mortgage for your individual needs.

Are all mortgage brokers the same?

No, they’re not. There are two types of mortgage broker:
  1. Some mortgage brokers use a panel of lenders. This means they will only advise you on mortgages supplied through those lenders they work with.
  2. Then you have mortgage brokers who will search the whole mortgage market. 

That’s the service we provide. Our mortgage brokers provide a whole of market service - searching over 50 lenders when looking for your mortgages – this could be Santander, Nationwide, Yorkshire Building Society, or Halifax, to name a few.

What benefits will a mortgage broker give you?

There are many benefits of using a mortgage broker, but here are 5 to get you started:

1. They have the knowledge

London cabbies train for years so that you can get in a cab and arrive at your destination without getting lost. Mortgage brokers are similar. They too have to go through training to gain a wealth of knowledge so they can use their expertise to find the right mortgage for you, in the best way, without you getting lost in the process.

2. Not all that glitters is gold

Looking for the right mortgage can be a minefield and what looks like a brilliant rate can have charges attached that make it less attractive in the long run. On the face of it, a low initial rate may seem like a good deal but when you add the lenders fees it may not be such a good deal in the long run.

3. Get a quicker service

Mortgage applications made through a broker can go through faster, because mortgage brokers know the criteria of each lender, they know the best way to mitigate any potential risks and supply answers that support the mortgage applications.

4. Unusual circumstances? – mortgage brokers can help

Not all mortgages are straightforward and if you’re looking for a slightly different loan, mortgage brokers can work with niche lenders who specialise in helping with self-build mortgages or dealing with properties bought through auction.

5. It's about knowing the right lenders to approach

For first-time-buyers, or people with a poor credit history, a mortgage broker can offer advice on how to build a credit score that attracts lenders. They can also advise you on the amount of deposit required to get better deals. In some cases they are able to secure a mortgage offer from a lender who had previously turned down the same customer.

But does all this help from a mortgage broker cost you money?

Some brokers will charge for their service. However, others, like us, provide fee free mortgage advice.

This means that you don’t have to pay a penny when you pick up the phone to call us or visit one of our mortgage brokers in a branch.

(Be aware, there is a difference between a broker fee and a lender fee. A lender fee is a charge imposed by the lender regardless of who carries out the mortgage application).

It’s a no brainer – use a mortgage broker

Whether you’re a first-time-buyer, a self-builder, someone looking for a buy-to-let mortgage or you need a mortgage past retirement age, brokers can help.

Mortgage brokers will help you every step of the way, from finding to securing the best mortgage for you. It’s like having an expert friend on your side. And the advice is fee free.

Read the Reeder’s story about the benefits of using a mortgage broker.


Call us now for fee FREE advice to find the right mortgage tailored for you

We'll take the stress away by managing the whole process to make sure your mortgage completes on time. 

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