What Are The Benefits of Using a Mortgage Broker?

Taking out a mortgage will perhaps be the biggest financial obligation you will take on, with huge implications for your future and overall stability for many years to come. That’s why you should not take the approach of getting the right one, finding the right product, and entering a long-term agreement with a lender lightly.

The steps you take now could be crucial to the impact on the rest of your life and your family, which is why working with a good mortgage broker might be one of the most shrewd moves you’ll make. Here, we look in more detail at the reasons for using a mortgage broker and what’s involved.

Should you use a broker when applying for a mortgage?

Yes. Unless you have extensive experience taking out mortgages or are in this industry yourself, it’s always wise to get help from an expert when making such a huge financial commitment.

Remember, this is a substantial loan against your name and one that you will be legally bound to, so ensuring you get the right deal and the right lender is vital, which is what brokers are trained to do for a living.

This option is not exclusive to any particular demographic, either. Whether you’re low-income, retired, have a single income, or have high net worth, getting good service from an experienced mortgage broker is an astute decision that will always benefit you.

What are the main benefits of using one?

There are many advantages of using a mortgage broker versus going straight to the bank. Essentially, a mortgage advisor is the person who acts as your representative between you and a lender. But before that happens, there are a lot of other reasons to use a mortgage broker, including:

Before you find a mortgage

The first benefit of mortgage broker partnerships is that they can scan the entire marketplace for the right product that suits you and your situation. Many, like the ones we work with, have access to corners of the industry that are out of sight for the general public, so the chances of you securing a better deal are higher.

Many lenders go directly to brokers to offer them exclusive mortgage deals, too. These deals have better rates of interest, fewer fees, and flexibility, which you wouldn’t have access to without a professional.

Searching for deals takes time and painstaking effort, not to mention the cost of your time. Brokers provide a way to save all of that, which can become a rather stressful experience for someone with no previous involvement in this arena. A decent broker will also be able to look at your circumstances and provide invaluable financial guidance and advice before undertaking any mortgage process.

After you’ve found the right mortgage deal

Once your mortgage advisor has found an ideal product for you, they will provide a practical, supportive role by helping you with your application to ensure it’s in the most attractive state for potential lenders.

While this is being processed and considered, your broker will continue to be an asset to you by providing security and protection, checking paperwork and hidden small print that could negatively affect you, and undertaking contract negotiations with lenders on your behalf.

They will also ensure your well-being in your new home by suggesting the types of insurance you will need, such as home insurance and life insurance. Brokers can also arrange deals for these products and have access to a wide range of providers.

Are there any drawbacks you should know about?

When considering the pros and cons of signing up a broker, it’s always worth taking a balanced approach and being diligent. While most whole-of-market brokers out there are reputable, it’s imperative that you find one who aligns with your intentions, values and objectives and can provide the benefits you need.

While mortgage brokers exist to work with everyone, getting one might not be worth it if you are already a financial expert with significant mortgage experience. Broker fees are also to be considered; however, it’s best to look at this cost as part of your mortgage total because many will pay for themselves manifold in what they save you overall.

How to make sure your broker has the right experience

Without a recommendation or endorsement from elsewhere in the industry, it can be hard to know how to find the right person for you. Doing your homework on brokers at the very beginning is as crucial to your mortgage success as it is finding the right lender, so ensure you look at the following:

Another way to ensure a broker has the right experience is to find them via a third party, like how we approach matching advisors and homebuyers. This way, you will know that they have been fully vetted, fully trained, and five-star rated for previous customer service and that they always act in the best interest of their clients without any affiliations to particular lenders.

Services your broker will provide.

As well as what we’ve already outlined above – that your broker will provide advice and support, find deals and lenders, offer protection and save you time and money – there are a number of specific advantages to having one on your side.

If you have a niche situation and are not in a position to secure a standard mortgage, a good broker will have the knowledge and expertise to help you get your foot on the property ladder, get your remortgage over the line, or assist your new house purchase.

Even if you have bad credit, want to finance a self-build, are looking at buying overseas, want to extend your buy-to-let portfolio, have a zero-hours contract, want to release equity, buy land for commercial purposes or are looking at a government scheme.

Whatever your circumstances, specialist brokers will work to secure your loan and ensure you’re only applying for mortgages you qualify for, thus avoiding negatively affecting your credit rating. They will help your mortgage application keep moving on time by liaising with involved solicitors and estate agents.

Can you match me with a local mortgage advisor?

Yes, we work with mortgage brokers all over the UK and can aim to match customers with a local advisor if that is their preference. However, using a broker based in your town or city is unnecessary and may even be counterproductive.

The mortgage landscape has moved on from dealing with your local high street bank and broker in the village. Now, with the internet and the help of matching services like ours, you can access the whole network of highly skilled advisors.

Brokers no longer need to be down the road to communicate with you well, which provides more flexible and tailored options. This is ideal for all home buyers, especially if you have an exceptional situation. It also ensures the scope remains competitive and keeps quality high.

Get matched with a mortgage specialist.

We have done the hard work of vetting some of the best mortgage brokers in the business, and we only work with those who have passed our rigorous quality assurance checks. This allows us to match clients to advisors who we can guarantee are independent, reliable, experienced, and reputable.

To find out more about whether you need a mortgage advisor, what they can do for you, what the fees might be and how they can help you, call us for an initial consultation at 0330 818 7026 or make a quick online enquiry.