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Do I Need a Mortgage Broker to Buy a House?

If you’re asking yourself whether you need to meet a mortgage broker before buying a home, it’s certainly recommended!

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 6th September 2019 *

Buying a property, especially if you’re a first time buyer, can be a daunting prospect. After all, this is often one of the, if not the, largest financial commitment most people will make in a lifetime.

Of course, we understand that we could come across as biased - so we’ve written this short piece explaining the benefits of using a mortgage broker, and how companies like Online Mortgage Advisor can potentially save you thousands of pounds:

We’ll find the perfect mortgage broker for you - for free

Save time and money with an expert mortgage broker who specialises in cases like yours

  • We've helped over 100,000 get the right advice
  • Our form only takes a minute, then let us do the hard work
  • Save up to £400 per year with the right advice (source: FCA)
  • All the brokers we work with have whole of market access

Do I need a financial advisor for a mortgage?

Some prospective homeowners steer clear of approaching mortgage advisors for advice, either because they’ve been warned not to by older relatives or friends, or due to concerns surrounding the potential costs.

But times have changed, and these days, speaking to a mortgage broker before committing to a home purchase can be beneficial for a number of reasons. 

Do you need to meet a mortgage broker?

Face-to-face meetings are not necessary. The advisors we work with are more than happy to conduct their business over the phone or through online channels.

In fact, meeting a broker in person is uncommon, as the advisor who is the best fit for you won’t necessarily be based in your local area.

What are the benefits of using a mortgage broker?

If you’re a prospective buyer asking yourself “do I need to use a mortgage broker?” consider the following advantages you’d miss out on by approaching your high street bank or building society directly:

Wider market comparison

One of the greatest advantages of working with a mortgage broker, especially those who represent the whole market, is the huge pool of lenders and products they have access to.

This means you’re more likely to receive competitive rates, and, provided you liaise with a reputable broker, you’ll also have access to the most up-to-date deals, as soon as they are available.

Mortgage deals tailored suited to your needs

Whole-of-market brokers like the ones we work with have specialist, in-depth knowledge of the ever-expanding world of mortgages. This means we can match you with the products which are most suitable to your unique circumstances.

Applying for multiple mortgages in a short space of time can be damaging to your credit record if you’re declined, so working with an experienced broker can help prevent this from happening.

Access to exclusive and niche products

Some mortgage providers, particularly those offering specialist products, only operate via brokers. This means that, by speaking to a whole-of-market broker, you may benefit from exclusive deals which aren’t available to the general public.

What’s more, if you’re in a slightly “unusual” situation - if you want a non-standard property mortgage for example, or you have bad credit history, your best chance of securing a mortgage is to work with an accredited, whole-of-market broker.

When might I not benefit from using a mortgage broker?

Unless you have current, expert knowledge of the mortgage industry, or already own a large number of properties, the likelihood is you’ll benefit from using a broker. 

Even if you’re an experienced homeowner, new providers are constantly popping up on the market, meaning lenders are constantly updating their terms and eligibility criteria to remain competitive.

How does your mortgage advisor charge?

If you’re keen to avoid a fee, working with certain brokers may not be the best course of action, because some will charge you a fee for matching you up with a lender.

However, many work on a commission basis, meaning you won’t be charged, and the broker will instead receive a cut from your chosen lender.

Our services are free of charge, and the experts we work with are whole-of-market, so it’s certainly worth getting in touch if you’re contemplating whether you need a mortgage broker.

What type of mortgage broker are you working with?

When you approach a broker, it’s important to establish whether they provide advice on mortgage products from across the whole market, or from a limited selection of lenders. There are three main types to look out for:

  • Brokers who are tied to a specific lender.
  • Brokers who are “multi-tied” to a select group of lenders.
  • Brokers who scour the whole market of lenders.

If you work with a tied or multi-tied broker, you may not reap the full benefits of working with a mortgage broker. 

Speak to a mortgage advisor to discover additional benefits

The benefits of working with a mortgage broker are extensive, and we’ve only covered a fraction of them in this article.

To speak to an experienced, whole-of-market specialist, contact us via our online enquiry form, or give us a call on 0808 189 2301. The team we work with will discuss your unique circumstances and offer you advice based on your specific needs.

We only work with 5* accredited brokers, we don’t charge a fee, and there’s absolutely no obligations on your part.

Updated: 6th September 2019
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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.