When it comes to obtaining a mortgage, borrowers often face the dilemma of whether to use a local mortgage broker or opt for an online or telephone-based mortgage adviser. Both options have their merits and drawbacks, so it’s crucial to carefully consider the factors that matter most to you. Let’s explore the arguments for using a local mortgage broker versus an online or telephone-based mortgage broker who may not be local.
One of the primary advantages of working with a local mortgage broker is their in-depth knowledge of the local housing market. Local brokers possess a thorough understanding of local property prices, market conditions, and regional trends. This expertise can prove invaluable in helping you find the right mortgage product that suits your specific needs and circumstances.
Local mortgage brokers may have established relationships with local lenders, such as some of the smaller building societies which only offer mortgages to borrowers within a certain geographical location, and local housing associations who may offer schemes to assist customers raise a deposit, or offer their properties only to residents from the local area. Using a local mortgage advisor can increase the likelihood of a successful application with one of these lenders or housing associations.
Face-to-face communication is another compelling argument for using a local mortgage broker. Meeting in person allows for a more personalised and interactive experience. It enables you to ask questions, seek clarification, and can especially benefit customers who may find it difficult to hear over the phone. It also makes it much easier if original copies of documents need to be provided for your application.
Local mortgage brokers often have an extensive network of contacts within the local property market. This network may include estate agents, surveyors, and solicitors, among others. Leveraging these connections can streamline the home-buying process by coordinating with professionals involved in the transaction, ensuring that all necessary paperwork and documentation are handled efficiently.
On the other hand, online or telephone-based mortgage brokers bring their own set of advantages. One of the key benefits is convenience. With online or telephone services, you can connect with a broker from anywhere in the UK, and can usually find one who is available during your lunch hour, in the evening or at weekends, without the need for you to travel to them. This flexibility can be particularly beneficial if you have a busy schedule or reside in a remote area where local mortgage brokers may be scarce.
Another advantage of using an online or telephone-based mortgage broker is that the nature of these services usually translates to faster response times and streamlined processes, as everything can be handled electronically.
It’s important to note that technological advancements have significantly improved the capabilities of online and telephone-based mortgage brokers in the UK, especially since the pandemic. Many of these brokers offer secure platforms for document uploads, video conferencing for virtual meetings, and efficient communication channels to address any concerns or queries you may have.
You will of course find both local and online/telephone mortgage brokers offering similar services, for example local mortgage advisers who offer flexible opening hours and have maximised the use of technology to streamline their processes, and online or telephone-based mortgage advisers who have extensive knowledge of local lenders.
In conclusion, the choice between a local mortgage broker and an online/telephone-based mortgage broker depends on your individual preferences and needs. Local brokers offer knowledge of the local housing market, personalised interaction, and connections with local lenders and professionals. On the other hand, online/telephone brokers provide convenience and the efficiency of technology. Consider your priorities and the dynamics of the housing market to make an informed decision. Reputable and experienced brokers are key, regardless of their location.
Our mortgage broker directory allows you to quickly find advisers local to you (click the “near me” filter to find the closest), or advisers who offer online and telephone-based meetings.