With so many deals available, the mortgage market can be a bit of a minefield. Many people head straight to a bank to apply for a mortgage, but using a mortgage broker can actually save a lot of time and stress. In this post, we’ll take you through the top reasons to use a mortgage broker and take the hassle out of your mortgage application process.
1. Exclusive products
Some lenders work on an exclusive basis with mortgage brokers, so some of the best products may be off limits unless you go through a broker. Lenders also sometimes offer special rates to brokers that you wouldn’t be able to get by going direct.
2. Saves you time
You’ll need to act fast if your dream home has multiple offers on it. Mortgage applications can be a lot more time consuming and complicated than they may first appear and using a mortgage broker will speed things up.
They’ll look after a lot of the paperwork and look at all the deals available to you, meaning you won’t have to spend hours trawling through the internet yourself. Their extensive knowledge of the market will mean they’ll know which providers can process your application the quickest too
3. Expert knowledge of lending criteria
Mortgage brokers are in regular contact with a wide range of lenders meaning they have an excellent knowledge about who is most likely to accept or reject your application.
4. Specialist requirements
Being self employed or having a poor credit history may make your mortgage application more difficult – particularly from high street lenders. A broker’s experience helping those excluded from the mainstream market and access to a broader range of specialist lenders will ensure your application goes through smoothly.
5. Mortgage brokers are on your side
An independent mortgage broker will always look for the best product for you. They work independently from lenders so you’ll get unbiased, tailored advice and be able to compare products from a range of providers rather than being restricted to a single bank’s product range.
6. Your credit rating might thank you
Doing too many mortgage applications can affect your credit rating negatively. By going through a broker you can rest easy that you won’t be unknowingly harming your credit file.
7. Whenever, wherever
Brokers work far more flexible hours than banks. They’re often happy to come to you or can arrange meetings online or over the phone. Many are available outside normal office hours and at weekends. Brokers work around the clock to get the best mortgage for their clients.
8. It can save you money
Don’t be put off if a mortgage broker charges a fee for their service. Remember, that tailored financial advice is a service that is going to certainly benefit you in the long run and help you make cost savings elsewhere.
9. Brokers are regulated and certified
Residential mortgage brokers in the UK are regulated by the Financial Conduct Authority (FCA), so you can be sure that any professional you speak to will be giving expert financial advice. If the mortgage you take out ends up being unsuitable, you reserve the right to make a complaint and apply for compensation.
10. Brokers can liaise with your conveyancer and estate agent
The last of our reasons to use a mortgage broker, is that they’ll often help you to progress the transaction. Brokers usually receive their procuration fee from the lender when your mortgage completes. It’s therefore in their interest for it to complete as quickly as possible. Most brokers will liaise with your conveyancer and the estate agent (if you’re purchasing a property) to make sure everyone has what they need and your case is progressing smoothly.
You can find the UK’s best mortgage advisers in our mortgage adviser directory.