Why Use A Mortgage Broker?

Why use a Mortgage Broker?

If you’ve ever wondered ‘why use a mortgage broker?’, then have a think about this: You’ve found the property of your dreams. Whether you are going to be living in it or making money from it as a private landlord, you do not want to lose this property. It ticks all your boxes and is everything you are looking for.

In the excitement to secure your property, do not make the mistake of opting for the first mortgage product that you are approved for as all-too-often, buyers select mortgage products without considering the long and wide-ranging implications of the mortgage product they buy.

So why use a mortgage broker at all? Well, in many cases, first time buyers go to whichever high street bank they are currently using for their main bank account to meet the bank manager and see what mortgage products that have available to them. You may understandably believe that your bank will reward your loyalty by giving you access to the best products. Unfortunately, these buyers are usually mistaken.

A bank can provide a mortgage deal from their very limited range. Their own very limited range. ONE! One bank’s limited range of mortgage products. They cannot compare this to other mortgage products on the market.

Savvy First Time Buyers may be thinking ‘So why use a mortgage broker when there are price comparison websites available?’ But again, while these are easy to access, it still does not necessarily mean that you are getting the best deal for your circumstances.

As a first-time buyer, you will likely be considering cost. Cheapest deal is best right? Not necessarily, it is important to consider, your circumstances, your credit history, lenders criteria, the most suitable mortgage term, the associated fees, all of this is important to consider when making a decision on the best mortgage deal for a first time buyer mortgage.

Seeking advice from a mortgage broker can help you to find the perfect mortgage in line with your needs, priorities, and financial goals.

So back to the original question: Why use a mortgage broker? As whole of market independent advisors, mortgage brokers give advice which is more reliable than what you might expect from banks who are restricted by their mortgage products. Advisers are fully qualified with the ability search the whole mortgage market with over 100 lenders, so they can offer impartial and unbiased advice.

Your mortgage broker will need to hold a Certificate in Mortgage Advice & Practice (CeMAP) certificate and are held to rigorously high standards by the Financial Conduct Authority.

Finding the perfect mortgage product to suit your needs can be stressful and time-consuming process. It involves doing research on banks and other lenders, scrolling through their lists of mortgage products, filling in online forms and making calls. It is a lot of work on top of your working day.

In addition, you still need to manage the actual application, following up on paperwork and updates.

So why use a mortgage broker? A mortgage broker does all the hard work for you and comes back with the best products to save you time and effort, not to mention money.

If you liked this post Why use a Mortgage Broker? and looking for more great mortgage tips & advice, check out our last blog post Free Money For First Time Buyers.

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Why use a Mortgage Broker?