Committing to a mortgage may be one of the most important financial decisions you make, so of course you want to be sure you’re making the right decision.  There are so many options out there that it can be tempting for ease to opt for a mortgage with your bank, or maybe an attractive advert lured you in with cash back offers and apparent low interest rates.

More and more people however, are turning to a mortgage broker when looking to buy a property or when deciding to remortgage.  But why?

For a start, what is a mortgage broker?  A mortgage broker is a financial advisor who specialises in offering advice on mortgages.  Your mortgage broker works for you and has a duty of care towards you.  They are obliged to recommend the mortgages most suitable for you.

So, what are the advantages of using a mortgage broker?

They do the hard work for you

A mortgage broker will take the leg work out of looking for a mortgage.  They will scour the market looking at lenders, some of which you may not have even known existed!

They will look at all factors which will affect the overall cost of your mortgage, not only the interest rate but other charges such as booking fees.

A broker is on your side

As already mentioned, an independent mortgage broker will look for the best mortgage for you. They don’t work for the lender, they work for you and they can give you access to far more products than if you went direct. They give you unbiased advice and will be able to choose from a range of lenders and subsequent products, rather than being restricted to the single range of the lender you go to.

A mortgage broker is qualified

Mortgage brokers must be qualified to give you mortgage advice.  They are financial advisors and therefore must have the relevant qualifications to operate as a mortgage broker.

You’re protected

Your mortgage broker has a duty of care to you. They have to recommend a suitable mortgage and be able to justify why the particular mortgage they have chosen is right for you.  If you take out a mortgage via a broker and it later transpires that you’ve done so based on incorrect information or an error, you’ll have recourse to complain and seek compensation. That’s unlikely to be the case if you take out a mortgage without seeking advice and later decide it wasn’t the right deal for you.

They know the industry

Some mortgage brokers, particularly those who are experienced, may also have contacts at different banks and building societies that will help to ensure your mortgage application is processed smoothly and efficiently.

A mortgage broker deals with lenders on a day-to-day basis, so they'll know what the application process is like for each one and can tell you which lender can process your application with minimal delays. They also know the background criteria that a lender has and can utilise this experience when advising you and processing your application.

There is also the fact that, because a mortgage broker may put a lot of business to a particular lender in a year, they can exert influence and chase things in a way you just can't do by yourself and that can be invaluable should things get held up.

It's not just about the mortgage

A good mortgage broker should be able to help you with making other financial decisions that are often associated with moving home. They will also look at any related life insurance, payment protection and even buildings and contents insurance you have.

They will recommend insurance based on your new mortgage arrangements to make sure you are fully protected in the event of:

-  Death

-  Critical illness (such as cancer, heart attack or stroke)

-  Redundancy

In a nutshell, mortgage brokers will save you time, money and a lot of headaches! 

If you are looking to buy a property or remortgage, contact our friendly, qualified and experienced brokers who will be happy to advise.