Why use a mortgage broker

When seeking a mortgage, there are two main avenues you can take. One is approaching a lender direct, and the other is to use the services of a mortgage broker.

There are seven main reasons why your interests are best served through using an independent mortgage broker.

Use an independent mortgage broker for choice

The first reason to use an independent mortgage broker is choice of product. At any one time hundreds of products are being offered by dozens of lenders. Each of these products has different pay rates, terms and conditions, and product fees. Some may suit your situation, some may be overpriced, some may be wholly inappropriate, but which one is best suited to your own personal circumstances?

When you approach a bank they will merely provide you with information on their range of mortgage products. They will not advise you which product is most appropriate, nor will they tell you if one of their competitors has a more attractive product available.

An independent mortgage broker has access to the whole of the market and will be able to compile a short list of products that meet your needs and objectives.

Use an independent mortgage broker for exclusive products

The second reason to use an independent mortgage broker is access to exclusive mortgage products. Your mortgage broker will always have a number of exclusive products in their portfolio. These exclusive products may offer discounts over the normal pay rate, lower fees, or particular underwriting benefits that suit certain groups such as professionals.

Use an independent mortgage broker for exclusive products

The second reason to use an independent mortgage broker is access to exclusive mortgage products. Your mortgage broker will always have a number of exclusive products in their portfolio.

Exclusive products may offer discounts over the normal pay rate, lower fees, or particular underwriting benefits that suit certain groups such as Professionals.

Use an independent mortgage broker for advice and recommendation

The third reason to use an independent mortgage broker is that you will receive an advice and recommendation service.

This means that your full circumstances will be taken into account, your financial situation today, your objectives going forward, and your plans for the future. All before a product is recommended to you.

The product that is recommended will be the best fit from those available taking into account your objectives.

Use an independent mortgage broker for bespoke assistance

The fourth reason to use an independent mortgage broker is that you will be able to discuss your particular circumstances with an individual who understands how they relate to getting a mortgage. For example, you may shortly be moving on to maternity pay, have recently become self-employed, or have a blemish on your credit record.

Any of these factors may affect your ability to get a mortgage and your mortgage broker will be able to guide you as to the best way to move forward.

Use an independent mortgage broker for a full mortgage advice service

The fifth reason to use an independent mortgage broker is the ability to get advice and information on other key issues that should be considered when you arrange your mortgage.

Your mortgage is probably going to be the largest debt you ever take on and the biggest risk to your financial wellbeing should things not pan out as smoothly as you had hoped.

What happens if you lose your job, what happens if you become seriously ill, or you die whilst the mortgage is still outstanding?

Where will that leave your family, and what would you want to happen?

These are all issues that your mortgage broker can discuss with you before offering solutions.

Use an independent mortgage broker for ease

The sixth reason to use an independent mortgage broker is a smoother process at the application stage.

If you apply direct to a lender, the lender will ask you for the information it needs to underwrite the case. Items such as bank statements, wage slips, P60s, mortgage statements, identification, proof of address.

There will be forms that you have not seen before and are unfamiliar to you yet you have to complete these correctly in order to progress your mortgage application. If there is a complication in your case, you will not necessarily understand how to resolve it.

Use an independent mortgage broker for convenience

The final and overriding reason to use an independent mortgage broker is convenience.

By engaging the services of a professional who deals with mortgage applications every day, you will ensure that you do not waste your time with lenders, products and applications that are not suitable.

You will not waste money on abortive applications, nor find yourself with a mortgage product that is not suitable to your needs.

You will not spend countless hours returning phone calls or sending paperwork to lenders or chasing them for information.

Using an independent mortgage broker is the simplest and smoothest way to arrange a mortgage.

Contact our independent mortgage brokers

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