Should You Use a Mortgage Broker or Go Direct?
Here’s Why a Broker Is the Better Option
When it comes to finding a mortgage, one of the first decisions you face will be whether to go directly to a bank/lender, or to use a mortgage broker. While going direct might seem quicker or more straightforward, buyers who choose this often miss out! Here’s why going to a broker for tailored advice about mortgages is always a better option.
What Does a Mortgage Broker Actually Do?
A mortgage broker acts as a middleman between you and lenders. Their role is to assess your financial situation, find out what you are looking for, and then find the most suitable mortgage products for your needs. They deal with the paperwork and liaise with lenders on your behalf, and will guide you through the application process from start to finish.
Access to a Wider Range of Mortgage Deals
One of the biggest advantages of using a broker is the number of mortgages they are able to access. When you go directly to one lender, they are only going to show you the deals that they offer. This means that you could be missing out on lower rates or more suitable terms elsewhere. A broker compares deals from multiple lenders, combing through all of them so that they can cherry-pick one that’s perfect for you.
Expert Advice Tailored to You
No two buyers looking for a mortgage are the same, and a broker understands that. Whether you’re a first-time buyer, moving home, are self-employed, or dealing with credit issues, a broker takes the time to understand your personal circumstances. This personalised approach ensures you’re not just getting the mortgage that is cheapest on paper – you’re getting the right mortgage for your unique needs.
Save Time and Reduce Stress
Finding the right mortgage deal can be time-consuming and confusing, what with all the jargon and small print. A broker handles all of this, doing the hard work so that you don’t have to. They’ll talk to lenders for you and can chase things up when needed. They know how to present your application to maximise your chances of approval, too, and they can quickly spot potential issues that could slow things down.
Help with More Complex Situations
We’ve already spoken about every borrower being different, and a broker will really come into their own if your situation is more complex. If you have a low deposit or a less-than-perfect credit score, or just happen to be self-employed, a broker will be your best friend. They know which lenders are more open to cases like yours, drastically reducing your chances of rejection. Rejections can damage your credit score and delay your property plans, so it is vital to avoid these.
What Next?
If you want to get the best possible deal on your mortgage, working with a trusted broker is a decision you won’t regret. So why not get in touch with a team in your area today?
