What is a mortgage broker?
A mortgage broker is someone who specialises in finding you lenders that will meet your needs for a mortgage. This is done by assessing your circumstances and then recommending the most suitable mortgages for you and managing the completion of your application.
Why use a mortgage broker?
- Qualified to find you the right mortgage.
A mortgage broker is qualified to provide you with the right advice in order that you can obtain the most appropriate product for your situation.
They will have achieved a suitable qualification as required by the FCA in order to give you the advice you receive.
- Wider choice of mortgages.
Unlike going directly to the lender (such as a high street bank, for example), using a mortgage broker will mean that you have access to a very wide range of lenders.
This includes lenders who can only be accessed through a broker and provide exclusive mortgages that are only available through a broker.
This wide choice of mortgages will include things such as varying terms, interest rates and more that can help you make a more informed decision based on your circumstances.
- Match a lender to your situation.
Another benefit to using a mortgage broker is that they will be able to look at your situation and recommend a product that matches it. This saves you needing to potentially search for a suitable lender directly.
Examples of various situations could include things such as self-employed mortgages, CIS mortgages, first-time buyer mortgages, bad credit and buy-to-let mortgages.
In addition to this, if you need to purchase a property quickly (such as through an auction), your mortgage broker should be able to help arrange suitable finance.
The FCA does not regulate some forms of auction finance and buy-to-let mortgages.
- Make it easier to find and complete a mortgage.
Finding and completing on a mortgage can be a relatively stressful process and using a mortgage broker can mean that much of the administration along with handling of the lender is taken care of.
As an example, your broker will know precisely what each lender will require from you at the very start of your application. They will also take care of any back and forth with new requests for information – this is usually helped by your broker having a dedicated contact in each lender to help progress your application.
If you are purchasing a property and have any questions, then we will be more than happy to help where we can. You can either call us on 01322 553282 or contact us online.