Mortgage broker

Why use a broker?

Buying a new house doesn’t have to be a stressful process. Sure, moving all of your belongings and updating your details everywhere can be tiresome, but it’s an essential part of moving home that has to be done. Where the real stress of moving home comes in, usually, is trying to find the right mortgage provider.

People who go direct to their provider spend hours upon hours trawling through comparison websites trying to find the best deal, comparing rates, calling different providers and so on. It can be an incredibly wearing process – unless you go to a mortgage broker.

What is a broker?

A broker is a Financial Conduct Authority (FCA)-regulated professional who specialises in finding mortgages for people. They do this by taking your circumstances into account and learning about your situation before recommending the best mortgage deals for you.

Why use one?

There are many reasons why it’s beneficial to use a mortgage broker – here’s a few of the main ones.

Greater choice

One of the main benefits of using a mortgage broker is the fact that you can often get access to exclusive mortgage rates that aren’t available to people who go direct to their provider. The reason for this is that there are some lenders who only lend through brokers, and as a result you can get offers that might not be listed on comparison websites and potentially save a great deal on your mortgage payments.

Less hassle

Hate paperwork? Mortgage brokers remove a lot of the hassle from getting a mortgage deal over the line, and will often complete the majority of paperwork for you.

Using a broker also protects you against filling in paperwork incorrectly, which is actually something that happens often due to the fact that the paperwork involved with moving house can be quite confusing at times, and they’ll also deal with the lender on your behalf.

The best deal for you (even with bad credit)

Mortgage brokers are experts in getting the best deals for their clients. A good broker will take the time to learn every detail about your situation and how your circumstances might affect what rates you’re eligible for.

Once they’ve done this, brokers will comb the market in order to find the best mortgage deal on the market for you. Even if you’ve got extenuating circumstances such as a bad credit score, for example, and have been rejected for a mortgage deal by some of the bigger high-street banks, a broker will be able to find you a deal.

Again, they’ll be able to do this due to the fact that they’ve got access to rates that simply aren’t available to people choosing to go direct their mortgage providers. This means that whatever your credit score, the chances of you getting the best deal to suit your circumstances is greater if you choose to go to a mortgage broker.