8 benefits of having a mortgage broker

When it comes to getting a mortgage, most people will tell you to go through a mortgage broker, but why is that? Surely it’s simple enough to find a lender yourself with enough online research. Why add a third party? Well, there are tons of benefits that come with using a mortgage broker that you should consider, making your overall mortgage experience far easier.

1.     Time saver.

Firstly, researching not only all the lenders but also all the products they offer is very time consuming (there are hundreds of lenders), and keeping up to date with all the industry news of who has the best current rates is a job in itself. Then there’s the hours you’ll be on hold just trying to get in touch with the lender throughout the many calls required for the process. This is also during a very busy period of planning a move, so it’s hard to find the free time to ensure you’re giving it the right amount of attention. Using a broker means you’re getting specialist advice from an advisor who already has in-depth industry knowledge and will put in the time to find you the very best deal available.

2.     Get you the best deal.

Mortgage brokers are looking out for you and you alone. A lender or a bank will have invested interest in you using only their product, while a broker assesses multiple available products from lots of lenders and gauges which one works best for you and your circumstances without bias. This not only gives you impartiality, but also a far wider scope to choose from.

3.     Expert guidance.

Mortgage brokers aren’t just a search engine you type a question into and get data out. They take the time to get to know you, your living situation, and long-term goals and give you far more tailored advice and guidance on your specific circumstances. If you have any questions at any stage of the process, they will provide answers with context and explained in a way that you will understand. Not only that, but mortgage brokers are up to date with the very latest news and market trends so can give you the most informed insight and advice that you won’t get anywhere else.

4.     More than mortgage advice.

Brokers are also financial advisors, so can give you advice that will not only help your mortgage application but your finances in general, such as ways to improve your credit score. They can also provide guidance on the process of buying a home, such as the property survey, conveyancing, and insurances.

5.     Save you money.

A mortgage broker knows that you don’t just look out for the cheapest mortgage currently available, but the one that makes the most financial sense in the long term. Some products available might seem attractive at first glance, but there might be hidden fees and conditions that actually rack up the costs down the line. A broker knows what to look out for and what to spot for a great and sensible deal.

6.     Less paperwork.

There is a lot of paperwork that goes into filing a mortgage application, which can be complicated and frustrating. Brokers will sit down with you and take you through the whole application so that you are completely confident and informed at every stage of the process.

7.     Knowledge and experience to chase applications.

Brokers know all the ins and outs of the industry, so know when an application is just going through thorough checks and when one might have fallen through the cracks. They have the experience to know at what stage to chase an application and ensure it’s not just been forgotten and prevent further unnecessary delays.

8.     High chance of approval.

As brokers work with such a wide range of lenders, they know exactly which are most likely to approve what kind of mortgage application and can find you a deal that you might not be able to find on your own.

There are numerous reasons why using a broker can help you when seeking a mortgage, but this is also a personal choice that you should make with your own circumstances and current financial situation in mind. If you would like some impartial advice, get in touch with one of our Mortgage and Protection Advisors at any time.

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