Why use a Mortgage Broker? What does a Mortgage Broker do that you can't? And why should we pay for their services, when there are loads of other costs when we move home or remortgage?
However tempting it is to cut out the middleman when searching for a new mortgage, you should think twice.
Mortgage advice from a reputable Broker can be invaluable and here's why.
You're protected
An important thing to understand is that when you receive mortgage advice, your mortgage broker has a duty of care to you.
They have to recommend a suitable mortgage and be able to justify why the particular mortgage they have chosen is right for you.
If their advice is not up to scratch you can complain and be compensated.
In contrast, if you go directly to a high street mortgage lender, don't take advice, and then end up with a mortgage that later becomes unaffordable, you've only yourself to blame.
A mortgage broker is qualified
There's an awful lot to choosing the right mortgage. It's not as simple as just the cheapest fixed or tracker rate mortgage you can find!
Mortgage brokers have to be qualified to give you mortgage advice – a lot of call centre and branch staff aren't qualified to give advice. That said the branch will often be able to arrange an appointment with one of their mortgage advisers.
A broker is on your side
An independent mortgage broker will look for the best mortgage for you. They aren't on the lender's side, they're on yours!
They know the industry
Mortgage criteria has tightened massively over the past few years.
But a mortgage broker deals with lenders on a day-to-day basis. They know which lenders can process your application without unnecessary delays and saving additional credit checks being carried out.
They also know the background criteria that a lender has and can bring this experience to bear when advising you and processing your application.
Because a mortgage broker might put a lot of business to a particular lender in a year, they can exert influence and chase things in a way you just can't do by yourself.
Our initial meeting and all subsequent meetings are free without obligation . Once you decide to proceed with an application we charge a broker fee of £250 on a successful mortgage application. The only time when a different Broker fee of £400 would apply is if there was adverse credit, such as county court judgements iva's, etc.to reflect the additional work needs to be carried out.
If you would like to know more about our services or products, please contact us on 01253-407707.
Your home may be repossessed if you do not keep up repayments on a mortgage.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED AGAINST IT.