Why You Should Use a Mortgage Broker

Why You Should Use a Mortgage Broker

Regardless of whether you’re a first time buyer, home mover, or looking to remortgage to another lender to take advantage of a better mortgage deal, the mortgage market can be a confusing place. There are dozens of different mortgage types and deals available from the big high-street banks and building societies alone, never mind the many other, smaller lenders out there.

Bristol Property ImageThe sheer volume of choice available adds up to a veritable minefield of mortgage options. Fixed rate or variable tracker? Interest-only or repayment? How much can you borrow and how long are you willing to be tied into a mortgage deal for? Buying a house can be pretty stressful at the best of times, and when you add finding and applying for the most suitable mortgage deal into the equation, it’s usually not much fun.

Do I need a mortgage broker?

We certainly wouldn’t argue that using a broker is the only way to get a mortgage. Many people prefer to approach mortgage lenders directly — in many cases it’s the company they already bank with. Others may shop around by popping into three or four high-street branches to compare prices, or by using an online comparison site.

The question you have to ask is whether these are really the most effective ways to access mortgage deals across the market.

By only querying a handful of major banks or building societies, you could easily be missing out on other great deals out there. And what many price comparison sites don’t make clear is that they only search from a limited number of affiliate partners

Advantages of using a broker

Most mortgage brokers will search from a much wider range of mortgage deals than you’d normally be able to check on your own.

For many brokers this is a big selling point, and will be displayed prominently on their website or other promotional material.

It’s also worth bearing in mind that some lenders (including the major banks and building societies) offer broker-only deals that they don’t make available through other channels.

So by searching the market by yourself, you risk restricting your options and missing out on great deals.

As well as offering a wider choice, brokers offer one vital element that you won’t get from a high-street bank or a comparison site — expert advice. Mortgage brokers want to help you, and also have an obligation to give you professional advice on the most suitable mortgage for your needs, rather than one that’s based on sales targets, commission payments or any other factor.

Finally, using a mortgage broker gives the undeniable advantage of having an experienced professional who will personally handle your mortgage application from beginning to end — submitting your application and liaising with the lender to quickly smooth over any problems that may arise.

Steve Mears Independent Mortgage Services LogoSo if you’re considering buying a home or remortgaging, call 0117 325 1130 (8am-6pm Mon-Fri) now to speak to Steve Mears Independent Mortgage Services and receive a fast, no-obligation mortgage quote.  Outside office hours please request a call back by completing the brief form on this page.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Our fee for mortgage advice is between 0% and 2% of the loan amount payable on completion.  Typically this will be £495.