Why Use a Broker?
Whether it’s your first time, or you’re a seasoned mortgage pro, there are still plenty of good reasons to use a mortgage broker. You may well have had luck in the past finding the best deal on the market for your needs but that does not mean that the lender that you chose at that stage is still the correct one for you. Or it may be that you are a first-time buyer and need a helping hand through the full mortgage process. Either way, using the knowledge of an experienced professional is going to be a good idea.
Many people will start looking for a mortgage with their bank. This is not a bad idea and will most likely get you to start to think about your options and what decisions are required when choosing a mortgage. Your bank will also be able to give you a rough idea of what you could borrow across the market although, of course, they will only be able to offer products from their range.
That’s a good start, but NatWest will offer you a different amount than HSBC will. A building society such as Nationwide may have special deals and affordability criteria for first-time buyers, which will mean a higher level of borrowing than with one of the multinational banks. Of course with higher borrowing figures the bank or building society is taking on a slightly higher level of risk and therefore may charge more either in fees or the interest rate.
Of course, you may feel that it’s a good idea to go and visit all the banks and building societies yourself in the local area. This is an option that you have, and it will get you a lot closer to finding the best deal for your needs. However, this is going to take a lot of time, especially when most banks require you to wait a couple of weeks for an appointment. By using a broker, you won’t need to have give all your details to each of the banks individually: Rather give all your details to your single broker. You may also still be missing out on the best deal on the market because some deals can only be found by a broker. This is because banks are allowed to offer different deals in branches than they do via their broker partners.
So what will the broker do for me? A broker’s job is to find you the best financial outcome for your circumstances. They are not allowed to offer a deal that is more expensive for you just because they prefer one bank over another. They will search across the market and compare all the deals to see which will cost you the least over your initial rate term, including the cost of all fees and monthly payments. They will also understand which lenders are likely to be able to lend to a person in your particular situation and who is buying a property like the one that you are hoping to offer on. Many small pieces of criteria will stop a lender from offering you the money, and the broker’s experience will ensure that all these small technicalities have been taken into account before making an application on your behalf.
In summary, it is possible to get a mortgage without the need for a broker. Some people managed this themselves and successfully moved to their property without a hitch. They may not even realise that it has cost them more in the long term to do it that way. However, on many occasions, the purchaser who decides to go it alone will have a far more stressful and potentially more expensive journey nine if they use a broker.
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