A mortgage broker is a specialist financial advisor who helps borrowers find and secure the best mortgage possible for their current financial situation and property purchase/remortgage. Mortgage brokers have access to a wide range of lenders, giving clients the ability to compare multiple deals and find one that suits them best. Working with a broker can save time, reduce stress, and often result in a better deal than you could secure on your own.

They can also manage the entire application process from start to finish, including paperwork and the exchange of documents between parties. Some mortgage brokers may charge a fee for their services but this is usually recouped if they secure a better deal for you.

Why do I need a mortgage broker?

A good broker will always keep their client's needs in mind, ensuring that the loan chosen is suitable for them and provides the best possible benefits. Whether you're looking for a first time mortgage, remortgage or buy-to-let mortgage, working with an experienced broker can help ensure your experience is as stress-free as possible.

A good broker will first assess your needs, understand your financial history and then discuss with you the best loan option for you. They will also be sure to explain any associated fees and risks involved. A broker can often secure a better deal than one could find themselves, due to their access to lenders and knowledge of the market.

Furthermore, they may uncover deals that ordinarily one would not be able to access. Finally, brokers can help save time, as they will handle the entire process from start to finish, from loan application to completion. They will also act as a point of contact for any queries or changes that may arise in the course of your mortgage journey.

What are the key benefits of using a mortgage broker?

Many self-employed, independent brokers have access to a variety of deals and mortgage loan options on the mortgage market and will assist you throughout the application process until your transaction completes. The homebuying process can take up a lot of your time especially if you are doing your research online. Brokers have comparison tools to research various loans and options available to you.

Many mortgage brokers charge fees upfront for their services, broker fees are a set amount once agreed upon before your mortgage loan application is discussed. If you have bad credit the fee can vary as some extra work is involved, this also means the interest rates available to you may be slightly higher. Other services may be offered to you such as insurance, this can include life insurance, critical illness coverage and income protection.

Most mortgage brokers will ask for a copy of your credit report before submitting a mortgage application as the lender will conduct a credit check, this is to ensure the loan approval is accurate and correct. Working with a mortgage broker will benefit you especially if you have a busy lifestyle as they will pass any updates to you from lenders and solicitors which saves you time.

Overall, working with a broker is a great way to ensure that you get the most competitive deal for your mortgage. They can save time, reduce stress and often get you a better rate than what you may have been able to find yourself. Be sure to do your research and use a broker who has experience and knowledge of the market, as it will help ensure that everything goes as smoothly as possible.

If you are looking for a mortgage broker in your local area, contact us at 0151 662 0188 or email us at [email protected].