A mortgage broker could help you save time and money. Not that I am bias being a broker myself but why wouldn’t you work with an expert in their field rather trying and figure out how to do it self?
A mortgage broker will work as your personal guide in navigating the mortgage world, to help you find and secure the ideal mortgage for your needs. Brokers research a wide variety of lenders, to finds mortgage products you might not access directly.
Brokers manage all the paperwork and liaise directly with lenders while avoiding the often complicated jargon. They are often invaluable in guiding you through the entire mortgage process and home buying journey.
Working with a mortgage broker will often save you time because they will handle all the necessary research and comparisons, provide access to exclusive offers unavailable on the high street, and help identify lenders more likely to approve your application. Additionally, they often negotiate better rates compared to those available through banks.
Initially, your meeting with the broker is typically free, during which they will assess your financial situation based on their market experience and determine your borrowing capacity. They will find a mortgage that meets your unique circumstances and assist in preparing and submitting your application. Broker charges vary, with some charging fees between £300 and £1,000 while others operate for free; all brokers receive payment from lenders. Opting for a free broker because of the saving you make could however be misleading, as those who charge may bring invaluable experience. Consider working with a broker who has been recommended to you through someone with first hand experience., and always ensure your broker is FCA regulated by checking the Financial Services Register.
