What is a Mortgage Broker and why should you consider using one?

Looking for a mortgage can be a daunting process, and with so many lenders and types of products on the market, it can be difficult to know where to start.

A mortgage adviser (sometimes known as a Mortgage Broker) is a qualified professional who specialises in finding the most suitable mortgage deal for your personal circumstances. There are many obvious benefits in using a mortgage adviser, and below we have outlined why you might consider using one to help you find a mortgage.

They are industry experts

A mortgage adviser is a qualified professional who deals with lenders on a day-to-day basis. They will know what the application process is like for each lender, and therefore will be able to offer you the best advice to suit your needs. They are qualified in understanding the background criteria that a lender has, and can utilise this experience when advising you and processing your application.

Mortgage advisers know how to spot delays and where, when and who to contact to encourage to speed things up when necessary. They will often have the skills and influence to chase applications up in a way in which you couldn’t do by yourself and that can be one of the most invaluable benefits should things get held up.

The hard work will be done for you

The whole process of looking for a mortgage can be stressful. A good mortgage adviser is there to support you every step of the way, answer any questions you may have and most importantly, provide a service in which you have total confidence in from the start to finish.

An adviser will offer you unbiased advice, they will help you choose from a range of lenders and products by sharing their expert knowledge. With your personal circumstances in mind, they will search the whole market for a suitable product for you. Once you have found your chosen product, they will liaise with the lender on your behalf throughout the application process, which most importantly can speed up your application.

Your mortgage adviser is there to do all of the hard work, they have a duty of care for you and will also have your best interests in mind.

They will save you time and money

A mortgage adviser is an expert in understanding the best available product on the market for your requirements, they could potentially save you thousands of pounds over the term of your mortgage. Whether that be the lowest monthly payment option, or the lowest overall cost during the mortgage term, they will take into consideration not just interest rates, but all of the other fees that will apply which will influence the total costs.

It’s important to remember that what may look like a cheap mortgage to you, may not actually be that competitive when every fee and condition is taken into account.

Are all Mortgage Brokers the same?

Mortgage brokers are usually either ‘whole of market’ or ‘Tied’.

Tied Mortgage Brokers

Tied Mortgage Brokers are limited in what products they can offer you as they are ‘tied’ to particular lenders.

Whole of Market Mortgage Brokers

Whole of market brokers are usually independent mortgage advisers and are not tied to particular lenders. This means that they will have a greater range of mortgage options to choose from as they are able to search the whole market for mortgage products.

All of our Advisers at B Mortgage Services are whole of market brokers.

Summary

Although you could choose a mortgage without taking mortgage advice, that can come with its risks. You could end up with the wrong mortgage product for your circumstances, or you could be rejected from lack of product eligibility. 

If you are looking to source mortgage advice, you are in the right place. Here at Brunsdon Financial, our specialist mortgage advisers will be there every step of the way. From listening carefully to your mortgage requirements, to searching the whole market to find you the most cost-effective and suitable product, we will always provide a service in which you can have total confidence in.

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

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