Why do I need a mortgage broker?

There are many benefits of using a mortgage broker when buying a new home and borrowing the money to do it is two of the most stressful life experiences you may ever endure. There is, however, an easier route to securing the finance you need to make your move – and make savings in the process.

Most people assume that getting a mortgage means heading straight to your bank or building society, but unfortunately, this can mean missing out on the right mortgage for your circumstances. It’s a bit like searching for car insurance – you want to have a look at all of your options first before making a decision.

A good mortgage broker will have a breadth of experience across the financial markets and, crucially, be a ‘whole-of-market’ mortgage advisor and not tied to a select panel of lenders. Likewise, if you approach a high street bank or building society, they’ll only offer you mortgage products from their own range.

What does a mortgage broker do?

Ultimately, it’s a mortgage broker’s job to find you the right mortgage for your needs, and here’s how they can help you do just that.

1. Assess your requirements with a simple chat

As mortgage brokers, we start by arranging one of our expert mortgage advisers to assess your requirements. This includes listening to your requirements, looking into your current financial situation and taking the time to understand your personal circumstances. Because we understand that your time is precious, and your monthly budget is very important to you, we try to take up as little of your time as possible.

2. Make recommendations that put your needs first

Once we’ve assessed your situation, we go away and search the market using our bespoke sourcing system, to find a product we recommend for you. At Mortgage Advice Bureau, we work with over 90 different lenders – so you aren’t restricted to just one bank or building society’s products or lending criteria. Having this flexibility means you’ll have much more choices and find the mortgage deal that’s right for you.

3. Deal with the application, so you don’t have to worry

Once you’ve decided on a mortgage product, you can leave the rest in our hands – it’s that simple. You don’t have to waste any of your time filling out paperwork – we manage the whole application process for you. This means you can be left to concentrate on what really matters; whether that’s planning the move or creating new boards on Pinterest for your dream decor!

Why should you use a mortgage broker?

With a better understanding of what a mortgage broker actually does, the next question is obvious: should you use a mortgage broker? Although some people may be happy to go straight to a single bank or building society, many home buyers find that it is better to use a mortgage broker for the following reasons:

1. A mortgage broker can save you money

We aim to make sure you never pay a lender more than you need to. We do this by assessing your current financial situation and making sure you’re on the right mortgage deal for your needs. If you aren’t, we work within your best interests to make a recommendation. We have access to over 90 different lenders, which gives us the flexibility to offer you a range of products. If one lender should reject your application, we’ll try another. We can also tap into exclusive deals that aren’t available on the high street which, again, gives you more variety.

2. They can also save you time

We understand that life is busy, so we like to offer our customers flexibility when it comes to appointments. Our advisers offer evening and weekend appointments, both face to face or over the phone, so you don’t have to worry if you don’t have the time to see us, we can get all the information we need with a phone call.

3. Some mortgage brokers can help you find mortgage protection too

Not only will we make sure you get the right mortgage for your needs, but we’ll also be there for you long after you get the keys to your new home. Unsure if you need life insurance? We offer advice on various kinds of mortgage protection – including critical illness cover, income protection, and buildings and contents insurance. We want to make sure that, if the worst was to happen, you’d be able to stay in your home and your loved ones would be looked after.

4. Speed of application

When it comes to securing the house of your dreams, time will be of the essence too – a good broker will want to get your mortgage application agreed in principle so you can proceed with confidence and in a more favourable position than other prospective purchasers.

A broker will aim to get your mortgage offer out and over to your solicitor fast. The quicker you receive your offer, the less chance there’ll be of your transaction falling through further down the line

5. It’s about relationships, personal service and getting you the very best deal

It’s also about relationships – your mortgage broker will be there for meetings in person and to talk to over the phone rather than offering a web-based process. Your broker isn’t just here for your first mortgage application – we view this as the start of a relationship in which we’ll get to know you and go further to get you the very best deal for every move you make in the future.

6. No mortgage advice is ‘free’, but a broker can give you value for your money

Mortgage brokers earn money on the commission paid by all lenders. This means that even “free mortgage advice” is still paid for in one form or another. Many mortgage brokers may also charge a fee. For Mortgage Advice Bureau, charging fees allows us to spend more time advising you, and supporting you throughout your application and means our advice can be wholly focused on your needs, rather than dependent upon the value of the lender commissions.

After all, a mortgage is probably the biggest investment you’ve ever made, so it makes sense to know you’re getting the right deal.

Still wondering why you shouldn’t just go to a bank?

Many people choose to use a bank or building society over a mortgage broker, simply because they prefer to stick to what they know. Others feel like they need to remain loyal to their bank – perhaps you’ve banked with them for years and like going in and seeing a friendly face. If you have banked with a particular bank for many years, you might find they offer a discount if you take out a mortgage with them, which also might help sway your decision.

Just be aware that by going direct to a bank you’ll be limiting yourself to one lender. You might find this is fine and they offer you a product that you’re more than happy to go with. However, if you feel that what they’re offering doesn’t quite fit the bill for you, then maybe that’s the time to get in touch with a mortgage broker who has access to a wider range of products.

Which one is better for you?

Everybody is different and there is no right or wrong way to go about getting a mortgage. We can’t tell you which route you should take, but if you want to receive honest, trustworthy mortgage advice and discover more about Mortgage Decisions, please feel free to get in touch with us today and we’ll be more than happy to talk with you.