Why use a Mortgage Broker?

Using a Mortgage Broker will save you time in researching the Mortgage market, your Broker will assist you with the mortgage application and in most cases deal with your chosen lender on your behalf. using a Mortgage Broker who can compare the entire Mortgage Market will help ensure that you find the best possible borrowing terms.

What is a Mortgage Broker?

A mortgage broker is a professional individual or company that acts as an intermediary between borrowers and lenders.

A broker arranges financing for borrowers with a variety of lenders. A mortgage broker does not make the loan, but receives payments for its services.

What should I ask a Mortgage Broker?

From the outset you should determine how the mortgage broker is paid. Some will charge you a fee, while others do not as they receive commission for the mortgages lenders they recommend.
Check to ensure that your mortgage broker is suitably qualified, the current industry qualification for UK Mortgage Brokers is CeMAP (Certificate in Mortgage Advice & Practice).

Make sure your broker offers the type of service you require, some brokers will visit you at home, others offer an office based service or deal with the whole transaction remotely.

What does a Mortgage Broker do?

Your broker should take the time to discuss your needs and circumstances with you. This gives them the opportunity to determine which type of mortgage is most suitable.

The mortgage broker will then search across the market sometimes considering thousands of mortgage products from many different lenders, both high street names and the lesser known. It is important that you ask your broker at the outset if they are truly whole of market, or if they are tied to any particular lenders. If the broker is tied, then they will only be able to give you access to the products and services from a limited range of lenders. If they are whole of market, then there will be no such restrictions.

The broker will then choose the products, which best suits, your needs. If you decide to proceed with your brokers recommendation, they will liase with the lender on your behalf and will help you to complete the necessary paperwork. This should save you a great deal of time and effort.

The above information in no way forms a recommendation.