5 reasons to use a broker when searching for a mortgage

The internet means it’s never been easier to search the market when looking for a mortgage. Because of this, some people opt for a DIY approach instead of working with a professional.

If you’ve ever tried DIY and it has gone wrong, you’ll know that making a mistake can be costly. It’s the same when it comes to buying a house, which is likely to be the largest financial commitment that you ever make.

Working with an expert can help to take the stress out of the process and help you to find a mortgage product which is right for you. Read on for five reasons to use a broker when searching for a mortgage.

1. Save time and effort

Even with the internet to help you, scouring the market can be very time-consuming.

When you do find a lender that you like, you may have to undertake multiple interviews with mortgage advisers and fill out a hefty pile of paperwork. In addition, each lender may want to carry out a credit check on you, which can take even more time.

When you work with a mortgage broker, you will only have to provide your information once. After that, they can do all the research for you, finding the right lender and mortgage product for your circumstances.

Many brokers will also oversee the process for you, which can make it go much more smoothly. This typically involves dealing with paperwork, managing your application, and liaising with the mortgage lender, solicitor, and surveyor.

2. Access a wider array of choices

If you were to approach a particular bank or building society when looking for a mortgage, you would typically be restricted by the limited choice of products that they offer.

On the other hand, a broker can find a much wider array of mortgage products from across the market. They have access to thousands of fixed-, variable-, and tracker-rate mortgages from dozens of lenders which means you’re more likely to find one that best suits your needs.

Furthermore, a mortgage broker doesn’t just look at the interest rates on offer, which can be a pitfall for many people who search for themselves. As a professional, they will also consider factors such as booking fees and speed of service when finding the best product for you.

3. Be sure of receiving high-quality advice

When a mortgage broker recommends a product to you, they are giving you financial advice. This means that all brokers must be qualified to operate within their field and have a duty of care to their clients to give the best possible advice.

Brokers also have to justify their decisions when recommending lenders and their mortgage products to you. This means you can rest easy, knowing that you’re working with a professional.

4. Find someone to underwrite your mortgage much faster

Brokers aren’t just experts in finding the most appropriate mortgage products for you, they also have in-depth knowledge of underwriting criteria.

This expertise can benefit you as they’re more likely to find a lender who is prepared to agree your mortgage, based on your specific individual circumstances.

Some brokers also have contacts with different lenders, letting them make informed decisions as to which banks and building societies are likely to give you a loan.

This can make a typically difficult part of the mortgage process much faster and simpler for you.

5. Build a relationship and benefit in the long term

Usually, most people tend to change their mortgage arrangements several times during its full term. This is much more likely if you have a mortgage which lasts for 30 or even 40 years.

When you work with a broker, you’re developing a relationship that could last for the entire length of your mortgage. They can regularly review your arrangements and let you know if there is a better money-saving alternative that you could be taking advantage of.

They will also be on hand if you decide to move home at a later date, helping you to make the transition without any fuss.

Get in touch

If you want help finding the right mortgage product for you, we can help. Email enquire@london-money.co.uk or call us at 0207 808 4120 to find out more.


Please note:

Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.