Why Use a Mortgage Broker?
8 key ways, in which you can benefit by using a Mortgage Broker, rather than going direct to a Mortgage Lender.
Free, No Obligation Advice Best UK-Wide Mortgage Rates Exclusive Mortgage Rates Instant Peace of MindA fair question that we hear everyday…
“Why should I use a Mortgage Broker?”
It is a question that should be asked and it is a question that has very clear answers. Throughout this article, we will explain the main benefits to using a mortgage broker, and discuss the value that can be saved in the long run.
42% of mortgage products are ONLY available through a mortgage broker 89% of mortgages across the UK, are sold through a Mortgage BrokerHeadline Reasons For Using A Mortgage Broker
In summary, mortgage brokers are extremely valuable and perhaps most importantly, represent your needs. Don't rely on computers and banks to tell you what is best based on criteria of what you have told them. Let an expert really understand your circumstances and find the right mortgage lender for you. Plus advisers have computers that feed directly to all the daily lender rates anyway!
Access to Best Mortgage Rates
Some mortgage lenders only provide certain rates through mortgage brokers as they know the customer better.
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Free, No Obligation Advice
The Mortgage Broker do not charge for advice, comparing rates or mortgage in principle's. Only if you chose to proceed with the offer.
I was a bit reluctant to use a broker service, but our case was not straight forward at all and I liked the idea that there is no obligation and that I don't have to pay till I decide to go on with the offer.
Fee Free Brokers Do Not Save You Money!
With The Mortgage Broker, you get free, independent advice regarding your mortgage options – we go through affordability, best mortgage rates and assess what you need; we can even do a same day soft search and get you a mortgage in principle. All for FREE. However, The Mortgage Broker does charge a broker fee if you decide to proceed with the mortgage once it is offered by the lender and you chose to proceed.
We are extremely proud of our service at The Mortgage Broker and the comfort our customers experience when we remove the stress of the house buying or remortgaging process. A mortgage broker when doing their job properly, will leave no stone unturned, will fully understand your financial circumstances and will take time in monitoring the market, even after you receive a mortgage in principle, just in case a better rate comes out.
Each of our mortgage brokers is a regulated adviser and with that, has certain standards in which they must maintain. Keeping up to date knowledge of the market and a level of continued professional development to ensure that our customers get the very best advice. It isn’t as simple as searching computers and see what rates mortgage lenders are providing. It is very important to understand the specific circumstances of our customers, the income and affordability and the full financial picture, in order to maximise your financial potential efficiently.
Even once the the mortgage rates and terms have been identified, and the mortgage application is in, there is a long way to go with paperwork, liaising with the Lender, working with solicitors and ensuring all the legals are done smoothly.
Using the right Mortgage Broker, with the right time and focus to do this for you, will ensure all this is made truly stress free. Can mortgage brokers who don’t charge a fee honestly say they spend as much time on their customers?
Saving money is done through making sure you get the right mortgage, not through getting free quick advice.
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Why Use a Mortgage Broker? Pro’s and Con’s.
A mortgage broker works for you, not the bank or mortgage lender. As an intermediary between you as a buyer of property and the bank that may lend you money, it is integral you get the best rates and legal terms that match your financial circumstances.
A mortgage is more often than not the most borrowing an individual ever takes out in their lifetime, and it seems crazy that people would do this without any impartial advice that is focused on your direct needs and financial plans. Ensuring you get mortgage advice from an experienced broker with specialist knowledge in what you are planning to do, will ensure you get trusted, transparent insight, into the options available to you. However, is it always right to use a broker?
Using a Mortgage Broker vs Going Direct to Lender
A mortgage broker may well charge you a fee, and a lender may not. However, a Mortgage Broker works for you, whereas Lenders work for themselves. If you go direct to a lender, you can only access mortgage rates an products that are available from that lender. Whereas, a mortgage broker is independent with no affiliation to anyone lender, but rather has access to a widespread set of products. This is because Mortgage Broker’s have often got a widespread panel of lenders that they work with closely and can access their products directly. Some of these lenders may not even be accessible to consumers like yourself, directly, even if you tried.
In the case of The Mortgage Broker, we have a panel of 96 Lenders and can access over 12,000 mortgage products. Allowing us to be sure that you have the right product for your circumstances.
Far Less Legwork
Not only will you have instant peace of mind that your financial needs are at the forefront of the mortgage broker’s mind, you can also be sure that there will be a lot less legwork.
Through building strong relationships with these Lenders, mortgage brokers have a strong understanding of the criteria of each, meaning they can find the right ones quickly and can steer you away from any with onerous lending terms or lenders that they know can’t help you.
It is always worth researching yourself, and mostly, people do. There are lots of calculators available to help give you guidance, but in order to ensure you have the right product, you want to make sure that you are looking everywhere – especially if you have some specific circumstances, such as being self employed, or bad credit score. Certain things like defaults may seem like a blocker, and online or direct to the wrong lenders will often leave you facing a “computer says no” situation. However, Mortgage Brokers understand the market, and will find you the right lender for your circumstances.
Certainly, there is far less paperwork, and a mortgage broker will walk you through the entire process, completing all the mortgage application and will support you right through to completion.
Access to Certain Products
Some lenders only work with mortgage brokers. This is because they often have greater level of flexibility and allow more complex applications. Such as bad credit, debt consolidation or poor credit score. The mortgage lenders trust mortgage brokers to provide the right advice, and help ensure that the applicant is mortgage ready and can afford the mortgage payments.
Therefore, any products on the market are not even accessible to you as a customer. This also just means many smaller lenders, that you may be able to access but just don’t know about. Mortgage Brokers work with small specialist lenders, all the way through to the main High Street Lenders.
A broker will help you lessen your costs
A mortgage broker will assess you for affordability and ensure you are taking in all the costs into consideration. These include things such as stamp duty and solicitor fees. However, these costs can also be reduced as the Mortgage Broker can ensure you access products that may not come with set up costs, or application fees and can certainly recommend the right solicitor.
A broker will ensure you have every opportunity to get a mortgage
There are so many variables to not only understanding which mortgage is right for you, but also whether or not you may be accepted for a mortgage. A mortgage broker will take consideration of all your facts and figures and understand the best way to display these to specific lenders. Whether you are self employed, in debt, a limited company director, a high net worth client or one of the millions of people who have “bad credit” and don’t think you can get a mortgage; there are specific lenders for different circumstances. It is very important you give yourself the best chance of success and apply to the right mortgage lenders for the right things.
There are many lenders that only offer certain products out through Mortgage Brokers, so it is impossible to know these are there unless you have a broker searching for them. There are also lenders that aren’t known or even accessible by customers going directly to them. The Mortgage Broker has 96 Lenders including all the big ones you know and have heard of, all the way through to smaller or specialist lenders – each competing with the best rate for different unique circumstances.
24/7 Monitoring
A mortgage broker’s role isn’t just to get you your mortgage offer. This is only half the job. The Mortgage Broker take great pride in supporting our customers through the lifecycle of our customers mortgages. This is because the market is always evolving and better rates may apply to individual circumstances.
After completing, every client is entered into our mortgage monitoring tool, which is available to all our customers via our app. This not only presents the mortgage transparently, it helps monitor your mortgage and notifies you when things could be changed or your have the option to remortgage to a better rate. Our advisers, will always set actions to contact you at these times to ensure you are always given the best possibility to improve your mortgage terms and monthly payments. In this market, this is more important than ever.
Protection and Insurance – Part of the Mortgage Broker service.
A mortgage is most like to be the most expensive loan and largest debt, anyone ever takes out in their lifetime. As part of the service of a mortgage broker, you get a free review with a protection specialist, to ensure you are covering your needs and getting security to pay meet your payments, should something unexpected happen. There are various types of protection that can cover your individual, family and business needs.
Mortgage Lenders make it a requirement that you have to have home insurance. Our inhouse general insurance specialist, offers an entirely free review and service, to ensure you have what you need when the mortgage comes to completion.
As a mortgage broker, we make it our business to ensure you have the full service.
This is common place and for first time buyers especially, there is absolutely no reason why you should know the mortgage process. No one does until they want to buy their first house. A mortgage broker will make the process really simple for you and try to remove all the legwork. However, the process is the process – and here are the main steps, when using a mortgage broker or not. The most important part is the first step in understanding what mortgage is right for you. What are your goals, what can you afford and what is the best mortgage terms for your circumstances. Getting a mortgage in principle through your mortgage broker is a critical step in being mortgage ready. This will make you an attractive buyer. A mortgage broker will confirm best lender, rate and product for you. You will receive a welcome pack from a solicitor and you can decide whether or not to proceed with the property searches. (Every property needs to be searched professionally to ensure it is fit for sale and mortgageable). Submit the full mortgage application and a non-refundable valuation fee if this is applicable. A critical step in taking out such a large loan from the lender, is discussing your protection. Making sure you can meet payments should anything unexpected occur. You will have needed to complete the solicitor pack. Once this is returned in full, and everything is OK, you can start to review the initial contracts. Now that you are reviewing contracts, you can comfortably start the searches. These are non-refundable so need to be sure. Yor solicitor will also advise if there are any additional searches required. Once all searches are complete, you will agree a completion date with the seller. Once all finalised, the solicitor can transfer your deposit. Following the above all going smoothly, the final thing to do will be the exchange of contracts on a set date. You will receive notification from your mortgage broker or estate agent, that you have completed on the purchase of your property!When asking the question, “why use a Mortgage Broker”, it may simply be because you are unsure of the process.
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Award Winning Mortgage Advice
Get Started with TMB today >“To be the UK’s most trusted and respected Mortgage Broker”
Sam Kirtikar, CEO of The Mortgage Broker states
“The above is a bold claim but it’s something that this business have always strived for. It’s taken us a few years to get to the position we are currently in and the service we offer, but based on the feedback from our customers and the Trust Pilot testimonials we receive, I can confidently say I am extremely proud of our honest team and approach to advising.
We are truly proud of the service we offer and what we have achieved as a team. The advisers in the business are everything and their dedication to our customers is how we have got to where we have got to today.
We have been winning awards for our advice and service for over two decade’s and when I get asked by my friends – “why should I use a mortgage broker”? – I always say it is personal choice first. However, with over 15,000 mortgage brokers in the UK, I always tell them, even if it isn’t using The Mortgage Broker, make sure you choose one that knows what they are doing. Awards should go some way in providing you with peace of mind about the quality of service our customers receive, and why customers have benefitted from using us, but there are many other very strong brokers in our industry. I just really encourage people to consider a broker full stop, no matter which, as you will get a much more personal service.
Our service doesn’t just stop at the advice we provide, as you will also receive individual case management throughout your mortgage application from submission of the documents to the lender, all the way through to completion. This then continues through our mobile apps and 24/7 mortgage monitoring service where we continue to ensure our customers don’t overpay.
But fundamentally, the biggest thing to remember is, our Mortgage Brokers work for you, not the Lender!”
10 Reasons to choose The Mortgage Broker
Free, no obligation mortgage advice
Our advice is always free, with no obligation. We have over 1000 new clients contact us monthly to get advice, guidance or quotes and we help everyone where we can. Sometimes our advice may be that we can’t improve your rate that you are on in this market, or it may include sending you money saving quotes and solutions to your complex scenario. With our free no obligation mortgage advice, you have nothing to lose in getting in contact with us.
Trusted and respected
Whenever you are choosing who to do your mortgage with you want to make sure you are dealing with a respected and trusted mortgage broker. The best way to do this is to do some research online and make sure the broker is Authorised and Regulated. Another good place to do some research will be to check online customer reviews and other social media sites for general customer comments. You will be pleased to know that we have the highest Trust Pilot rating in the UK for telephone-based mortgage advice with over 2,200 5/5 ratings on Trust Pilot and 5 stars across Google.
What makes us different?
With 1000’s of mortgage deals to choose from ranging from the relatively easy First Time Buyer to some of the more quirky and complex scenarios such as Debt Consolidation, Help to Buy, Let to Buy, Mortgages for the Self Employed (the list goes on…) you will be passed to an adviser who has expert knowledge in that particular segment of the mortgage market.
Our brokers / advisers meet with different lenders on a weekly basis to ensure they are up to date with the latest lending criteria and the changes in the lenders offerings. We also have direct access to some underwriters, allowing us to discuss your mortgage on a case by case basis and allowing us to quote you on the correct mortgage in a speedy, efficient and accurate way.
We often meet clients that have been let down by their banks or brokers and have felt that they have wasted weeks of their life. As you will see from our testimonials this is not the type of service that you would receive from our team.
No obligation
You are never under any obligation to deal with us. We can discuss your options and provide you with rates and options. We can get you quick access to decision in principles and get your approved. However, if for any reason you wanted to pull out of the mortgage you can do so without any obligation and absolutely no cost.
Independent Advice
The Mortgage Broker works for you and not the lender, and will provide you with entirely independent advice direct to your circumstances. Our service is bespoke for every customer and no two scenario’s are exactly the same. We will ensure e leave no stone unturned, by quickly and efficiently understanding your goals, your financial circumstances and finding you the best mortgage product for your needs.
Let us do the hard work for you. One of our advisers can speak to you at a time that is convenient and fits within your lifestyle and working hours. We are available in the evenings on weekdays and Saturday mornings. If you require a face to face visit or would prefer to come into our office to discuss your requirements this can also be arranged for you. Once you have decided that you would like to use us to arrange your new mortgage for you, we will make sure that you are looked after by the same adviser and their Broker Support Team throughout the process. You will be pleased to know that you won’t be passed from pillar to post in a constant search to speak to the right person – You will have the direct contact details of your adviser and your dedicated broker support team member, all the way through the process making you feel you are getting the customer service you deserve rather than just being a number which is the way it can feel when you deal with some organisations.Sit back and relax
The Mortgage Broker Are Regulated.
Yes, we are ultimately regulated by the Financial Conduct Authority – please see the disclaimer at the footer of the page for further details. Plus, all our advisers hold the necessary qualifications to provide mortgage advice known as CeMap exams and have ongoing annual training to ensure they are up to speed with any new products and developments in the market.
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