5 reasons to use a Mortgage Broker

There are many reasons to use an adviser rather than finding a mortgage by yourself. We have put together the top 5 reasons below:

1) Save you money : Mortgage advisers have access to thousands of deals and can search a comprehensive range of products from across the market. They often have access to deals you can’t get direct, even if you bank with them! Some smaller lenders don’t offer deals direct to customers and you need to access them via a broker. Lenders also change their deals regularly, the most suitable deals this week will probably not be the most suitable deals next week. An adviser will make sure you are getting the most suitable deal possible on the day of applying. Mortgage advisers will also let you know if the bank releases lower deals during the buying process – so you often can swap onto a cheaper rate before completion

2) Save you time : A mortgage adviser will do all the work for you, no waiting 2 weeks for a telephone appointment, filling in long-winded applications or waiting on hold for hours to try to get an update. Advisers can search the market quickly for you, deal with all necessary paperwork keeping you updated along the way. Advisers also have access to dedicated support lines and managers with each bank to hurry things along/resolve any issues that may arise.

3) Expertise : Mortgage advisers are experts in their field, they need to be certified in the UK and have passed a range of exams and training. Advisers deal with lenders on a daily basis and know the criteria; they will know which lenders are likely to accept and which may reject. They will help you get it right first time to avoid any risk to the purchase falling through.

4) Guidance through the whole process : Your mortgage adviser works for you and will be there from your first phone call to beyond completion answering any questions you may have and liaising with the lender, estate agents and solicitors to make sure the process is as smooth as possible. Your mortgage adviser will be there to help if anything does goes wrong, for example you may lose your buyer and need to extend the mortgage offer or apply for different mortgage due to an unforeseen legal issue, there may be an issue with the survey and need to arrange further checks, negotiate a new price or use a new lender. Your adviser will be ready to step in and help in all these situations.

5) They make sure you are protected : Your adviser will also make sure you are protected if anything goes wrong after completion. They are usually experts in insurance and protection and will advise you on the best policies to take out to make sure your family, home and income is protected should the worst happen.