Why use a mortgage broker?

published on 06/12/2016  


A professional mortgage broker can provide a level of service that a borrower cannot obtain direct from a lender and certainly not from a comparison site.

The key issue is advice. For those who want to take out the biggest loan they are ever likely to have without obtaining any kind of advice then the internet has a wealth of information. However, the cheapest product does not take into account your personal requirements and future flexibilities that may be required.

Therefore first time buyers, who may need a hand to hold throughout the process, should always look to obtain proper advice. For those who are generally time poor, or need to move quickly, the service a broker provides can take the pain and hassle out of the process and can ensure that deadlines are met. 

An expert broker will be able to look at 1,000’s of mortgage products on the market as well as some that are only available through the mortgage broking market. A lender can only talk about their own products and many will not provide perhaps the most important bit: advice!

A mortgage is the largest commitment that most people will ever make and to do this without taking full advice and comparing all the options available is a risky game. A small fee paid to a broker can still save thousands of pounds over the term of a mortgage or avoid costly penalties in the future.

Service is also key. Securing the property of your dreams often means moving quickly and many larger brokers have access to the underwriters themselves to discuss any complexities with a particular case from the very beginning. Completing the mortgage application, liaising with the lender, surveyor, estate agent, and solicitor to ensure deadlines are hit are all part of the brokers service. Knowing which lenders are able to proceed quickly and which ones have a paperwork backlog can be the difference to actually getting the property you want or losing out.

There is also the aftercare service; not only looking at how clients can ensure they are able to both repay the loan and protect their new home, but advising them each time their product comes up for renewal or their circumstances change mid-term.

Please feel free to chat to one of our brokers at Chancery about your personal requirements.