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Are Mortgage Brokers Really Necessary?

Whether you’re a first-time buyer or looking to remortgage your property, getting a good mortgage deal is probably top on your list of priorities.

You could lose hours scrolling through comparison sites, frantically searching for the best lenders’ deals, and trying to find your latest payslips. Or you could do the sensible thing and get a professional’s help.  

In this quick read, we look at why a mortgage broker could help you buy your dream home while saving you time and hassle.

Help with your budget

There are plenty of online tools that can tell you what you can afford and how much you’ll be paying every month when you get a mortgage. But there’s nothing like speaking to someone who lives and breathes mortgage deals to really understand your budget.

Mortgage brokers are financial advisers, so they can break down your monthly costs and explore your outgoings in detail. Their advice could help save you money, reduce those (unwelcome) costs you may not have accounted for, and provide bespoke advice to suit your individual financial situation.

Explain the ins and outs

There are many different mortgage variations and lots of jargon that can get confusing. From variable to fixed, tracker rates, early repayment penalties… use a broker’s knowledge to your advantage and get them to explain what everything means.

Mortgage Brokers do the hard work

Getting a mortgage isn’t always a straightforward process. Lenders need lots of information, which can be overwhelming alongside your other responsibilities, such as work and family.

A mortgage broker does the hard work for you. They’ll probably ask for all your essential paperwork (such as identification, proof of address, payslips and so on) ahead of time so they can get on with the application on your behalf.

Access to more deals

Brokers not only have access to the usual banks but also to more specialist lenders, or to those that may not be easy to find through a Google search. They have years of experience working with lenders and could even be able to negotiate a better deal on your behalf.

In a volatile mortgage market, a broker’s help could make a real difference to the amount you pay per month.

Less chance of rejection

Mortgage brokers will start by understanding your financial situation (an absolute must if you’re self-employed or have an unusual credit history). By doing this, they’ll be able to present your information in a way that helps a lender assess the risk you pose as a borrower and hopefully get you approved for a deal that may have otherwise been unlikely.

And if the worst happens and you’re not approved for a loan, they may be able to suggest other lenders that could look at your situation more favourably.

If we can help in any way do get in touch with us.

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