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A mortgage broker finds lenders who will meet your needs for a mortgage. They do this by giving you advice and recommending the best mortgages for you. They will then complete your mortgage application. Mortgage brokers are regulated by the Financial Conduct Authority and need to reach specific qualifications to be a mortgage broker.
Mortgage brokers should only recommend mortgages that are relevant to your requirements and must be qualified to give mortgage advice. They will be able to access deals that aren’t available to the public, so you can save money, and have a lot of knowledge about which lenders are most likely to accept your application. Working with a broker takes out a lot of the paperwork of applying for a mortgage. If you find later on that your mortgage is wrong, you might be able to claim against them too.
You’re Protected If The Mortgage Advice Was Wrong
When you get advice, the mortgage broker must recommend a suitable mortgage for you, and be able to justify why that mortgage is the correct choice. If the advice turns out to be bad, you can complain and get compensation.
A Mortgage Broker Is Qualified To Find You The Right Mortgage
Mortgage brokers must be able to achieve a mortgage advice qualification, which is required by the FCA before they can give advice.
You Will Have A Wider Choice Of Mortgages
With a mortgage broker, you have access to more mortgages than you would as a consumer. This is because there are mortgage lenders who only lend through brokers and a lot of lenders who create mortgages only available through a broker.
Mortgage Brokers Match Lenders To Your Situation
Brokers have a lot of knowledge about lenders, so they know who will provide mortgages for different circumstances and situations. For example, some lenders won’t accept properties with thatched roofs. Others won’t accept settled CCJs and some have different criteria for people who are self-employed or who are still in a probationary period at work.
A broker can also help you if you need to buy a property more quickly than the more traditional mortgage process would allow you to, or if you want to build a home yourself.
If you are, or plan to be, a buy-to-let landlord, then a mortgage broker can find the lenders that accept portfolios of various sizes and houses for multiple occupation.
They Make It Easier To Find And Complete A Mortgage
Finding and completing a mortgage is very stressful. If you work with a mortgage broker, they can free you from a lot of administration, paperwork, and handling of the lender, taking on a lot of the stress. They will know exactly what each lender will need from you at which stage of the application, so you don’t have to spend as much time going back and forth with different requests for information. Mortgage brokers also usually have contacts with each mortgage lender, which means that they have a direct route to your lender to keep your application progressing.
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