Why use a mortgage broker?

17 Apr Why use a mortgage broker?

As popular mortgage advisers in Ascot and the surrounding areas, we often get asked the question “why should I use a mortgage broker?” It’s a tricky one to answer quickly. Everyone thinks that with enough research they can find a deal which suits them and, in some cases this can be true. Then again if you do enough research you can learn how to build a car – however, it’s hard work, time-consuming and, if you get it wrong it can be costly.

So we thought we’d take a look at some of the main reasons you should get in touch with us if you are looking to buy a new home or remortgage.

Using a mortgage broker 

A mortgage broker will take much of the hard work out of finding the best deals to fit your circumstances. We search the market and compare all the available deal – we don’t just look at the interest rates but look at the ‘true cost’ of the mortgage to make sure you are getting the most appropriate deal.

When we recommend a deal, we do so using our know how and qualifications – we have to go through a stringent set of regulations and rules to enable us to operate in the financial industry and we have a duty of care over our clients to give the best possible advice.

It hasn’t always been this way and businesses like ours are working hard to undo the damage that has been done to our reputation in the past. If you have taken out a mortgage with a broker and it transpires that you have been misinformed or mis-sold anything you can complain to the governing body. Obviously we don’t want this so we ensure that we operate to the highest levels of integrity.

A really good mortgage broker will even be able to help you with other decisions around your finances such as life insurance and income protection – often making the process of moving home that little less stressful.

Things to look out for

Some brokers might not to ‘whole market’ searches and comparisons due to an agreement with a specific provider or panel of providers. This means that they won’t be looking at the whole market and even if there is a great deal for you, they won’t be able to recommend it.

There are some deals available which are kept away from brokers and are often only available to existing customers of certain lenders. These are often called ‘direct only’ deals – brokers are unable to advise on these products. So make sure you ask how much of the market your chosen broker can access.

It is also wise to check how your mortgage broker will be paid. Often a broker will be paid through commission from the lender and others may charge you for their services – make sure you clarify what happens before you agree to anything. Brokers who offer you a choice of payment are often classified as ‘independent’.

All of this will be explained in a document your broker should provide you called the Key Facts Illustration (KFI) – always check before signing anything.

Get in touch

If you are looking for mortgage advisers in Slough and the surrounding areas and wider Berkshire, make sure you give us a call on 01753 439000 or email us. You can also follow us on Facebook, Twitter and LinkedIn for all the latest news.

photo credit: Romolo Tavani