Why you should consider using a mortgage broker and advisor

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Whether you're looking to get on the housing ladder for the first time, seeking somewhere new to live or trying to purchase a property to let, buying a home can be an exciting yet somewhat daunting experience. There can be lots of jargon to interpret and paperwork that needs completing so if you're unsure of the process, you can be left feeling a little lost! 

A mortgage broker is a licensed and regulated professional who works as an intermediary for mortgage lenders and individuals wishing to get a mortgage. They are regulated by the Financial Conduct Authority (FCA) and require specific qualifications to work in the industry. They will look at your financial situation and provide information on the best lenders and deals to suit your circumstances then get your mortgage approved. Using a mortgage broker can definitely help to make things run smoothly from start to finish.

Here are some of the reasons why you should consider using a mortgage broker and advisor for your home purchase...

They could save you time and money

We don't all know where to look for the best mortgage providers and rates or have the time to do so around our busy schedules. This is something a broker can assist with. They will know, and understand the market well, so whilst you're busy at work they can crack on behind the scenes to provide a selection of mortgages for you to consider. Using a mortgage broker can potentially result in getting a better mortgage deal than if you'd gone directly to a lender yourself which in turn could save you a lot of money, especially as some lenders work exclusively with brokers too.

They provide professional advice

After potentially finding a variety of mortgage deals for you, a mortgage broker will be able to go through these thoroughly and discuss the pros and cons of each in detail. They will take the stress out of the decision making by ensuring everything is clear and straightforward for you to understand. A mortgage broker will explain the different types of mortgages (this may include tracker, offset and standard variable-rate mortgages), the fees involved and suggest which would be the best option for your personal situation and why.

They do the admin

Mortgage brokers will know which lenders require what information and documentation from you enabling them to gather everything required for your mortgage application at once - preventing you from going back and forth with requests and causing unnecessary delays. A broker will fill in the paperwork for you or with you, which again prevents any issues or errors from occurring, and it's likely that they have dedicated contacts within each mortgage lending team so that they can process things quickly, get updates and chase anything up with ease. 

Have you used a mortgage broker before?