Many homeowners steer clear of brokers in their search to secure a mortgage deal. And more often than not, it’s because they are put off by the associated costs.
Here, I will be explaining some of the benefits of using a mortgage broker instead of going directly to your bank or other high street lenders.
Wide Range of Lenders
Having connections with such a huge pool of providers means that they can assess and compare the most competitive mortgage products and deals available, with your specific circumstances and needs in mind.
What’s more, working with a reputable broker means that you have access to the most up to date deals, as soon as they become available.
Access to Specialist Lenders
If you find yourself in a difficult or unique situation, for example, you have a history of adverse credit or are seeking a mortgage on a unique property type, the chances are your bank or building society won’t give you the time of day.
Whole-of-market brokers have access to hundreds of specialist mortgage providers covering almost every niche you can think of, even for those who’ve suffered severe cases of bad credit.
This means that, even if you’ve been declined a mortgage previously, a broker will not only be able to seek out willing lenders, they will also identify the one with the best rates given your circumstances.
Unless you have in-depth knowledge and experience in the field, knowing where and how to start your mortgage hunt can be very overwhelming; this is where a broker can be invaluable.
Brokers can explain to what deals are available, discuss the pros and cons of each, and advise you on what they feel the most appropriate option is for you. They are also useful in steering you away from lenders with sneaky payment terms buried within their mortgage contracts.
Last but not least, convenience. Seeking out and applying for a mortgage is a laborious process if you do it alone, but working with a broker means that you will save a huge amount of time and legwork.
Rather than conducting your own research and filling in application after application, working with a broker means that, typically, you only need to provide your information to them once and they’ll take it from there.