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What is a Mortgage Broker?

When purchasing a property and applying for a mortgage, a mortgage broker can be there to support you by helping to save you time and money on your purchase. The main aim of a mortgage broker is to use their knowledge and expertise to find a fantastic deal that you may not get by going it alone.

What can I expect from a Mortgage Broker?

A mortgage broker will aim to advise you on which mortgage deal may be the best for you, at the same time as helping to develop your knowledge and understanding of how mortgages work, to ensure that all parties concerned are happy with the mortgage that is agreed. They will provide expert advice on different types of mortgages available, taking into consideration the rates and lengths of the deal, finding a perfect balance to suit you.

There are three main categories that mortgage brokers can fall into, including those who are tied to a single lender, those who can recommend mortgages from a selection of lenders and also independent brokers that have no ties to any lenders.

After deciding upon the right mortgage broker for you, they will begin to collate information associated to your mortgage application, in order to tailor it to achieve the best rate possible for you. The broker then submits the application, liaising with both you and the lender to see the process through.

Fee-free mortgage brokers

Despite being labelled otherwise, fee-free mortgage brokers do receive a fee for the process; however the fee is from the lender rather than the actual borrower. Using a fee-free mortgage broker can be a way of ensuring that you save money where you can, without the need for extra costs in a process that is already expensive enough.

The key things to remember

  • First and foremost, mortgage brokers can help you to save time, effort and money, without the need for a lengthy and exhausting process.
  • Not only does a mortgage broker help to guide you through an unfamiliar process, but they can also be key to securing the best deal possible for you, of which you may not have been able to get by going directly to the lender.
  • Mortgage brokers have fantastic knowledge and experience that can be put to great use when searching for your mortgage deal. Having an expert by your side throughout the process can really lift the weight off of your shoulders, allowing you to make a better judgement on which deal is best for you, alongside the expert advice from the broker.

Speak to an Advisor

If you've had an offer accepted, or if you're remortgaging, you can speak to one of our advisors now on 0800 xxx xxxx, or request a call back:

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