What is a mortgage broker?
A mortgage broker is an individual or company that helps people to search, find and then apply for a mortgage. Brokers are registered professionals with the Financial Conduct Authority who have permission to carry out and provide mortgage advice.
Mortgage brokers come in all shapes and sizes from sole operators working from home to large corporations who have many brokers working for the same company dealing with hundreds and thousands of clients. Brokers either charge a fee for their service and may also collect a fee from the lender as commission.
How do I find a mortgage broker?
Here at Lending Expert we have our prefered choice brokers who we trust and work with very closely on behalf of our clients. Another source of a good broker may be from word of mouth from a family member or friend who have recently used a mortgage broker and who have received a good service and we’re happy with the advice given. Also many estate agents either have their own in-house broker or will refer you to a broker they have a connection with locally.
When should I start looking for a broker?
If you are house hunting then it’s always a good idea to speak to a mortgage broker well in-advance. A broker will be able to give you an idea of how much you can borrow and you’ll also get an idea of the cost of borrowing and your options. They will also disuss with you and explain about the available mortgage products and any deals that may be available. You’ll need to provide the broker with information regarding your deposit, and they will ask you questions about affordability, income and employment.
What are the alternatives when needing a mortgage?
You can find and compare mortgage deals yourself and then apply direct with the lender of your choice. Or, you could simply walk into your favourite bank and speak to them about getting a mortgage. There is no need to use a broker if you feel confident that you can find the best deal yourself or if you’re happy using your local bank or building society.
We recommend getting some professional advice as it is well worth the extra efford and cost to ensure you’re getting the best deal when making such a large financial committment such as a mortgage. A mistake in choosing the wrong lender or product could cost you thousands over the long term.
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