Why should I use a mortgage broker?

Whether you are a first-time buyer, a seasoned house mover or looking to remortgage, mortgage brokers or advisers can bring a wealth of knowledge and expertise to the process. A broker can steer you through each stage, taking care of the paperwork, so you get the product most suited to your circumstances, with a lender likely to approve your application.

A broker/adviser can add value to the process, especially if you are not up to date with what’s going on in the mortgage industry. They can also pinpoint the best products without you having to wade through thousands of deals to find the one that suits you best. Most mortgage brokers have access to a wide range of lenders so, they can search for the deal that best suits your circumstances. Different lenders have varying lending criteria to be met to get approval. Your mortgage broker will use their expertise to choose a lender who will most likely approve your application.

The best mortgage deal for you isn’t always the lowest interest rate. There are many additional factors that your mortgage broker may consider including different schemes available, fees payable and interest rates.

If you’re applying for a more complex mortgage, like a buy-to-let or raising money to consolidate debt, an adviser’s expertise can prove invaluable.  These types of mortgages have more criteria to meet. A good mortgage adviser will know which lenders will accept an application from someone with your circumstances.

If you decide to go it alone, it’s important to remember that every application you make is recorded on your credit history. Even more importantly, if an application is declined, it can affect your chances of being approved the next time you make an application.

Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority

Think carefully before securing other debts against your home

Your home may be repossessed if you do not keep up repayments on your mortgage