Mortgage broker
Is it best to use a mortgage broker?
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Sometimes the best course of action is to let the professionals get on with the job. Often they will do the job in a quarter of the time, and it usually works out cheaper in the long run.
This received wisdom holds true for finding the right mortgage. Mortgage brokers can take the stressful legwork out of finding the best mortgage. Unlike you and I, locating the best deal is a mortgage broker's meat and two veg. So when it comes to the biggest purchase of your life - a new home - it makes eminent sense to deploy the experience and knowledge of a mortgage broker.
Having access to literally thousands of mortgage deals, a mortgage broker will use their inside knowledge to zero in on the mortgage that's the best fit for your personal needs. Because of their expertise, a mortgage broker will be able to locate exactly the right mortgage faster and more efficiently than the vast majority of us would be able to do on our own. Chances are a broker will have heard of mortgage packages the average punter would never get to hear about, let alone stumble across by accident.
Their working relationship with mortgage providers also means brokers are often able to negotiate more attractive deals than a member of the public. Depending on which broker you use, most will charge a fee for their services, others may offer to find a mortgage for free and receive a sales commission from the lender.
All in all, a mortgage broker could well save you not only days of dreary mortgage shopping, but hard cash too.
A word of warning. Just because mortgage brokers apparently grow on trees, it does not follow that they're all fruit. A bit of research is required to reveal the true extent of their independence. Find out who they are, how much they charge, what services the will provide for their fee, and what their relationship is with any company they recommend.
Mortgage brokers as financial intermediaries are regulated by the Financial Services Authority but are not necessarily by dint of this fact mortgage experts. Any independent financial advisor can call themselves a mortgage broker. All are obliged to furnish the best advice possible, but this could either be from across the whole market or a pre-selected group of companies they legitimately believe offer the best value.
Other mortgage brokers may be tied agents and only able to sell products from the company that retains them.
Estate agents, solicitors and accountants also offer mortgage broking services. In reality what is on offer most of the time are deals that are easy for them to set up and that pay the most commission.
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