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Mortgage Brokers

So why would anyone use a mortgage broker?

Why should anybody use a Mortgage Broker when they can walk into any number of lenders on the high street? Most UK high streets are dominated by banks and building societies offering mortgage products…..(but only their own)!!!

· Why waste your time and effort going from lender to lender to find the best deal when someone else will do it for you?

· Why check the products from a handful of lenders when a whole of market broker can search hundreds companies to find you the best deal?

· Most brokers will visit you in the comfort of your own home and at a time that suits you.

· There are plenty of mortgage brokers who don’t charge you a fee as they take a commission from the lender, so there’s no cost to you and they may save you money. (Strawberry Mortgages donate 10% of their commission to the charity of your choice).

A mortgage broker is basically an adviser with specialist knowledge of the mortgage market -another link in the chain so to speak. But, isn’t it always cheaper to remove the middleman from any deal? Well actually, this is often not the case because, amongst other things, mortgage brokers can often offer deals not available from contacting the lender directly.

The mortgage market nowadays is a very complicated place for many borrowers, in days gone by, the biggest decision facing those looking for a mortgage would be whether they want a fixed or variable rate product. Nowadays the options include, current account mortgages, offset mortgages, self certification etc and if that’s not complicated enough, each lenders products have differing levels of flexibility built into them, underpayments, overpayments, payment holidays etc. Making sense of all the different options and working out which is best for you is where your mortgage broker come in.

When you first meet with your broker, be as prepared as possible in order to get the maximum benefit. Make sure you have any information to hand that you think you may need and try to pin down exactly what features you would like from your mortgage during that meeting. The broker will need to know plenty of information about your circumstances if they are to find you a truly suitable product, personal, sensitive and financial information about the past, present and any future plans you may have are often needed to fully understand your circumstances in relation to your mortgage requirements.

External Links

Ethical Mortgage Broker | Mortgage Broker UK

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Strawberry Mortgages
Strawberry Mortgages

Contributed by strawberry on March 19, 2008, at 9:55 AM UTC.

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This intel was contributed by strawberry

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