What is a Mortgage Broker?

If you’re a first time buyer seeking mortgage advice, you may be wondering whether to contact a mortgage broker or go directly to a bank. In this article, we’ll outline the advantages and disadvantages of both

Mortgage brokers Vs mortgage bankers

If you go directly to a bank or building society for your mortgage, you won’t need to pay a broker fee, which can save you money.

Additionally, some lenders offer exclusive mortgage products that are only available directly through them. These products are available to both consumers and brokers, but the lender can turn them on and off as they please and sometimes, these exclusive products are only available through mortgage brokers.

Waiting weeks for an appointment is not uncommon when going directly to a bank or building society, which can be inconvenient if you have just had your offer accepted on a house. However, we offer a same-day mortgage service and will connect you with a qualified mortgage advisor as soon as possible.

Finding you the best deal

While it’s easy to find a competitive mortgage online, the challenge lies in finding a lender whose criteria and mortgage features match your circumstances. Additionally, it’s important to note that deals with the lowest rates often come with high arrangement fees.

Affordability is also a crucial factor to consider, as a lender’s deal may not be worthwhile if they won’t lend you enough. Given the significance of purchasing a house, many individuals opt for the mortgage broker route.

It’s important to see the bigger picture with your mortgage, people can often struggle with this. Using a mortgage broker service, like ours, and paying a small fee can often save you thousands of pounds over the duration of the mortgage as you’ll most likely end up with a better deal.

Experience and expertise

Mortgage applications today can be complicated due to various factors such as poor credit history, self-employed income, mixed deposit sources, let-to-buy situations, contract workers, zero-hours contracts, and affordability.

In the past, lenders differentiated themselves by offering better deals, but now, they stand out with their lending criteria. Some lenders are more lenient with self-employed applicants or those with past credit issues.

We understand that every situation is unique, and we use our experience to recommend the most suitable mortgage with the lowest rate possible. We also offer additional services such as helping you with property offers and recommending professional services like solicitors and different types of surveys and protection.

Responsive service

As a mortgage broker, we are highly responsive to our clients and flexible with appointment scheduling. We go beyond regular business hours and even offer weekend availability, distinguishing ourselves from banks and building societies with more limited schedules.

We also understand that people are busy and want to make the mortgage application process as stress-free as possible. Many of our clients appreciate having a knowledgeable expert to handle the entire transaction and provide a personal touch throughout the process.

Written by
Malcolm Davidson
Managing Director of UK Moneyman Ltd.
MAQ & CeRER Qualified

21st March 2024

About the Author

Malcolm Davidson

Managing Director of UK Moneyman LTD

Malcolm is one of the UK’s most well-known and respected Mortgage Advisors. He is passionate about providing a 5* customer experience and he has also trained and mentored dozens of fellow Advisors in a career that is now in its third decade.

In addition to his day to day duties as Managing Director, Malcolm still gives out mortgage advice and feels lucky that his job is also very much his hobby.

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