The Benefits of a Mortgage Broker
Mortgages are the biggest financial commitment most of us will ever make, but they can be complicated. And with thousands of products available it’s not easy to find the right deal for your needs. We asked mortgage expert and West of Scotland broker, Dougie McGill from Mortgage Sense Matters, why using a mortgage broker would benefit prospective buyers, particularly during such a difficult time to find a good deal.
“The purpose of a professional mortgage brokers is that they help you to get the most suitable and competitive mortgage for your circumstances and smooth the path to an offer, making the process as hassle-free and quick as possible.” Says Dougie.
Here’s ten reasons why Dougie says you should consider using a broker to help you navigate the mortgage maze.
- Whole of market advice: A mortgage broker searches for the right mortgage for your circumstances from across the market not just one lender.
- Fully qualified and regulated: Brokers need professional qualifications to give mortgage advice and they work under statutory regulation by the Financial Conduct Authority.
- Access to exclusive products: Brokers can access mortgages that may not be available to you directly. Some lenders only offer their products through brokers and don’t deal directly with the public.
- Market knowledge: It’s one thing finding the most competitive mortgage product, but that’s only half the story. A broker knows which mortgages you’ll be able to access and which lenders will reject your application. They help you get it right first time.
- Fee or fee-free: Most lenders pay brokers a percentage of the loan amount, called a procuration fee, when the mortgage completes. This essentially acts as commission to your broker for introducing you as a customer to the bank/lender that provides you a mortgage. Some brokers may also charge for giving advice or arranging the mortgage and the cost does vary. Brokers will provide you with their terms of business, normally at the first point of contact, which will set out their fees and when they are payable so that you can make an informed decision.
- Hassle-free process: A broker does the legwork for you, taking away the stress, helping you to fill out the forms and preparing your case and liaising with solicitors if required.
- Specialist needs: If you’re self-employed, have seasonal income or a history of bad credit, you may find it difficult to get a mortgage on the high street. A broker has access to a wider range of specialist lenders and experience in helping those excluded from the mainstream market.
- Open all hours: Brokers frequently make themselves available to you at your convenience – evenings, weekends or in your lunch hour.
- Wider financial advice: Brokers often specialise in other areas of financial services, which means they can take a wider look at your personal finances, rather than just dealing with your mortgage, such as building cover.
- Loyal to you: If your circumstances change, your mortgage broker is there to help you review your options, and they normally contact you well in advance of your deal ending to see if they can get you a better mortgage.
For more information or to find the mortgage that suits you feel free to Dougie from Mortgage Sense Matters: Dougie@ms-m.co.uk.