What are the advantages of using a mortgage broker?

adobestock_98922171.jpegFirst and foremost, using a mortgage broker will take the leg work out of looking for a mortgage; they’ll search the market and compare the different deals that are available to you, looking at not only the interest rates on offer but other charges such as booking fees. These may affect the overall cost of your mortgage. 

When a mortgage broker makes a product recommendation to a client, he or she gives financial advice. This means that mortgage brokers must have qualifications in order to operate within their field - and that they have a duty of care to their clients to give the best advice possible. 

If you take out a mortgage via a broker and it later transpires that you’ve done so based on incorrect information or an error, you’ll have recourse to complain and seek compensation. 

That’s unlikely to be the case if you take out a mortgage without seeking advice and later decide it wasn’t the right deal for you. 

Some mortgage brokers - particularly those who are experienced - may also have contacts at different banks and building societies that will help to ensure your mortgage application is processed smoothly and efficiently. 

Finally, a good mortgage broker should be able to help you with making other financial decisions that are often associated with moving home. You might find they can recommend an appropriate life insurance policy for you, or find you a good deal on buildings insurance.