Using a mortgage broker is one of the most effective ways of accessing the right mortgage deal for you. Whether you’re buying your first home, remortgaging your current property, or moving house, a broker will compare dozens of deals before highlighting the most suitable one for you. They’ll also take your finances into account to offer a personalised service based on your income, savings and credit rating.
If you’ve never used a mortgage broker before, it can be difficult to decide who to turn to. Here are just a few things to think about:
Where can I find a mortgage broker?
There are a few ways to find a mortgage broker:
Local independent brokers
A local independent broker can be particularly useful if you want the help of someone you can meet face-to-face. Some brokers will even visit you at home, so if this is a service you’d appreciate, be sure to ask if this is an option. However, there are also independent brokers who, although they don’t work exclusively online, will be more than happy to converse with you via email and over the phone.
Your estate agent
Estate agents tend to have an in-house broker who they recommend to prospective buyers in need of mortgage help. For some, this can seem like the most straightforward option, but if the broker in question only compares deals from a modest number of lenders, you may miss out on the best rates and benefits.
Also, don’t let your estate agent pressure you into using their own mortgage broker. In a recent investigation by Which, 27% of agents said that using their in-house mortgage broker would make a difference to the property purchase. One agent even told the buyer that using the in-house broker would help them secure a lower price.
Online brokers
An online broker can be beneficial if you aren’t interested in meeting your broker face-to-face and you’re happy to discuss the entire process via online chat.
How do I decide which mortgage broker is best for me?
Before selecting your broker, identify your key priorities and consider how you’d like to communicate with your broker. While online brokers are ideal for those looking for a chat-based service, independent brokers are often flexible to your needs, offering you face-to-face meetings, phone calls and email communication depending on your situation.
It’s important that you trust your mortgage broker and you feel comfortable sharing private financial details with them and asking questions.
It’s also crucial that you use a broker who is fully qualified and regulated by the Financial Conduct Authority before you part with your personal information.
If you’d like to find out how TaylorMade can help you get a new mortgage deal or remortgage your property, please get in touch with our team today.
