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Mortgage broker vs mortgage lender: Why use a mortgage broker?

MORTGAGES | 22.08.2021

Applying for a mortgage is a huge chapter of home life and it’s understandable that you want to explore all your options before making a decision. But searching the market every night is tedious and getting a mortgage with your bank or building society can mean missing out on the best mortgage rate for your circumstances. That’s where mortgage brokers like TaylorMade come in. Let’s explore why you should use a mortgage broker over a bank.

Benefits of using a mortgage broker

Using a mortgage broker can save you time, energy, and money. Here are some of the main benefits of applying for a mortgage with a mortgage broker: 
  • More likely to be accepted for a mortgage - thanks to their experience with a wide range of lenders, mortgage brokers can quickly find which mortgage deals you have a good chance of being approved for. 
  • Save you money - we search the market to find the lowest mortgage rate, taking into consideration any additional terms and fees that you might not have spotted.
  • Access to a wider range of mortgages - when getting a mortgage with your bank, you’re limiting yourself to their small range of products which might not be suitable for your situation. Mortgage brokers have a better understanding of what’s available to you from a wide variety of lenders, and even have access to exclusive rates and discounts.
  • Financial Assessment - mortgage brokers are qualified to assess your finances before recommending the ideal mortgage product for you. Each step is explained in detail, and if they feel an option isn’t suitable, they’ll be completely transparent with you and continue their search.
  • Avoid paperwork - mortgage brokers take care of any paperwork that comes with your mortgage application so that you can focus on getting ready for move-in day. You’ll just need to sign a couple of dotted lines and you’re good to go!

Is it cheaper to get a mortgage through a broker?

Even though you pay a fee for their services, it’s cheaper to get a mortgage through a broker in the long-run. This is because they have the experience to efficiently search the market to find the cheapest and most suitable mortgage, potentially saving you thousands. 

Is it easier to get a mortgage through a broker?

It’s easier to get a mortgage through a broker because they know exactly where to look to source a great mortgage product that you couldn’t easily find yourself, saving you a lot of time and stress. They also offer impartial advice, help with your forms, and chase up your mortgage application to ensure its processed smoothly with minimal delays. 

Should I use a mortgage broker or go direct to a bank?

So why use a mortgage broker instead of a bank? Not only do we have access to a wider range of mortgage products, we’re completely transparent about interest rates, fees, and borrowing criteria, helping you understand which mortgage deal will suit you and your finances best.  Looking to buy a home? Contact TaylorMade Finance today to benefit from our experience and expertise with the mortgage application process.
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If you're unsure and need some advice just give us a call, our expert team of advisers are available to help you choose the mortgage that is right for you.

0345 305 2540 info@taylormade-finance.co.uk

By clicking on the above link you will be leaving the regulated site of TaylorMade Finance Ltd. TaylorMade Finance Ltd is not responsible for the accuracy of the information contained within the linked site.

TaylorMade Finance Ltd is authorised and regulated by the Financial Conduct Authority.

Complaints:

In the event that you wish to complain, you can contact us by email, telephone or letter.

Our address for this is:
Complaints Officer, TaylorMade Finance Ltd, 4 Church Road, Urmston, Manchester, M41 9BU. Our email address is info@taylormade-finance.co.uk and our telephone number is 0161 776 1089. We will then investigate the issues raised and inform you of our findings. Should you be unhappy with the resolution to your complaint you may contact the Financial Ombudsman Service, who can be contacted at the following address: Financial Ombudsman Service, Exchange Tower, London, E14 9SR.

Email: complaint.info@financial-ombudsman.org.uk
Phone: 0800 0234 567

Your mortgage will be secured against your property.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Our fee for this service is 1.95% of the mortgage balance (minimum £1,295 to a maximum of £2,995 although reduced to maximum £1,995 without debt consolidation). Typically this will be £1,995.