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Why Use A Mortgage Broker? Here’s 7 Reasons

MORTGAGES | 22.06.2022

When looking for a mortgage, the first thing you may think about is whether you should use a mortgage broker, or go directly to the lender. A mortgage broker is an expert who acts as an intermediary between you and the mortgage lender. Using a mortgage broker is becoming increasingly popular as the market gets more competitive and there are several advantages of using a broker.

 

We’ve put together a list of reasons you may want to consider using a mortgage broker. 

Whole of market access

A good mortgage broker will have extensive knowledge of the current mortgage marketplace. The main advantage of using a broker is that they will have access to deals from across the market as they are independent of lenders. In contrast, when going directly to a lender for a mortgage, you’ll be limited to the lender's own deals, which may not be the most suitable for your particular set of circumstances.

Detailed market knowledge

It’s one thing to find the most competitive rate, but that’s only half the process. A broker will know which mortgage detail is best for you, which deals you'll be able to access, and which lenders are likely to reject your application. This will help you to get it right first time, making for a quicker and easier process. 

Save Money 

Securing a low-interest rate can save you a huge amount of money over the full term of your mortgage. With so many lenders on the market, find the lowest rate whilst ensuring you meet a lender's criteria. A mortgage broker will do this for you. 

Peace of mind 

In the UK, all mortgage brokers must be certified, so you can be sure any legitimate professional you speak to is suitably qualified. They also have a duty of care to their customers meaning they are there to represent you as opposed to the lender. These two things together mean you have an expert in the field who will do their best to find you the best deals, and give you the best advice. 

Specialist needs 

If you’re self-employed, have a history of bad credit or seasonal income you may find it difficult to get a mortgage without using a mortgage broker. A broker has access to a wider range of specialist lenders and will have experience helping those not typically accepted in the mainstream market. 

Hassle-free 

Getting a mortgage and buying a home can be a complicated and stressful process, especially if this is your first time looking for a mortgage. Using a mortgage broker means they do all the legwork for you, taking care of the paperwork and liaising with lenders and solicitors, if and when required. You can rest assured that you have an expert on your side who will make sure everything runs smoothly. 

Help with other essentials 

When taking out a mortgage, it’s highly recommended that you get insurance to protect you should anything happen. A mortgage broker can typically give you advice on which products are best for you, as well as help you with any subsequent applications.    Here at Taylormade Finance, our aim is to design a specific mortgage solution to meet each client’s needs. Our aim is to take the stress away so you can enjoy the process from start to finish. If you’re looking to buy a home, speak to a member of our team to see how we can help you start your journey to purchasing your new home.   
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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

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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.