Why use a mortgage broker?


Applying for a mortgage can be a complicated process, especially if you are self employed or your circumstances mean the mortgage application may not be straight forward.

Many people today use the internet and are more than competent to apply for a mortgage themselves online, which is absolutely fine. However, unless you are someone that is willing to search through all lender’s websites to find the best deal, most people will just go to their own bank to apply for a mortgage for ease. But doing this could cost you thousands of pounds! When it comes to insurance, the majority of people shop around for the best deal – so why wouldn’t you do that with your mortgage? Finding the wrong deal could cost you a lot of money!

Mortgage brokers have access to many, many lenders (some you may have never even heard of) and also a lot of brokers have access to exclusive deals that you wouldn’t be able to obtain yourself. In fact, some lenders are only accessible via a broker, particularly if you are looking at a BTL mortgage.

Finding the best deal isn’t the only reason to use a broker. Mortgage applications are getting more and more complicated and long winded. Lenders today want to know everything about you before they decide to lend you the money. Doing this yourself could mean many hours sat in front of a computer trying to complete the application and the long list of requirements the lender will give you. Brokers do all this for you! Not only that, as they use the lender’s systems day in, day out, they are quicker at completing the application too. Not only that, any good broker will chase the lenders regularly and will keep you updated with the progress, so that you don’t have to spend your own time completing applications and forms, and let’s face it, all of the mundane work that applying for a mortgage involves.

Criteria is also a major factor when applying for a mortgage. Each lender has a different list of requirements and each lender will set their own criteria that they are comfortable with when deciding whether to lend you money. It’s all well and good finding the cheapest deal, but if your circumstances mean that the lender that is the cheapest doesn’t fit to your circumstances, you have to go back to the drawing board and find another lender and go through the process again. Brokers can search for lenders that fit your circumstances and would consider lending based on your situation and then can choose the cheapest deal from that list, which again saves time and numerous applications!

But most brokers charge, you may be saying to yourself. Well, the good news is at Else Mortgages we don’t charge for our advice, so you can have the benefit of using a broker, that will find the best deal available for your circumstances and will also do all of the application processing and chasing, saving you not only time, but a lot of money in the process.

If you want to save, time, money and the hassle of searching for the right mortgage, then get in touch and we will be more than happy to help.