A mortgage broker is a professional with training and experience in finding the best mortgage deals for their clients. They have a strong understanding of how mortgages work, and an extensive knowledge of the mortgage marketplace. This combined expertise puts them in the position to recommend the mortgage deals most suited to clients' specific needs and personal circumstances.
Often the decision to work with a mortgage broker is made because people do not want the hassle of trawling the marketplace for themselves, nor to be alone amongst all the jargon and tiny variations between confusing mortgage products. A broker is someone fighting in your corner who can break down complicated concepts, clarify complicated terms, and present mortgage deals to you in language that you can best engage with.
There are many key benefits to working with a broker:
They cut through the noise: previous experience means a broker will recognise which deals will not suit your needs, allowing these can be taken off the table early. They will also know where to look for the most suitable deals, not just which ones to avoid.
They help you to avoid common pitfalls: with lots of numbers and percentages floating around, a mortgage deal can very easily look competitive despite having expensive fees or conditions hidden away. A broker will help you spot these, and will give you a clear idea of costs.
They can save you money: although you may have to pay fees or a commission to work with a broker, this upfront cost is very likely to be smaller than the savings you could make by taking out a mortgage with more favourable terms than you would have found otherwise. People often baulk at the initial outlay associated with a mortgage broker, but bear in mind the longer term financial implications.
They lower your chance of rejection: experience with many previous mortgage applications and a good understanding of what different lenders look for mean that a broker can give you the best chance of succeeding. Applications can be rejected for frustratingly minor reasons, and a broker will make sure these are addressed before submission.
They give you access to a broader swathe of the market: some mortgage products and even entire lenders are only available if you work with a broker. The opportunity to open yourself up to the widest range of deals should not be sniffed at.
You have legal recourse: a broker has a duty of care enshrined in law to recommend a mortgage best suited to you. If their advice turns out to be flawed, you can claim compensation. This is much more difficult if you apply for a mortgage yourself and later find out it is too expensive.
A good mortgage broker will demonstrate their worth time and time again through the mortgage application process, and will put your mind at rest.