Question 1

Is it worth paying for a mortgage broker?

Accepted Answer

A mortgage is one of the biggest financial commitments, if not the biggest financial commitment you could make. To work with a mortgage broker not only provides you with peace of mind that somebody is sourcing the most suitable mortgage for you, but it also takes the pressure, time and effort off of you. This is even more important when purchasing, since buying a house and managing communication with an estate agent and solicitor is time consuming enough, so in our opinion having a mortgage broker to support with the mortgage can be invaluable.

Question 2

Is it good to talk to a mortgage broker?

Accepted Answer

It can be good to talk to a mortgage broker as a mortgage broker can support in so many ways for your purchase and re-mortgage. As our lives grow more and more hectic, speaking with a mortgage broker can take a huge weight off your shoulders and allows you to get on with your day knowing that a qualified mortgage broker is sourcing you the most suitable mortgage deal for you. They can also help you understand how much you could afford to borrow, how much the monthly payments are, and they can answer any questions that you may have along the journey.

Question 3

Is it better to use a mortgage broker or bank?

Accepted Answer

It can be better to use a mortgage broker over a bank, since a mortgage broker has access to lots of mortgage lenders and building societies, including the top high street banks. You can visit your bank directly, however you will be limited to the mortgage products available directly with that bank. They are not in a position to discuss other mortgage products with you, so you will see a limited view of options. A mortgage broker can compare options available across many of the high street banks, as well as the smaller building societies or specialist lenders. You don't need to have your mortgage with the same bank that you do your everyday banking with.

Question 4

Are mortgages more expensive through a broker?

Accepted Answer

An independent mortgage broker will have access to a comprehensive amount of mortgage lenders and building societies. This means that they are able to compare all of the mortgage lenders and mortgage products against each other, carry out any research on your criteria needs, and source the most cost effective mortgage product for you. There may be a mortgage broker application fee to pay, however the mortgage products that they are able to source can sometimes be &quotbroker exclusive&quot, providing potential cost savings for you. Mortgage brokers are also informed of upcoming mortgage product changes, so you can be better informed about any potential rate increases or decreases, and take advantage of securing a rate as soon as possible via your mortgage broker.

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