If you’re thinking about buying a property, you’re possibly going to need a mortgage. And if you’ve thought about applying for a mortgage, maybe you’ve thought about using a mortgage broker.
But, what is a mortgage broker, and why do you need one?
A mortgage broker acts as a “go-between” between you and the lender from whom you get your mortgage.
When you find a mortgage broker, they will search through the many mortgage deals and packages that are offered through many different lenders, to find the mortgage deal that’s best for you.
Many homeowners or aspiring homeowners often wonder if they’d be better off just going to the local bank they’re used to doing business with, rather than going to the trouble of finding a mortgage broker. However, mortgage brokers hold many benefits over banks when it comes to finding a mortgage.
The biggest advantage that mortgage brokers have over banks is that they aren’t there to just push one product, or promote one company. They represent many different lenders, who often have many different schemes available. These schemes and their variations can run into the hundreds!
Having direct access to this many options is way beyond the scope of most individuals who firstly wouldn’t know of the existence of many of these lenders let alone the individual plans they offer as they aren’t necessarily available on the high street.
Secondly, they wouldn’t have the time or the software resources to sift through the range of options that match their borrowing criteria.
The job of the mortgage broker is to find the best match from all of the suitable lending options and is both highly qualified and experienced for this job.
