When it comes to arranging your mortgage, you have many options. You can go directly to a bank or work with a professional mortgage broker. We aim to help you understand the differences so you can make an informed decision for your next mortgage based on your individual circumstances.
Bank vs. Mortgage Broker: Key Differences
Comparison of Mortgage Products
A bank can only offer its own products, whereas a mortgage broker works with many different lenders, giving you access to a wide range of mortgage products and aiming to get you the best deal for your circumstances.
Mortgage Advice
Never underestimate the value of advice. Banks will discuss their own criteria with you, whereas mortgage brokers provide tailored mortgage advice based on your specific personal and financial circumstances and preferences. It’s our job to understand lenders’ criteria.
Ongoing Support Throughout the Process
The ongoing advice and support from a bank will be somewhat limited once the mortgage is agreed, whereas an independent mortgage broker such as The Mortgage Pod will offer support and remain available throughout your entire mortgage journey.
Communication and Coordination
Not only will we act as your mortgage broker, but we will also be your key contact, ensuring smooth communication with all parties involved, such as estate agents and solicitors. At The Mortgage Pod, we aim to save you time and stress, and we remain available throughout your entire journey. You can GET STARTED WITH US HERE.
What Does a Mortgage Broker Do?
A mortgage broker will be your key contact throughout your entire home buying journey.
Search and Compare
We compare mortgage products from multiple lenders to find you the best deals for your circumstances.
Tailored Recommendations
We advise you and make suitable recommendations based on your specific circumstances and preferences.
Explanation of Key Facts
We highlight and explain the important details in your mortgage documents, ensuring you fully understand the commitment.
Provide Personalised Advice
We get to know you, your circumstances, your needs, and your preferences. Our advice takes all of these into account.
Save You Money
Not only do we aim to get you the best mortgage product for your circumstances, but we can also assist and advise you when it comes to negotiating a property purchase price or even your legal fees.
Ongoing Support
We work with our clients for the lifetime of their mortgage. We remain available as well as provide alerts and updates, ensuring you never miss a mortgage deal.
Intermediary Exclusive Products
Mortgage brokers can access some products from lenders that aren’t available directly with the lender.
Guidance & Support
At The Mortgage Pod, we remain available and accessible throughout your entire home buying journey. You can GET STARTED with us here.
Advantages of Getting a Mortgage Directly from a Bank
Existing Relationship
Some people may feel they have a good, long-standing relationship with their bank provider.
Familiarity
Many UK banks have been around for years and have excellent reputations for customer service. A mortgage is a big commitment, and this familiarity can build trust.
May Be Cheaper in Fees
Most mortgage brokers charge a fee for their services. A bank can be a good option if you don’t see the value in a mortgage broker’s services.
Simplicity
Some banks make it very easy to apply for a mortgage with them. They may offer products or services through their existing accounts.
How to Choose a Mortgage Broker
Selecting the right mortgage broker is key to ensuring a smooth process. Here are some tips:
Check Reviews
Read different mortgage brokers’ reviews to get a feel for what our customers think about us HERE.
Recommendations
Ask friends, family, or colleagues for recommendations, as personal experiences can be a reliable guide.
Speak to Some Brokers
Make some calls and have a chat. Find a broker that you feel comfortable with. It’s a big decision.
Is it Better to Use a Mortgage Broker or a Bank?
It’s important to make an informed choice, and ultimately, this decision will need to be based on your own preferences. If you are unsure of the difference, you can GET STARTED with us to discuss.
Should I Arrange My Mortgage with a Bank or Broker?
So in conclusion, our opinion here at The Mortgage Pod is that there is no right or wrong choice between working directly with a bank or using a mortgage broker. Your decision should be based on your preferences and what you feel comfortable with. If you would like to discuss our services, you can GET STARTED here.
Who Are The Mortgage Pod
We are an independent mortgage broker in Portsmouth & Southsea. We have a modern approach to supporting and guiding you throughout your home buying journey. Our friendly team are ready to hear from you, so feel free to get in touch HERE.
To contact our team today, just tell us what you would like to do:
FAQ
How do mortgage brokers save you time?
Mortgage brokers work hard. We manage the paperwork, submit your application, and handle communication with estate agents and solicitors, ensuring everything runs to plan.
Do mortgage brokers offer better interest rates than banks?
Mortgage brokers can often access exclusive deals and products which are not available directly from the lender.
Will a bank help me with buying a property?
No, a bank will help you with the mortgage, while a broker will support and guide you throughout your entire home buying journey.
When should I contact a mortgage broker?
It’s never too soon to GET STARTED with The Mortgage Pod!