Whether you’re a first-time buyer or a seasoned homeowner, finding the right mortgage is never a quick and simple task. The internet has, of course, made researching deals easier, but the sheer volume of information out there can be overwhelming, and often of no relevance to the reader. Rather than losing days (and patience!) browsing different deals and mortgage jargon, there is a better way: using a mortgage broker can be an absolute game-changer.
Working with an independent mortgage broker increases your chances of finding the right mortgage by giving you access to multiple lenders, exclusive deals, and expert advice. They can help you save time, guide you through the application process, and help you get the best mortgage deal for your needs.
To put it plainly, we exist to make your life easier, find the best deal possible, simplify the mortgage process and speed up the whole home-buying process. If we haven’t convinced you yet, read on to discover the many benefits of our services. Being the transparent team we are, we’ll also look at the potential drawbacks.
For personalised mortgage advice today, please get in touch with the friendly team at The Mortgage Pod.
Whether you’ve just had an offer accepted on a property and you’re ready to go, or you’re simply wondering how much you need to save for a deposit, it’s never too soon to reach out.
Do you have a better chance of getting a mortgage with a broker?
Working with a mortgage broker can improve your chances of finding – and being approved for – the best mortgage for your circumstances.
An experienced, independent mortgage broker has access to multiple lenders, many of which you may not have considered or even been aware of. Instead of dealing directly with one bank or building society, your broker acts as a go-between, providing you with more mortgages to choose from and increasing your chances of finding a better deal for your circumstances.
Brokers are also familiar with the lending criteria of each lender, meaning we can steer you toward one that will consider you, even if your application may not be the most straight forwards or have a poor credit score. This can be invaluable, especially for borrowers who might otherwise struggle to get home loans.
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Are all mortgage brokers the same?
Like any professional service, not all mortgage brokers are created equal! Some have access to a wider range of lenders and deals than others, while certain brokers might specialise in helping clients with more complex financial situations, such as those who are self-employed.
It’s essential to work with an experienced mortgage broker who understands your specific needs and has a solid reputation in the market. An experienced mortgage broker will have developed good relationships with lenders, giving you access to more accurate information, quicker.
So, do your research, ask for recommendations, and ensure you’re working with a broker who has the expertise and experience to help you achieve your goals.
Benefits of working with a mortgage broker
Working with a mortgage broker can make the mortgage application process smoother, faster, and more successful. Here’s why so many borrowers choose to use a mortgage broker:
1. A smoother mortgage application
The mortgage application process can be onerous, with lots of paperwork, calculations, and decision-making involved. A mortgage broker will guide you every step of the way, ensuring that you understand the different product options available to you, whether that be from your existing lender or a new one. They’ll help you complete the paperwork accurately, explain any jargon, and help you avoid the common pitfalls that can slow down your application.
2. Less time and hassle
Finding a good mortgage product that’s right for your circumstances and budget is time-consuming. A broker can save you hours of research and frustration so you can focus on more fulfilling things like house hunting or curtain colours. We do the heavy lifting, like comparing mortgage deals and lenders, overseeing your application, liaising with your estate agent and conveyancer, and generally shifting things along!
3. Access to exclusive deals
One of the key advantages of working with a broker is that you can access some mortgage deals that you may not be able to find on your own. Brokers work with a variety of lenders, including banks, Building Societies, and even specialist lending companies. Some of which don’t work directly with the public, so this can increase your number of options.
4. Product comparison
A good mortgage broker will consider your personal circumstances, financial situation and goals before comparing mortgage products from a wide variety of mortgage lenders. We will present you with your options to help you find the best deal available.
Drawbacks of working with a mortgage broker
1. Most brokers charge a fee
Like any professional, brokers charge fees for their services, either upfront or once the mortgage deal is completed. The cost varies depending on the broker and the complexity of your mortgage application. Good brokers are transparent about their fees well in advance. At The Mortgage Pod, a typical fee for a new customer is up to £499. Our many happy clients feel that the fees are well worth it because of the expertise, cost, and time savings they enjoy.
2. Not all brokers are ‘whole of market’
At The Mortgage Pod, we believe the term “whole of market” is confusing. No mortgage broker has access to the whole of the mortgage market, although the term may suggest otherwise. Different brokers may work with different mortgage lenders, so ask the question to ensure you have access to the maximum number of options.
3. Differing quality of service
A good broker will act in your best interests and be your point of contact throughout the home-buying process. Always look for one with great reviews and plenty of experience, like The Mortgage Pod. ☺️
Searching for the right mortgage deal? Get in touch with us
Whether you’re a first-time buyer, a landlord, a homeowner looking to remortgage, moving home, or exploring new mortgage options as a self-employed individual, The Mortgage Pod can help. We’ll help you decide on the right mortgage deal from a wide choice of lenders and oversee your mortgage application so you can relax and focus on more fulfilling things like finding a new home.
Get in touch with us today, and let’s get started. Use our mortgage calculator to find out how much you can potentially borrow.
Frequently asked questions – Why work with a mortgage broker?
Are mortgage advisers and mortgage brokers the same thing?
Mortgage advisers and brokers are similar but not identical. A mortgage broker is usually independent and searches the market for deals across multiple lenders, while a mortgage adviser may work with a limited range of lenders or be tied to one lender, offering advice on their mortgage products only.
