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Why Use a Mortgage Broker

That's a pretty good question! Why should you use a mortgage broker? Well, look around. The media’s favourite theme seems to be how difficult everything is becoming, particularly, the housing and mortgage markets. Banks seem to have increased charges here there and everywhere or simply stopped lending at all.

Credit scoring and deposit requirements have become ever more stringent. Too many applications with the wrong lenders for unsuitable products, either by unscrupulous brokers or naive borrowers will leave footprints on your credit file but where do you turn ?

A broker spends his or her every working day in the mortgage market and will know one lender’s policy from another. No-one but a broker will have those personal contacts at the lenders built up over time and be able to negotiate on your behalf.

A broker will be truly impartial, unlike many of the websites you can get quotes from, as these will be paid to pass on your details to the highest bidder – just takes a click of your mouse - or which won’t contain the small print you really need to know about. Sometimes great looking rates have nasty stings in the tail so what you really want is the whole picture.

A broker can look at the whole of the market for you so, while your bank is a great place to start, you really should look at a few different options. After all, you don’t settle on the first plumber’s quote you get or the first car insurance quote you get and just think how much more is at stake with your mortgage.

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