Why Pay A Mortgage Broker To Find A Mortgage ?

Most mortgage brokers charge a fee, this fee is to cover their time searching for your mortgage and helping you secure your mortgage. Mortgage broker fees tend to run between £300-500 but is it worth it ?

Let’s take a deeper look into how you go about finding a mortgage …

Mortgage Comparison Sites

You could go to a comparison site and find a mortgage there. True, you “could” but if you are unfamiliar with the process, need advice you won’t be talking to an independent mortgage broker. You’ll be talking to someone from the mortgage lender who wants to secure the deal. There is a big difference.

Search Engines

You can go to Google or Bing and search for a mortgage. This can work if you choose a provider who carries out whole of market mortgage product searches. If you click on a bank, they will just offer you their mortgage products, not quite independent is it.

You can search for mortgage brokers near you. Let’s say you live in Glasgow, you would search “mortgage broker Glasgow” and it’ll bring up local mortgage broker in Glasgow. Indeed on Google if you search “mortgage broker near me” Google uses your IP to pull local results based on your IP, pretty cool.

Fact is unless you are willing just to deal with your bank and are not looking for the best deal, you’ll need some form of mortgage broker.

You Want an Independent Mortgage Broker

Where a mortgage broker shines the most is when they are impartial, in other words they are have affiliation to any mortgage lender. An independent mortgage broker can find deals you likely wouldn’t see, even on comparison sites. They can help when you’re not the easiest person to get a mortgage for. Poor credit, self employed are always the more challenging mortgages to secure.

In simple terms a mortgage broker fights your corner, can find you mortgage when the big “establishments” won’t entertain you. It comes at a price but in the bigger picture it is a price worth paying to thousands of mortgage and remortgage hunters.

What Is Your Time Worth To You ?

Think about how you would like to spend your time, with your family, going out, you get the idea, you want to spend your time on things you enjoy. Mortgage hunting isn’t the most enjoyable experience. Visiting multiple sites, submitting the same information over and over. A mortgage brokers job is to do all this for you, that’s what you you pay them for. You provide the required information and they get to work finding mortgage offers based on the information required.

The truth is you can try and deal with the complexities of finding the right mortgage, or you can hand that job to a mortgage broker and carry on spending your time on things you enjoy. The choice is up to you.

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