Why use a mortgage broker?

A mortgage broker stmaping a mortgage application "approved"
Published on 15 May 2023

Buying a property can be the biggest financial decision that you make in your life. Even more so if you’re a first-time buyer and have never experienced the thrill of buying a property. Navigating the complex landscape of lenders, the world of interest rates and the sheer amount of paperwork involved can be overwhelming. This is where using a mortgage broker can make the whole experience so much easier. A mortgage broker acts as your guide, helping you secure the best mortgage deal tailored to your unique financial situation. Here we answer “why use a mortgage broker?” and look at the benefits of using one to ensure your home-buying journey is as smooth and as stress-free as possible.

Expert market knowledge

Mortgage brokers have an in-depth knowledge of the entire mortgage market. Some brokers will also have specialist teams within their brokerage – focussed on specific areas of the market: new homes, contractors and self-employed individuals and buy-to-let. They may also have knowledge and expertise in more specialist and bespoke finance options.

Mortgage brokers stay current with the latest trends within the mortgage market, interest rates, the lending criteria of various lenders, and changes in regulation and legislation. This level of expertise allows them to provide you with a comprehensive overview of mortgage options allowing you to make an informed decision.

Access to a wide range of lenders

One of the biggest advantages of working with a mortgage broker is their access to a broad range of lenders. Unlike using traditional banks or direct lenders, mortgage brokers can connect you with both mainstream and specialist lenders. These specialist lenders may be able to offer more flexible terms or mortgage products. Having access to this wider range of options increases your chance of finding a mortgage that is tailored to your financial requirements.

Personalised solutions when you use a Mortgage Broker

Every homebuyer has different financial circumstances and different long-term financial goals. Working with a broker allows them to fully understand your specific needs financial situation and long-term objectives. They can then search the mortgage market that they have access to, in order to find a product that is most suitable for you. By providing personalised guidance and tailored solutions a mortgage broker will help you secure a mortgage that fits with your budget and your future plans.

Save time and effort

Searching for the right mortgage can be a time-consuming process. Working with a mortgage broker will streamline this process as they’ll do all of the legwork for you. They research, compare products and negotiate on your behalf. This can save you hours of paperwork, phone calls and having to deal with the lender. Freeing up this time means that you can focus on other aspects of your home-buying journey. Leaving what can be a complex and confusing part of the journey to someone who has in-depth and expert knowledge of the subject. And with the time freed up, you can focus on some of the more exciting aspects of buying a property – like what furniture you’re going to buy!

Expert negotiation skills and existing relationships with lenders

Mortgage brokers are skilled negotiators. Sometimes your circumstances may not be as simple as the numbers you provide in a mortgage application. A mortgage broker can leverage their industry knowledge and relationships with lenders to negotiate on your behalf. A mortgage broker will strive to secure the best deal possible, potentially saving you thousands of pounds over the lifetime of your mortgage.

Use a Mortgage Broker to support you through the mortgage process

From the initial application to finally purchasing the property, a mortgage broker provides ongoing support and guidance. They can answer your questions about the entire mortgage process. Here at 177 Mortgages, we are available seven days a week and are always on hand to answer your questions. They can also explain complex terminology and help you understand some of the financial jargon. They will also ensure all the necessary documentation and paperwork is completed quickly and accurately. Having a knowledgeable expert by your side through this process will alleviate stress and support you through any challenges that may arise.

A fee free mortgage broker

Using the services of a mortgage broker offers numerous benefits that will improve your home-buying experience. With their market knowledge, access to a range of lenders, personalised help and guidance and expert negotiation skills, mortgage brokers simplify the process. They also increase your chances of finding your perfect mortgage solution.

When you work with any expert you expect to pay for the service they provide. So, what should you expect to pay for this expert help and advice? Most mortgage brokers charge between £400 and £500, but here at 177 Mortgages, our service is completely fee-free. So, when starting your home-buying journey it’s well worth considering working with a mortgage broker to make the process smoother, more efficient and ultimately more rewarding. Especially when they don’t charge a fee! Get in touch with us today, we’re open seven days a week.

177 Mortgages and 177 Protect are open 7 days a week. We’re always happy to talk through your mortgage, specialist finance and protection needs in more detail. If you’d like to book an appointment or simply find out more information, please get in touch.

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