While you can take out a mortgage without the support of a mortgage broker, their help can be invaluable.

Whether you’re a first-time buyer, moving home or remortgaging, a broker can help you understand all your options and could help you save money. Here are five reasons to choose an independent broker.

How could a mortgage broker help you?

1. A mortgage broker will search the market with your needs in mind

There are many mortgage lenders available, and some don’t have a high street presence. If you’re applying for a mortgage alone, it can be difficult and time-consuming to go through all your options and understand the criteria of each provider. If you work with a mortgage broker, they’ll help you find the right deal for you.

In some cases, a mortgage broker may also be able to access a better rate of interest than you would receive if you applied alone. It means your repayments and the overall cost of borrowing could be lower.

The knowledge mortgage brokers have is even more useful if your circumstances aren’t straightforward. For example, if you’re self-employed or have a poor credit score, they can identify which lenders are most likely to approve your application and explain the evidence you need to supply.

2. They can explain the different mortgage options to you

There are several different types of mortgages you’ll need to consider – do you want a repayment or interest-only mortgage? Would you prefer the interest rate to be fixed or variable?

A mortgage broker can explain the different options available to you. Tailored advice means you can understand how your decisions will affect your finances now and in the future. It means you’ll have the information you need to choose the right mortgage for you.

3. A mortgage broker can provide support throughout the application process

Applying for a new mortgage can seem complex. A mortgage broker will work with you throughout the process, such as checking your paperwork to avoid any mistakes. It can make the process smoother and mean if you have any questions, there’s someone you can speak to.

If you’re buying a new home, having someone on your side that understands the process and can keep everything moving in the right direction can be invaluable.

4. They can offer guidance about financial protection

As well as helping you with your mortgage needs, a mortgage broker can also offer guidance about financial protection.

Financial protection can provide you with a safety net when you need it most. Depending on the type of protection you pick, it may pay out if you’re unable to work due to illness or provide a lump sum if you or your partner passes away.

It’s common to think about how you’d cope financially in unexpected circumstances when you’re taking on a large financial commitment. Yet, financial protection is something many homeowners overlook. A report in Mortgage Solutions suggests that just 17% of workers have income protection.

Financial protection can provide you with peace of mind. It means you could meet mortgage repayments and other expenses if your income stops.

5. A mortgage broker can help you secure a new deal when your current one ends

Often, you’ll need to take out a new mortgage when your current deal ends to access the lowest interest rates available.

Usually, mortgage deals will last for two, three, or five years. So, you’re likely to need to go through the mortgage application process several times, even if you stay in your current home. A mortgage broker that you’ve worked with previously can remind you when you should start looking for a new deal and offer support.

When your mortgage deal ends, you will usually be moved on to your lender’s standard variable rate (SVR), which often isn’t competitive. It could mean you’re paying a higher rate of interest than you need to.

According to Unbiased, 1 in 4 homeowners could be paying around £4,000 extra each year because they’re paying an SVR.

Contact us to discuss your mortgage

We can work with you to find a mortgage that suits your needs and offer guidance throughout the process. Please contact us to arrange a meeting.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.