Benefits of using a mortgage broker

News 09.02.2018

John Foster

Looking for a mortgage and want to know what the benefits of using a mortgage broker are? Find out everything you need to know here.

If you are buying a property or looking to remortgage, there are many benefits of using a mortgage broker. They can be the difference between a successful application or being rejected. A mortgage advisor will also find you the best rates and deals available, which could potentially save you hundreds, if not thousands of pounds over the mortgage term.

Do I need a mortgage broker?

You will probably gain the most from mortgage advice when buying your first home, as first time buyer mortgage applications can be challenging, especially new build applications. But, seeking mortgage advice is recommended no matter your stage of life. 

Every client has a different goal to achieve from their application. A mortgage broker will provide you with the best advice, to get you where you want to be in the best way. They will ensure that your application is presented correctly to the right mortgage lender for your circumstances, and progress the application all the way through to completion.

Seeking advice from an impartial mortgage advisor with no ties to any providers, means that you can be confident that they will act solely in your best interests, ensuring the mortgage advice is the best available for your circumstances.

How much does a mortgage broker cost?

Mortgage brokers can charge fees in different ways. Most will charge an upfront fee, whereas others will charge commission. Before signing any contracts or documents, be sure to discuss fees and get a written quote first.

Clearly the cost for the mortgage advisor needs to represent value for money, otherwise why would you pay it? When using a broker you will likely save plenty of time and should save some money over the long term too. So, make sure that you ask the broker to explain how you feel their fee is justified.

The benefits of using a mortgage broker are numerous and our team at Fosters Financial are here to help answer any questions you may have. So, get in touch and speak to one of our friendly advisors today! Our advice is completely free after all.