Are mortgage brokers worth it?
Are mortgage brokers worth it? Well, as we're mortgage brokers ourselves, there are no prizes for guessing what our answer is going to be... Yep, it will come as no surprise that we strongly recommend using a mortgage broker when you're looking for a mortgage. Here are some of the biggest reasons why...
A mortgage broker will help you to find a mortgage that suits your specific circumstances
There's a huge range of choice when it comes to mortgages and it can often be difficult to know what to look for or what's going to meet your needs best. Mortgage brokers must have specific mortgage advice qualifications, approved by the Financial Conduct Authority (FCA) in order to practice.
This means they're experts in their field and better equipped to find you a product that will fit your circumstances, whether you're looking to remortgage, you're self-employed, have poor credit or you're a first time buyer..
Mortgage brokers have access to products that aren't available elsewhere
Some mortgage products are only available through a mortgage broker, so you may be missing out on a better deal if you go it alone.
Your mortgage will probably be the biggest financial commitment you ever make, so it's a good idea to give yourself the best chance of finding the right one.
Mortgage brokers reduce the hassle of getting a mortgage
Aside from the complexity of finding the right mortgage, the whole process can just be a real hassle because of all of the paperwork involved. When you work with a mortgage broker, they can help you through the red tape and give you support with the administrative side of getting a mortgage.
Mortgage brokers have a duty of care
At the end of the day, you want to avoid risk - and working with a mortgage broker can feel scary - especially if you don't know them well. The good news is that all mortgage brokers are obliged to recommend a suitable mortgage - and be able to justify their choice.
If you feel you've been misadvised, you can complain and seek compensation.
We're up front about fees
This won't be the case for all mortgage brokers, but here at BB Mortgages, we don't charge you a fee for a consultation with one of our advisers. There may be a fee for mortgage advice and a fee of £295 may be payable on completion. Mortgage providers also pay us a commission.. The actual fee charged is based on your circumstances.
Are mortgage brokers worth it? We definitely are!
If you're looking for a mortgage then we'd love to help you find the right deal. Book a free consultation with one of our friendly advisors and we'll take it from there.