Compare mortgages using a broker
- Help finding the best mortgage for you
- Support through the whole process
- The UK's largest fee-free broker
- Compare deals from over 90 lenders
Mortgage brokers have a deep understanding of the various criteria that individual lenders require to approve an application, so they can point you towards the best deals that you’re likely to be approved for.
You’ll save a lot of time and stress working with a mortgage broker. More importantly, it should prevent you from destroying your credit score by making going through multiple failed mortgage applications.
Here are the three main factors to compare when choosing one:
While many people could be put off the idea of using a broker due to the fees they charge, the reality could be a lot different if they find you a good deal. You may end up saving thousands in the long term.
Some mortgage brokers will approach a lender and submit an application on your behalf and many claim to be able to negotiate a better deal for you.
When you consider how much even the smallest percentage drop could save you over the length of a 25-year mortgage, this benefit could be worth the fee alone.
What’s more, some mortgages are only available through brokers, so you’ll get access to a bigger range of deals by using one.
The most important difference is the number of mortgage providers that a broker will compare.
Some brokers are tied to specific lenders. Some will compare deals from a limited list of lenders, while others will claim to be “whole of market”.
Yet, it gets more complicated than that, because some “whole of market” brokers won’t compare lenders that only accept direct applications.
If you don’t use a mortgage broker who actually compares the “whole market”, you’ll need to do additional research to ensure you’re truly getting the best deal.
If you’re looking to save some cash, a no-fee mortgage broker could be the right option for you.
These are mortgage brokers that won’t charge you a fee for some or all of the mortgage application process. Some will offer fee-free services for sourcing your mortgage and then charge for arranging it, while others will charge no fee for the entire process.
As such, no-fee mortgage brokers can be an attractive solution if you don’t want to have to pay a large sum of money to secure a mortgage deal.
It is important to know that no fee mortgage brokers make their money by earning commission directly from lenders, which is why their services are not at any additional cost to you. This could mean that you do not get the best possible deal by going through a broker.
The answer to this question depends very much on the mortgage broker you choose to use.
For instance, some mortgage brokers offer a no-fee service for recommending a specific loan. But if you decide to go ahead with their recommendation, then there can be fees of around £500 to pay once you submit the mortgage application. This fee could come alongside another commission fee that the broker would receive from the lender on completion.
Other brokers, like London & Country (L&C), offer free mortgage advice from start to finish over the phone. This means you won’t pay any fees, from when their brokers compare and source the best deals for you, to when they help you submit your online application.
While going fee-free will save you money and might sound like the way to go, it’s important to remember that many of these brokers will only be accessible to you over the phone.
Some people may wish to have access to their broker face-to-face, in which case, paying the arrangement fees and opting for a traditional mortgage broker might be the right way to go.
A fee-free mortgage broker may also try to point you towards deals that will earn them a higher commission, which means you may end up paying more in the long term than if you had opted for a deal with a bigger fee in the first place.
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