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Top 5 Reasons to Use a Mortgage Broker
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Top 5 Reasons to Use a Mortgage Broker

Mortgage brokers are absolutely essential when you are looking for a mortgage. Why? Because without them, you might choose the wrong mortgage, be less likely to be approved, and you may overspend by thousands. 

Here are our top 5 reasons why using a mortgage broker is essential, even if you’ve never thought of using one before.

1. They’ll Get You Lower Rates

The primary reason people use a mortgage broker is that they are experts on mortgages and have access to multiple lenders and rates. They often have access to rates that aren’t widely advertised, which can be significantly lower than the rates the banks and credit unions are promoting. 

2. Access to Hidden Mortgages & Expertise 

Mortgage brokers often have access to lenders’ rates and mortgages that can only be accessed through a broker. These lenders often offer better rates and conditions than a bank, meaning you’ll have better prepayment conditions and likely lower interest rates, both of which can save you thousands. 

Not only that, but brokers will be able to identify the best mortgages for you and your circumstances, vet lenders, and negotiate on your behalf, and experienced brokers already have established relationships with the lenders. 

3. A Tailored Mortgage

One of the best things about using a mortgage broker is that they are able to better tailor your mortgage to suit your circumstances. If you are a business owner, part-time, or need flexible repayment terms, they’ll be able to find a mortgage for you because they have access to more lenders than you’ll find alone – not to mention that they’ll help you get your paperwork in order so the process can be as smooth as possible. 

4. They Have Experience

You’ll likely only apply for a mortgage a few times in your lifetime, but brokers help people from all walks of life, in all kinds of different circumstances every day. A broker will help you consider how your life may change over time, decide whether a certain type of mortgage is really right for you when you consider those changes and advise you in a better direction. 

5. It’s So Much Less Stressful

If you don’t have much time on your hands, the last thing you want to be doing with your free time is endlessly searching for mortgages, researching them, comparing prices, and trying to figure out whether you’ve got a good chance of being accepted. A mortgage broker can come to you or will welcome you into their quiet office with a cup of tea. They will guide you through all of your options, answer all your questions, and make sure you are truly comfortable with any decision you are thinking of making. If you have a busy workday, many brokers are happy to answer a call or meet you “after hours”, if necessary. 

Do your due diligence when you search for a mortgage broker to find one that’s qualified and reputable. Get your information ready about your financial circumstances so when you go to meet them they can help you find a mortgage as soon as possible. 

 

For a FREE mortgage review, call our experts on 01772 280 718 (Option 4) or email mortgage@starlimited.co.uk